#welfareeconomics — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #welfareeconomics, aggregated by home.social.
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The fallacy at the heart of welfare economics
https://davidellerman.substack.com/p/the-petitio-principii-fallacy-in
#Economics #EconTwitter #Econ #PoliticalEconomy #WelfareEconomics #Philosophy #Ethics #Utilitarianism #Utilitarian #Consequentialism #Consequentialist #capitalism #Egalitarianism #Egalitarian #Inequality
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The fallacy at the heart of welfare economics
https://davidellerman.substack.com/p/the-petitio-principii-fallacy-in
#Economics #EconTwitter #Econ #PoliticalEconomy #WelfareEconomics #Philosophy #Ethics #Utilitarianism #Utilitarian #Consequentialism #Consequentialist #capitalism #Egalitarianism #Egalitarian #Inequality
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The fallacy at the heart of welfare economics
https://davidellerman.substack.com/p/the-petitio-principii-fallacy-in
#Economics #EconTwitter #Econ #PoliticalEconomy #WelfareEconomics #Philosophy #Ethics #Utilitarianism #Utilitarian #Consequentialism #Consequentialist #capitalism #Egalitarianism #Egalitarian #Inequality
-
The fallacy at the heart of welfare economics
https://davidellerman.substack.com/p/the-petitio-principii-fallacy-in
#Economics #EconTwitter #Econ #PoliticalEconomy #WelfareEconomics #Philosophy #Ethics #Utilitarianism #Utilitarian #Consequentialism #Consequentialist #capitalism #Egalitarianism #Egalitarian #Inequality
-
The fallacy at the heart of welfare economics
https://davidellerman.substack.com/p/the-petitio-principii-fallacy-in
#Economics #EconTwitter #Econ #PoliticalEconomy #WelfareEconomics #Philosophy #Ethics #Utilitarianism #Utilitarian #Consequentialism #Consequentialist #capitalism #Egalitarianism #Egalitarian #Inequality
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After doing very sophisticated* web searching, it seems that it is not uncommon typo, and I could not find a definition.
So, there seems to be an opening for introducing a new term. Maybe outside #Statistics, shall we talk about a #Likeligood Function in #WelfareEconomics?
Or does it describe a new equilibrium in #GameTheory, the one that is likely good?* 😂 😂 😅
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On a fallacy in the Kaldor-Hicks efficiency-equity analysis
"This paper shows that implicit assumptions about the numeraire good in the #KaldorHicks efficiency-equity analysis involve a “same-yardstick” fallacy (a fallacy pointed out by #PaulSamuelson in another context). These results have negative implications for cost-benefit analysis, the wealth-maximization (e.g., “Chicago”) approach to law and #economics, and other parts of applied #WelfareEconomics"
https://www.ellerman.org/wp-content/uploads/2014/04/Kaldor-Hicks-FallacyReprint.pdf
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Business Stuff doesn't make any sense till I remember the principle (maxim? another vile maxim?) of the "Invisible Foot" explained by E.K. Hunt.
> .. The "invisible foot" ensures us that in a free-market ... economy each person pursuing only his own good will automatically, and most efficiently, do his part in maximizing the general public misery.
- https://mstdn.jp/@bsmall2/108195742682747173
- https://znetwork.org/wp-content/uploads/zbooks/www/books/3/3.htm#3.2.1
#EKHunt #InvisibleFoot #BusinessStuff #WelfareEconomics #NeoLiberalEconomics #DismalProfession -
2/2
If you assume that equality is "order" and thus a antonym for "disorder", then you may believe - Sen even calls it a "fact" - that the #TheilCoefficient is computed from an "#ArbitraryFormula".
However, there is no contradiction: The Theil index is a #redundancy, where the actual redundancy (ISO/IEC 2382-16) of a system is computed as the #MaximumEntropy of that system minus the actual entropy of that system. That is the answer to Sen's objection!