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Distributive Justice and Desirable Ends of Economic Activity

In: Issues in Contemporary Macroeconomics and Distribution

Author

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  • Kenneth J. Arrow

Abstract

It is no part of economics, certainly not of modern post-1870 economics, to argue the purpose of the economy’s production.1 The purpose of the economy is the welfare of the consumers, public and private. In no sense is mere production as such a proper measure, rather, it has to be production for the ends that people want. Output, income, and consumption are important aims and preconditions for achieving other goals of individuals; that is, they are only a part of what people live for.

Suggested Citation

  • Kenneth J. Arrow, 1985. "Distributive Justice and Desirable Ends of Economic Activity," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Issues in Contemporary Macroeconomics and Distribution, chapter 3, pages 134-156, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06879-1_3
    DOI: 10.1007/978-1-349-06879-1_3
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    Cited by:

    1. Susumu Cato & Adrien Lutz, 2018. "Kenneth Arrow, moral obligations, and public policies," Working Papers 1841, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
    2. Gustavo Adolfo Caballero Orozco, 2010. "Risk Preferences Under Extreme Poverty: A Field Experiment," Documentos CEDE 7717, Universidad de los Andes, Facultad de Economía, CEDE.

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