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As there are many areas of inadequate optimization (departures), and resource limitation and information costs prevent the rectification of all these… - Yew-Kwang Ng
" "As there are many areas of inadequate optimization (departures), and resource limitation and information costs prevent the rectification of all these departures, the pursuit of a more desirable future through either private effective altruism or governmental policies is subset to the challenge of the second-best theory (where the presence of uncorrectable distortions complicates the pursuit of desirable policies elsewhere through interdependence)...Despite the nihilistic implication of the second-best theory on the impossibility of piecemeal welfare policies...the third-best theory shows that the government or effective altruists may increase at least the expected welfare by focusing on areas of serious inadequate optimization, taking into account the indirect effects if information allows.
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About Yew-Kwang Ng
Yew-Kwang Ng (Chinese: 黄有光; born 1942) is a Malaysian-Australian economist. Ng is a Professor of Economics at Fudan University, Shanghai, and a Distinguished Fellow of the Academy of the Social Sciences in Australia. He has published in a variety of academic disciplines and is best known for his work in welfare economics.
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Alternative Names:
Huang Youguang
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Additional quotes by Yew-Kwang Ng
[W]hile the problem of interpersonal comparability of utility is a tricky one, it is not insoluble in principle. It is conceivable that, perhaps several hundred (or a thousand) years from now, neurology may have advanced to the stage where the level of happiness can be accurately correlated to some cerebral reaction that can be measured by a ‘eudaimonometer’. Hence the definition of social welfare [in terms of the sum total of individual happiness] is an objective definition, although the objects are the subjective feelings of individuals.
[T]he real per capita income of the world now is about 7-8 times that of a century ago. If we proceed along an environmentally responsible path of growth, our great grandchildren in a century will have a real per capita income 5-6 times higher than our level now. Is it worth the risk of environmental disaster to disregard environmental protection now to try to grow a little faster? If this faster growth could be sustained, our great grandchildren would enjoy a real per capita income 7-8 times (instead of 5-6 times) higher than our level now. However, they may live in an environmentally horrible world or may well not have a chance to be born at all! The correct choice is obvious.
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In my view...intrinsically, happiness is the only thing that is of value. Other things may have instrumental value. For example, we suffer now to achieve something, we study to pass the exam and we suffer during the process. But it helps you to learn something or to get your degree and then you can do something better. So it contributes to future welfare, which again is happiness. So something may be of instrumental value, that is instrumental to achieve something else of value. Ultimately, only happiness is of value. And the fact that happiness is of value, everyone knows. Because everyone enjoy the nice feeling of being happy...That’s my main moral philosophical stance.
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