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Volume :18 Issue : 1 1990      Add To Cart                                                                    Download

Price, Value and Social Equilibrium in Ethico-Economics

Auther : Masudul A. Choudhury

The challenge of endogenously treating ethics and values in economic theory has remained an outstanding challenge to mainstream economics. This paper aims at showing the relevance and structural relationship that can exist between ethical policy variables and state variables within a social decision making framework. A mathematical mapping is conceptualized to establish a well-definition between ethical values and socio-economic variables. Ethics and Values are thus shown to impact endogenously on social prices. Social prices are shown to play their role in an efficiency-distributive equity resource allocation system where social decisions are continuously simulated through feedback Loops in order to form a final state of social consensus. Social consensus formation in such a framework is given the meaning of social equilibrium.

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Aug 09, 2020

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