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Welfare and Efficiency: Socioeconomic Controversies in Modern Times

In: Macroeconomics, Trade, and Social Welfare

Author

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  • Michihiro Ohyama

    (Keio University)

Abstract

In recent years, we have witnessed a number of critics and commentators who argue that the pursuit of efficiency spoils the realization of social values such as security, health, environment, and fairness. Is it really true that the pursuit of efficiency impedes social values? What are the social values to begin with? Are they to be distinguished from the individual values in the narrow sense defined in economics? In this chapter, we intend to review the relevant concepts and elucidate the relationship between social values and efficiency.

Suggested Citation

  • Michihiro Ohyama, 2016. "Welfare and Efficiency: Socioeconomic Controversies in Modern Times," Advances in Japanese Business and Economics, in: Macroeconomics, Trade, and Social Welfare, chapter 0, pages 195-207, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-55807-1_11
    DOI: 10.1007/978-4-431-55807-1_11
    as

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