Economics, Econometrics and Finance
6 years ago

Neoclassical Economics Ignores Fairness, Upholds Unjust Distribution in Society.

Virtues and Economics/Virtues and economics
How Does the Methodology of Neoclassical Economics Eliminate the Question of Fairness?
Zoltán Pogátsa

Paper Summary

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Neoclassical economics doesn't consider fairness in how resources are distributed. It assumes a fair distribution in capitalist societies, but this assumption is not always true. In perfectly competitive markets, there should be no profit, but profits are needed for investment and entrepreneurship. This creates a contradiction in neoclassical economics.