Distributive Justice and Desirable Ends of Economic Activity
Author(s)
Arrow, Kenneth
Abstract
Economic policy must address the aspects of consumer welfare that depend on factors that lie outside of the economy, as well as the three goals that are endogenous to a market system: economic stability, the efficient allocation of resources, and egalitarian income distributions. The last of these has been relatively neglected in modern economic analysis. It is the principle focus of this paper, which concludes that the need for government intervention and collective responsibility is suggested by market failures that prevent just distribution.
