Some Thoughts on Defining Democracy and Fairness
Two things that are notoriously slippery to pin down: fairness and democracy. Fairness—what is it, really? To me, fairness is just another way of thinking about efficiency. To elaborate, we often define efficiency as the sum of everyone’s value or surplus. But maybe that’s too simplistic. What if fairness is just a more complex version of that same idea? Instead of a straightforward sum, fairness might be a more intricate mapping of each participant’s value into the final outcome....