Economic justice

It is a set of moral and ethical principles for building economic institutions, where the ultimate goal is to create an opportunity for each person to establish a sufficient material foundation upon which to have a dignified, productive, and creative life.[1]."

[3] Models of economic justice frequently represent the ethical-social requirements of a given theory,[4] whether "in the large", as of a just social order,[5] or "in the small", as in the equity of "how institutions distribute specific benefits and burdens".

[13] Utility maximization survives, even with the rise of ordinal-utility/Pareto theory, as an ethical basis for economic-policy judgments[14] in the wealth-maximization criterion invoked in law and economics.

[15] Amartya Sen (1970),[16] Kenneth Arrow (1983),[17] Serge-Christophe Kolm (1969, 1996, 2000),[18] and others have considered ways in which utilitarianism as an approach to justice is constrained or challenged by independent claims of equality in the distribution of primary goods, liberty, entitlements,[19] opportunity,[20] exclusion of antisocial preferences, possible capabilities,[21] and fairness as non-envy plus Pareto efficiency.

Arguments on fairness as an aspect of justice have been invoked to explain a wide range of behavioral and theoretical applications, supplementing earlier emphasis on economic efficiency (Konow, 2003).