Economics: Current and Future Developments

Economics: Current and Future Developments

Volume: 2

Pluralist Readings in Economics: Key Concepts and Policy Tools for the 21st Century

The era of globalization has brought about unprecedented social, political, and environmental challenges for policy makers around the world due to the global impact of economic decisions. In view of ...
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Welfare, Social Justice and Governance

Pp. 119-137 (19)

Maria Alejandra Madi

Abstract

This chapter provides a range of economic and philosophical perspectives drawing from the classic writings of Arthur Pigou, Amartya Sen and Elinor Ostrom. Firstly, we present the contribution of Arthur Pigou that highlights the relevance of government interventions to address the impacts of externalities on social welfare. Then, we consider Amartya Sen’s ideas that show deep concerns about justice in contemporary economic theory and public policy. Finally, we present the contribution of Elinor Ostrom to the management of common-pool resources, at local and global levels.

Keywords:

Welfare, Capabilities, Governance of commons.

Affiliation:

World Economics Association, State University of Campinas, Av. Angélica 1711, cj. 111, São Paulo, SP, Brazil