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Author: Arthur M. Okun
Publisher: Brookings Institution Press
ISBN: 0815726546
Category : Business & Economics
Languages : en
Pages : 171
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Book Description
Originally published in 1975, Equality and Efficiency: The Big Tradeoff is a very personal work from one of the most important macroeconomists of the last hundred years. And this new edition includes "Further Thoughts on Equality and Efficiency," a paper published by the author two years later. In classrooms Arthur M. Okun may be best remembered for Okun's Law, but his lasting legacy is the respect and admiration he earned from economists, practitioners, and policymakers. Equality and Efficiency is the perfect embodiment of that legacy, valued both by professional economists and those readers with a keen interest in social policy. To his fellow economists, Okun presents messages, in the form of additional comments and select citations, in his footnotes. To all readers, Okun presents an engaging dual theme: the market needs a place, and the market needs to be kept in its place. As Okun puts it: Institutions in a capitalist democracy prod us to get ahead of our neighbors economically after telling us to stay in line socially. This double standard professes and pursues an egalitarian political and social system while simultaneously generating gaping disparities in economic well-being. Today, Okun's dual theme feels incredibly prescient as we grapple with the hot-button topic of income inequality. In his foreword, Lawrence H. Summers declares: On what one might think of as questions of "economic philosophy," I doubt that Okun has been improved on in the subsequent interval. His discussion of how societies rely on rights as well as markets should be required reading for all young economists who are enamored with market solutions to all problems. With a new foreword by Lawrence H. Summers
Author: Arthur M. Okun
Publisher: Brookings Institution Press
ISBN: 0815726546
Category : Business & Economics
Languages : en
Pages : 171
Get Book Here
Book Description
Originally published in 1975, Equality and Efficiency: The Big Tradeoff is a very personal work from one of the most important macroeconomists of the last hundred years. And this new edition includes "Further Thoughts on Equality and Efficiency," a paper published by the author two years later. In classrooms Arthur M. Okun may be best remembered for Okun's Law, but his lasting legacy is the respect and admiration he earned from economists, practitioners, and policymakers. Equality and Efficiency is the perfect embodiment of that legacy, valued both by professional economists and those readers with a keen interest in social policy. To his fellow economists, Okun presents messages, in the form of additional comments and select citations, in his footnotes. To all readers, Okun presents an engaging dual theme: the market needs a place, and the market needs to be kept in its place. As Okun puts it: Institutions in a capitalist democracy prod us to get ahead of our neighbors economically after telling us to stay in line socially. This double standard professes and pursues an egalitarian political and social system while simultaneously generating gaping disparities in economic well-being. Today, Okun's dual theme feels incredibly prescient as we grapple with the hot-button topic of income inequality. In his foreword, Lawrence H. Summers declares: On what one might think of as questions of "economic philosophy," I doubt that Okun has been improved on in the subsequent interval. His discussion of how societies rely on rights as well as markets should be required reading for all young economists who are enamored with market solutions to all problems. With a new foreword by Lawrence H. Summers
Author: Heather Boushey
Publisher: Harvard University Press
ISBN: 0674919319
Category : Business & Economics
Languages : en
Pages : 305
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Book Description
A Financial Times Book of the Year “The strongest documentation I have seen for the many ways in which inequality is harmful to economic growth.” —Jason Furman “A timely and very useful guide...Boushey assimilates a great deal of recent economic research and argues that it amounts to a paradigm shift.” —New Yorker Do we have to choose between equality and prosperity? Decisions made over the past fifty years have created underlying fragilities in our society that make our economy less effective in good times and less resilient to shocks, such as today’s coronavirus pandemic. Many think tackling inequality would require such heavy-handed interference that it would stifle economic growth. But a careful look at the data suggests nothing could be further from the truth—and that reducing inequality is in fact key to delivering future prosperity. Presenting cutting-edge economics with verve, Heather Boushey shows how rising inequality is a drain on talent, ideas, and innovation, leading to a concentration of capital and a damaging under-investment in schools, infrastructure, and other public goods. We know inequality is fueling social unrest. Boushey shows persuasively that it is also a serious drag on growth. “In this outstanding book, Heather Boushey...shows that, beyond a point, inequality damages the economy by limiting the quantity and quality of human capital and skills, blocking access to opportunity, underfunding public services, facilitating predatory rent-seeking, weakening aggregate demand, and increasing reliance on unsustainable credit.” —Martin Wolf, Financial Times “Think rising levels of inequality are just an inevitable outcome of our market-driven economy? Then you should read Boushey’s well-argued, well-documented explanation of why you’re wrong.” —David Rotman, MIT Technology Review
Author: Mr. Andrew Berg
Publisher: International Monetary Fund
ISBN: 1513592963
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
Many studies predict massive job losses and real wage decline as a result of the ongoing widespread automation of production, a trend that may be further aggravated by the COVID-19 crisis. Yet automation is also expected to raise productivity and output. How can we share the gains from automation more widely, for the benefit of all? And what are the attendant equity-efficiency trade-offs? We analyze this issue by considering the effects of fiscal policies that seek to redistribute the gains from automation and address income inequality. We use a dynamic general equilibrium model with monopolistic competition, including a novel specification linking corporate power to automation. While fiscal policy cannot eliminate the classic equity-efficiency trade-offs, it can help improve them, reducing inequality at small or no loss of output. This is particularly so when policy takes advantage of novel, less distortive transmission channels of fiscal policy created by the empirically observed link between corporate market power and automation.
Author: Damien Gerard
Publisher: Cambridge University Press
ISBN: 1108498086
Category : Law
Languages : en
Pages : 475
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Book Description
Provides a new conceptualization of competition law as economic inequality and its interaction with efficiency become of central concern to policy and decision-makers.
Author: Karst T. Geurs
Publisher: Edward Elgar Publishing
ISBN: 1784717894
Category : Business & Economics
Languages : en
Pages : 260
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Book Description
Leading researchers from around the world show, in this volume, the importance of accessibility in contemporary issues such as rural depopulation, investments in public services and public transport, and transport infrastructure investments in Europe. The trade-offs between accessibility, economic development and equity are comprehensively examined, and a variety of approaches to measuring accessibility and equality presented. The book’s interdisciplinary contributions also provide different geographical contexts, from the US to various European and developing countries, and cover ex ante and ex post evaluation of transport investment. Improving transport accessibility is a main objective in transport policy and planning in developed and developing countries all over the world. Investment is motivated by the need to develop and/or reduce spatial or social inequalities. However, the economic and equity implications of investments in transport are not straightforward. The concepts of accessibility and equity can be defined and operationalized in many different ways, influencing outcomes and conclusions. Moreover, equity and efficiency goals are often conflicting. Accessibility models not only help to explain spatial and transport patterns in developed and developing countries but are also powerful tools to explain the equity and efficiency impacts of urban and transport policies and projects. This state-of-the-art overview of the accessibility–economic efficiency–equity relationship will appeal to researchers as well as transport and urban planners interested in accessibility issues and transport/regional developments.
Author: Mario Baldassarri
Publisher: Springer
ISBN: 1349246492
Category : Business & Economics
Languages : en
Pages : 414
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Book Description
In the post-war period, spending on social security, health and education has grown continuously in the leading industrialized countries. The considerable size of this spending as a percentage of GDP together with the ageing population raise doubts on the sustainability of welfare spending. These doubts have been accompanied in recent years by an increasing awareness of the allocational inefficiencies and the distributive inequalities caused by the provision of some social services. The welfare state should therefore be reconstructed not only through readjustment of the social security system but also a change in unemployment benefits and the taxation of workers to avoid the perverse spiral that may be produced in the future by cuts in welfare benefits, growing unemployment and the need to further reduce the social security services.
Author: Ye, Fred Y.
Publisher: IGI Global
ISBN: 1668449374
Category : Business & Economics
Languages : en
Pages : 291
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Book Description
It has been suggested that national economic policies should focus on taxation to achieve social equity and interest rates for economic efficiency; wealth distribution can balance efficiency and equity through tax rates, interest rates, and exchange rates. Additionally, while the economic system seeks efficiency and the social system pursues equity, common interest modifications with elastic exchange and tax rates should be applied for balancing efficiency and equity. Wealth Expanding Theory Under the Principle of Efficiency-Equity Equilibrium is a comprehensive reference source that considers economic philosophy for extending economic cognition, balancing economic efficiency and social equity, and future interstellar economics. Covering key topics such as poverty, fiscal policy, and macroeconomics, this reference work is ideal for policymakers, government officials, business owners, economists, managers, researchers, scholars, academicians, practitioners, instructors, and students.
Author: Mr.Jonathan David Ostry
Publisher: International Monetary Fund
ISBN: 1484397657
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
The Fund has recognized in recent years that one cannot separate issues of economic growth and stability on one hand and equality on the other. Indeed, there is a strong case for considering inequality and an inability to sustain economic growth as two sides of the same coin. Central to the Fund’s mandate is providing advice that will enable members’ economies to grow on a sustained basis. But the Fund has rightly been cautious about recommending the use of redistributive policies given that such policies may themselves undercut economic efficiency and the prospects for sustained growth (the so-called “leaky bucket” hypothesis written about by the famous Yale economist Arthur Okun in the 1970s). This SDN follows up the previous SDN on inequality and growth by focusing on the role of redistribution. It finds that, from the perspective of the best available macroeconomic data, there is not a lot of evidence that redistribution has in fact undercut economic growth (except in extreme cases). One should be careful not to assume therefore—as Okun and others have—that there is a big tradeoff between redistribution and growth. The best available macroeconomic data do not support such a conclusion.
Author: Chris Benner
Publisher: Routledge
ISBN: 113658112X
Category : Business & Economics
Languages : en
Pages : 319
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Book Description
Breaking new ground in its innovative blend of quantitative and qualitative methods, the book essentially argues that another sort of growth is indeed possible. While offering specific insights for regional leaders and analysts of metropolitan areas, the authors also draw a broader – and quite timely – set of conclusions about how to scale up these efforts to address a U.S. economy still seeking to recover from economic crisis and ameliorate distributional divisions.
Author: Richard Cookson
Publisher:
ISBN: 0198838190
Category : Business & Economics
Languages : en
Pages : 385
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Book Description
Distributional cost-effectiveness analysis aims to help healthcare and public health organizations make fairer decisions with better outcomes. It can provide information about equity in the distribution of costs and effects - who gains, who loses, and by how much - and the trade-offs that sometimes occur between equity and efficiency. This is a practical guide to methods for quantifying the equity impacts of health programmes in high, middle, and low-income countries. The methods can be tailored to analyse different equity concerns in different decision making contexts. The handbook provides both hands-on training for postgraduate students and analysts and an accessible guide for academics, practitioners, managers, policymakers, and stakeholders. Part I is an introduction and overview for research commissioners, users, and producers. Parts II and III provide step-by-step guidance on how to simulate and evaluate distributions, with accompanying spreadsheet training exercises. Part IV concludes with discussions about how to handle uncertainty about facts and disagreement about values, and the future challenges facing this growing field. Book jacket.
