Meanings of Justice from the Perspective of Economics

Economics is constrained by boundaries that utilitarian reasoning based exclusively on the principle of self-interest cannot clear. Neither can the economic sciences claim to exist in a sphere that is free of all moral values, where it would be solely subject to the principle of efficiency above the virtue of justice. Classical economists are not interested in studying differences in income as they believe that efficient results are also fair results. Because traditional utilitarian welfare economics tends to ignore whether fundamental liberties and rights are violated or upheld, these are not afforded any direct importance within the theories’ frameworks. Society must create the conditions to make it possible for all citizens to freely decide how to transform their capacities into resources, rights and personal functionings that will allow them to achieve their personal goals for a good life. We must bring into the argument the rights of future generations and our obligations towards them.