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.
Keywords: Welfare, Capabilities, Governance of commons.
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