Value Pluralism, Trade-Offs and Efficiencies

Abstract

Political decision-makers face increasing demands to justify their actions with respect to multiple normative objectives or values. Here, we provide a general philosophical-economic conceptualization and clarification of value pluralism, value-efficiency (i.e. efficiency with respect to values) and feasible relationships between values. We derive what relationships between values can exist in states of affairs that are value-efficient. In particular, we show that in a value-efficient state of affairs there is a trade-off between at least two values, and that a win-win relationship between values is no indication of value-inefficiency when there are three or more values. Further, we connect these relationships to the opportunity costs of attaining a value to a higher degree. Lastly, we contrast Pareto-efficiency with value-efficiency and show that there can be a win-win relationship between values in a Pareto-efficient state of affairs. Our analysis contributes to the philosophical foundation of normative and welfare economics, and provides insights that help decision-making in situations where there are multiple values at stake.