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Efficiency = Equity and Other Musings on Economics and Sustainable Development

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  • Sinner, Jim

Abstract

Conventional wisdom says that equity concerns are beyond the scope of economic analysis and that achieving equity objectives will often come at a cost in terms of efficiency. Examination of the underlying meaning of efficiency and how it is defined, however, reveals that this tension between efficiency and equity is more apparent than real. The paper also explores the application of other economic concepts to the field of sustainable development, including the use of discounting for present value, Gross Domestic Product as a measure of well-being, and rational utility maximisation vs. bounded rationality as models of human behaviour.

Suggested Citation

  • Sinner, Jim, 2004. "Efficiency = Equity and Other Musings on Economics and Sustainable Development," 2004 Conference, June 25-26, 2004, Blenheim, New Zealand 97778, New Zealand Agricultural and Resource Economics Society.
    • Handle: RePEc:ags:nzar04:97778
    DOI: 10.22004/ag.econ.97778
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    References listed on IDEAS

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    1. Elinor Ostrom & Vincent Ostrom, 2004. "The Quest for Meaning in Public Choice," American Journal of Economics and Sociology, Wiley Blackwell, vol. 63(1), pages 105-147, January.
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