A Quiet Revolution in Welfare Economics- by Michael Albert and Robin Hahnel

Glossary

This book contains a lot of technical terms that are not explained in this glossary. Look them up in a dictionary, for example http://www.xrefer.com/

ENDOGENOUS PREFERENCES The idea that consumer tastes that are not fixed as a matter of personal character, but are dependent upon the experiences and choices of of the consumer. See also chapter 4

PARETO OPTIMALITY, THE PRINCIPLE OF : Evaluative principle according to which: "The community becomes better off if one individual becomes better off and none worse off"

PrEMEs Private Enterprise Market Economies

PuECPEs Public Enterprise Centrally Planned Economies

PuEEMMEs Public Enterprise Employee-Managed Market Economies

PuEMEs Public Enterprise Market Economies

PuESMMEs Public Enterprise State-Managed Market Economies

UTILITARIANISM: The ethical theory that the conduct which, under any given circumstances, is objectively right, is that which will produce the greatest amount of happiness of the whole; that is, taking into account all whose happiness is affected by the conduct. See chapter 1