On Fairness And Efficiency

The definition and measurement of social welfare have been a vexed issue for the past century. This book makes a constructive, easily applicable proposal and suggests how to evaluate the economic situation of a society in a way that gives priority to the worse-off and that respects each individual's preferences over his or her own consumption, work, leisure and so on. This approach resonates with the current concern to go 'beyond the GDP' in the measurement of social progress. Compared to technical studies in welfare economics, this book emphasizes constructive results rather than paradoxes and impossibilities, and shows how one can start from basic principles of efficiency and fairness and end up with concrete evaluations of policies. Compared to more philosophical treatments of social justice, this book is more precise about the definition of social welfare and reaches conclusions about concrete policies and institutions only after a rigorous derivation from clearly stated principles.

This book offers a major new analysis of the political economy in Britain over the past 1,000 years. The author demonstrates an impressive and thorough knowledge of law, economics, politics, medicine and social history. The assessment of the privatisation of the public income and its consequences represents an astonishing tour-de-force.On fairness and efficiency:engages in a wide-ranging sweep of history from pre-Norman times to the present;gives a lucid explanation of the complex economic and political history of Britain that has given rise to the present state of Welfare Capitalism;has great contemporary relevance.·[vbTab]The fundamental links between the distributions of health and wealth in society is of concern to the medical profession, public health professionals, welfare economists, political scientists/politicians, moralists and philosophers.

Although the relationship between fairness and the economic concept of efficiency is usually cast as an adversarial one, this collection demonstrates the robust and diverse ways in which economics engages - and cannot avoid engaging - with fairness. Part I contains papers presenting positive analyses of fairness preferences and beliefs, which are fundamental means through which fairness matters for economic models. Part II turns to normative analysis and the broad question of how law should reconcile fairness and efficiency considerations. Part III presents a sampling of legal and policy applications in which both fairness and efficiency considerations prove important. Along with an original introduction by the editors this is a must-have volume that will appeal to students, academics and practitioners who are interested in this exciting field.

These experts present a lively discussion of the pros and cons of the proposals for a flat tax, think through the likely effects of such a radical change, and make clear what can seem a confusing array of facts and figures.

A fascinating exposé explaining why the government we have bears so little relation to the government we want—and why the recent expansion of government programs will only exacerbate the problem. Idealized views of government lead to bitterly unhappy citizens posits The Myth of Fair and Efficient Government: Why the Government You Want Is Not the One You Get. In fact, Michael L. Marlow says, government is the last place to look for efficiency. It is, rather, private markets that naturally drive toward efficient outcomes and it is unreasonable to expect governments to mimic those effects. This idea will startle many readers, especially given the widespread belief that private markets caused the current economic problems. The author's intention is to awaken readers to the invalidity of that assumption, to make us "pause before calling upon the government to somehow be efficient and fair in responding to the supposed collapse of private markets." To that end, this book demonstrates why romantic views of government promote a less efficient economy; why so many government programs are inefficient in practice; and why a more limited role for government is critical to reviving trust in our institutions.

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