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Societal Optimality And Economy Of Effort

Author

Listed:
  • ONEASCA, Iulian

    (European Institute of Romania, Bucharest, Romania)

Abstract

The article brings forward the path to optimality, as a way to support improving society's economy of effort. The approach is pluri-methodological, based on a modified and generalised theory of social systems and focussing on Pareto optimality and Markowitz's portfolio selection. The author discusses optimality and its complementary measures and foreshadows a path to optimality in society. This originates in the constitutional amendment and the release of Buchanan's "return of increasing returns", and continues with Markowitz's quantitative method, complemented by Pareto optimality. Finally, the paper concludes, highlighting the need for a metric of socio-human energy, which would allow estimates of social wealth, well-being, and suffering.

Suggested Citation

  • ONEASCA, Iulian, 2024. "Societal Optimality And Economy Of Effort," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 12(1), pages 68-73, October.
    • Handle: RePEc:vls:rojfme:v:12:y:2024:i:1:p:68-73
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    More about this item

    Keywords

    D70; K10; O10;
    All these keywords.

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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