Is it within the realm of the social science of economics to consider social justice?

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Can an economist call the economy good when there is low unemployment, good profits, but great income disparity? Is it within the realm of the social science of economics to consider social justice?

Answer: 

Economists measure the economic health of a country by its G.D.P per capita. They see low unemployment as good because it means labor resources are not sitting idle. They also consider whether income disparities are good or bad. In fact, these days, economists spend a lot of time and effort in understanding the effects of income inequality on the economy. There is general support for the idea that income inequality per se, one arising naturally within a free market setting. is not "bad" if it doesn't stifle access to opportunities for others or for other generations. I recommend you look at some of the work by noted economist and philosopher, Amartya Sen at Harvard. 

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Last updated on May 17, 2020