Date: 24 th July 2024
Time: 11.30am -1.00pm GMT
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Speaker: Annie Miller
Topic: Adequacy, poverty benchmarks and a maximum feasible level of BI
ABSTRACT
The introduction of the concept of needs into utility theory specifies deprivation,
subsistence, sufficiency, and satiation at infinity, together with strong separability. An
extended indifference curve map for labor and consumption is created. Both
variables are dependent on real wages and endowments of unearned consumption
(including cash benefits) and diagrams of their derived demands and Engels curves
are created. ‘Survival’ and ‘subsistence’ are key levels of endowments, but how do
these relate to ’adequacy’, or to distributions of income and the OECD poverty
benchmark? Does ‘adequacy’ imply welfarism. And is there a maximum feasible
level of BI?
