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General Equilibrium and Social Justice: Neoclassical Theory as a Political Philosophy?

Author

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  • Vincent Desreumaux

Abstract

We study the willingness of some authors, including H. Varian in the 70’s, to elaborate a theory of justice that would fit standard general equilibrium theory in its Pareto’s canonical version. We first show, through an analysis of market socialism in the 30’s, that the Paretian ethic is based on the value judgment of consumer sovereignty. Then we are able to discuss the specific contribution of Varian, who, by introducing the criterion of equity as envy-freeness, produces a – very specific – theory of justice that seems compatible with this value judgment and can stand at the heart of standard general equilibrium analysis.

Suggested Citation

  • Vincent Desreumaux, 2013. "General Equilibrium and Social Justice: Neoclassical Theory as a Political Philosophy?," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 64, pages 75-110.
    • Handle: RePEc:cpo:journl:y:2013:i:64:p:75-110
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    Cited by:

    1. Alexandre Chirat & Basile Clerc, 2023. "Convergence on inflation and divergence on price-control among Post-Keynesian pioneers: insights from Galbraith and Lerner," EconomiX Working Papers 2023-4, University of Paris Nanterre, EconomiX.

    More about this item

    Keywords

    Pareto; Social Justice; welfare economics; market socialism; envy freeness; political philosophy.;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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