Economics: Current and Future Developments

Author(s): Maria Alejandra Madi

DOI: 10.2174/9781681085067117020009

Welfare, Social Justice and Governance

Pp: 119-137 (19)

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Abstract

SHS investigation development is considered from the geographical and historical viewpoint. 3 stages are described. Within Stage 1 the work was carried out in the Department of the Institute of Chemical Physics in Chernogolovka where the scientific discovery had been made. At Stage 2 the interest to SHS arose in different cities and towns of the former USSR. Within Stage 3 SHS entered the international scene. Now SHS processes and products are being studied in more than 50 countries.

Abstract

This chapter provides a range of economic and philosophical perspectives drawing from the classic writings of Arthur Pigou, Amartya Sen and Elinor Ostrom. Firstly, we present the contribution of Arthur Pigou that highlights the relevance of government interventions to address the impacts of externalities on social welfare. Then, we consider Amartya Sen’s ideas that show deep concerns about justice in contemporary economic theory and public policy. Finally, we present the contribution of Elinor Ostrom to the management of common-pool resources, at local and global levels.

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