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George F. DeMartino

In: 21st Century Economics: A Reference Handbook

Chapter 51: Economics and Justice

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Economics and Justice
Economics and justice

Exploration of the connections between economics and justice is complicated by the fact that both economics and justice are variously defined and deeply contested. Economics can be thought of as the study of the determinants of wealth creation, which was the view taken by many classical economists; the study of choice and allocation under conditions of scarcity, which is the view of contemporary neoclassical theory; the study of the production, appropriation, and distribution of the social surplus, which informs Marxian theory; the study of the manner in which communities provision for themselves, which is the view of many institutionalists; and in other ways. Justice is likewise a controversial concept. Here, too, one finds that distinct approaches yield diverse accounts of ...

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