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Title:Trade-offs between justices, economics, and efficiency PDF Logo
Authors:Baumgärtner, Stefan
Glotzbach, Stefanie
Hoberg, Nikolai
Quaas, Martin F.
Stump, Klara
Issue Date:2011
Series/Report no.:University of Lüneburg Working Paper Series in Economics 218
Abstract:We argue that economics - as the scientific method of analyzing trade-offs - can be helpful (and may even be indispensable) for assessing the trade-off between intergenerational and intragenerational justice. Economic analysis can delineate the opportunity set of politics with respect to the two normative objectives of inter- and intragenerational justice, i.e. it can describe which outcomes are feasible in achieving the two objectives in a given context, and which are not. It can distinguish efficient from inefficient uses of instruments of justice. It can identify the opportunity cost of attaining one justice to a higher degree, in terms of less achievement of the other. We find that, under very general conditions, (1) efficiency in the use of instruments of justice implies that there is rivalry between the two justices and the opportunity cost of either justice is positive; (2) negative opportunity costs of achieving one justice exist if there is facilitation between the two justices, which can only happen if instruments of justice are used inefficiently; (3) in outcomes of inefficient uses of instruments of justice in the interior of the opportunity set, the two justices are independent of each other and the opportunity cost of either justice is zero.
Subjects:economics
efficiency
intragenerational and intergenerational justice
normative objectives
opportunity set
opportunity cost
scarce resources
JEL:A13
D61
D63
Document Type:Working Paper
Appears in Collections:Working Paper Series in Economics, Leuphana Universität Lüneburg

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