On the Economics of Others

So we have seen how recognition that relative deprivation matters can reconcile opposing views, and settle disputes. We have seen that the alignment of the stance of the utilitarian social planner with that of the egalitarian social planner does not come about because the former exhibits any altruism toward the latter. Indeed, it is instructive to have in place an example as to how recognition of the distaste for relative deprivation can pacify opponents, just as altruism can. In sum: there are many domains in which the incorporation of altruism and relative deprivation can point to novel perspectives and suggest rethinking, and possibly revising, long-held views. And, as we have seen, there are domains in which consideration of relative deprivation can substitute for the prevalence of altruism, and vice versa. Here is a fascinating sphere indeed for research on economics and social behavior. (fragment of text)