This reply takes up specific points raised by Professor Kolm over which there persists some disagreement between us. It offers a rather broad, philosophically oriented discussion of the issues. I explain why I think Kolm is right in preferring the term 'equity' to that of 'envy-freeness,' but I...

The criterion of envy-freeness, according to which no agent should prefer any of his neighbours' allocation to his own, has become a central part of the economic theory of distributive justice. It essentially corresponds to the need to express an ideal of equality in societies where preferences...

This paper offers a precise definition of neoclassical economics based on three axioms which lie at the latters foundations. This definition is all inclusive in that it applies as much to the neoclassical economic models of the late 19th century as it does to todays more flexible and inclusive...

This essay explores the possibility of modelling, within a framework of individual optimization, choice based on moral commitment. The basis is Sen’s (1977) classic article. The standard tool of utility maximization is replaced by Sen’s idea of a "ranking of action-rankings", to which I add...

The concept of a ‘well-ordered-society’ is central to Rawls’s theory of justice. In such a society, the agents are assumed to ‘comply with’ the principles of justice . This essay aims to clarify the notion of ‘compliance’ by using concepts from economic theory heretofore absent...

This paper offers an analysis of the optimality of unemployment benefits based on the concept of no-envy. Using a general equilibrium framework whit uncertainty, we derive the conditions for a trade-off between the intensity of envy and the expected percentage of envious persons. If the...