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Corrigendum to “Relation Between a Social Welfare Function and the Gini Index of Income Inequality” Journal of Economic Theory 4 (1972): 98-100

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  • Stark, Oded

Abstract

Fifty years ago Eytan Sheshinski constructed a composite measure of social welfare in which income per capita enters positively, and income inequality enters negatively: social welfare was defined as a strictly increasing function of the product of income per capita and one minus the Gini coefficient. In the case of a population of two persons whose incomes are distinct, Sheshinski states that social welfare depends only on the lower income, which reduces the social welfare function to the Rawlsian social welfare function. We show that this is not true: social welfare depends on both incomes, and there is no congruence with the Rawlsian perspective.

Suggested Citation

  • Stark, Oded, 2022. "Corrigendum to “Relation Between a Social Welfare Function and the Gini Index of Income Inequality” Journal of Economic Theory 4 (1972): 98-100," Journal of Economic Theory, Elsevier, vol. 206(C).
    • Handle: RePEc:eee:jetheo:v:206:y:2022:i:c:s0022053122001338
    DOI: 10.1016/j.jet.2022.105543
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    Keywords

    Social welfare function ; Social welfare as a product of aggregate income and income equality ; Dependence of social welfare on the lower income ; A link to the Rawlsian social welfare function;
    All these keywords.

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • P46 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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