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Economic Analysis of Trade-offs between Justices
Ökonomische Analyse der Trade-offs zwischen Gerechtigkeiten
[journal article]
Abstract We argue that economics - as the scientific method of analysing trade-offs - can be helpful (and may even be indispensable) for assessing the trade-offs between intergenerational and intragenerational justice. Economic analysis can delineate the "opportunity set" of politics with respect to the two n... view more
We argue that economics - as the scientific method of analysing trade-offs - can be helpful (and may even be indispensable) for assessing the trade-offs 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) opportunity costs of achieving one justice are zero if the two justices are independent of each other, which is the case in the interior of the opportunity set where instruments of justice are used inefficiently.... view less
Keywords
justice; sustainability; sustainable development; efficiency; Intergenerational relations; resources; shortage; economic theory; economic behavior; opportunity costs
Classification
Ecology, Environment
Basic Research, General Concepts and History of Economics
Free Keywords
intragenerational justice; intergenerational justice
Document language
English
Publication Year
2012
Page/Pages
p. 4-9
Journal
Intergenerational Justice Review (2012) 1
Issue topic
The Interdependencies between Justices
DOI
https://doi.org/10.24357/igjr.6.1.459
ISSN
2190-6335
Status
Published Version; peer reviewed