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Event begins at 2PM GMT / 3PM CET.
The Global Solutions Initiative, THE NEW INSTITUTE, Prosocial World and INET Oxford are collaboratively hosting a workshop series on “Economic Paradigm Change”.
In this session, Marc Fleurbaey, Princeton University, will present his work on “Efficiency and equity in a socially-embedded economy”:
A model that only focuses on economic relations, and in which efficiency and equity are defined in terms of resource allocation may miss an important part of the picture. We propose a canonical extension of the standard general equilibrium model that embeds economic activities in a larger game of social interactions. Such a model combines general equilibrium effects with social multiplier effects and considerably enriches the analysis of efficiency and equity. Efficiency involves coordination between economic and social interactions, may depend on social norms, and may strongly interact with the distribution of resources. Equity can be defined in a comprehensive, socioeconomic way, and a decomposition into an economic and a social component is possible.
Participants are invited but not required to read the paper, which can be downloaded here. Marc Fleurbaey will present the main arguments first before the session opens to the audience for questions.