Serena Olsaretti

Preferences are often thought to be relevant for well-being: respecting preferences, or satisfying them, contributes in some way to making people's lives go well for them. A crucial assumption that accompanies this conviction is that there is a normative standard that allows us to discriminate between preferences that do, and those that do not, contribute to well-being. The papers collected in this volume, written by moral philosophers and philosophers of economics, explore a number of central issues concerning the formulation of such a normative standard. They examine what a defensible account of how preferences should be formed for them to contribute to well-being should look like; whether preferences are subject to requirements of rationality and what reasons we have to prefer certain things over others; and what the significance is, if any, of preferences that are arational or not conducive to well-being.

Preferences are often thought to be relevant for well-being: respecting preferences, or satisfying them, contributes in some way to making people's lives go well for them. A crucial assumption that accompanies this conviction is that there is a normative standard that allows us to discriminate between preferences that do, and those that do not, contribute to well-being. The papers collected in this volume, written by moral philosophers and philosophers of economics, explore a number of central issues concerning the formulation of such a normative standard. They examine what a defensible account of how preferences should be formed for them to contribute to well-being should look like; whether preferences are subject to requirements of rationality and what reasons we have to prefer certain things over others; and what the significance is, if any, of preferences that are arational or not conducive to well-being.

The compensatory desert argument is an argument that purports to justify inequalities in (some) incomes generated by a free labour market. It holds, first, that the principle of compensation is a principle of desert; second, that a distribution justified by a principle of desert is just; and third, that (some) rewards people reap on a free labour market are compensation for costs they incur. It concludes that therefore, a distribution of (some) rewards generated by a free labour market is just. In this chapter I criticise the first two premises of this argument. I argue that the principle of compensation is not a principle of desert (sections 3 and 4), and that a distribution of deserved compensatory payments may be unjust (sections 5 and 6). Before developing my critique of the compensatory desert argument, I start by illustrating further that argument in the version of it which has been defended by Julian Lamont (section 1), and to dispel two objections that have been moved against the view that compensation is a principle of desert.