Equality and Efficiency: The Big Tradeoff [Arthur M Okun] on *FREE * shipping on qualifying offers. Book by Arthur M Okun. Equality and Efficiency has ratings and 9 reviews. Sagar said: Okun clarifies the issues surrounding the tradeoff between equality and efficiency, ra. Equality and Efficiency: The Big Tradeoff. By Arthur M. Okun. (Washington, D.C.: The Brookings Institution, Pp. $) – Volume 71 Issue 2 – Aaron.
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The Big Tradeoff Arthur M. Sonia rated it it was amazing Jul 19, Thanks for telling us about the problem. John rated it really liked it May 23, Louis rated it liked it Sep 08, Contents Rights and Dollars.
Today, Okun’s dual theme feels incredibly prescient as we grapple with the hot-button topic of income inequality. Tom Bice rated it liked it Sep 08, The leaks represent both the cost of administering a system of redistribution and, more importantly, the dulling of the incentives that people face knowing a greater share of their income will be subject to taxation.
Preview — Equality and Efficiency by Arthur M. Okun explores the conflicts that arise when society’s desire to reduce inequality would impair economic efficiency, confronting policymakers with “the big tradeoff.
Equality and Efficiency: The Big Tradeoff by Arthur M. Okun
Perhaps the reason I best liked this book is the bridge it creates between often disparate fields of economics and moral philosophy. A good theoretical exercise, but the numbers are by now way out of date. As Okun puts it: Originally published inEquality and Efficiency: A must-read for everyone interested in social sciences. Rather than the simple and overly reductive memory I had from the foil that the title has become, I found the book to be thoughtful, nuanced, more modern than I expected or we have progressed less than I had thoughtand it actually affected my thinking somewhat.
Its political and social institutions distribute rights and privileges universally and proclaim the equality of all citizens. Known for his wit as well as his compassion, Okun reacted to surging inflation in the s by developing an economic indicator he dubbed the Misery Indexwhich charted the well-being of Americans by combining the unemployment rate and inflation rate. It’s like if Huntington had subtitled “Clash of Civilizations” something like “how cultural differences lead to big wars.
And this new edition includes “Further Thoughts on Equality and Efficiency,” a paper published by the author two years later. Arthur Melvin Okun is widely considered among the most important macroeconomists of the twentieth century.
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. If you’re interested in development policy, start with Sen’s “Development As Freedom. David James rated it really liked it Feb 23, When Okun died unexpectedly at the age of just 51 lkun Marchhe was hailed as an innovative and effective policy economist who was unique in holding the respect and admiration of both academic economists and practical politicians.
This double standard professes and pursues an egalitarian political and social system while simultaneously generating gaping disparities in economic well-being. Other editions – View all Equality and Efficiency: On what one might think of as questions of “economic philosophy,” I doubt that Okun has been improved on in the subsequent interval.
But within the existing system there are ways to gain more of one good thing at a lower cost in terms of the other. Mar 02, Chris rated it liked it Recommends it for: Okun makes several policy recommendations, of which my favorite is a broadening of the tax base, to destroy loopholes that were never intended by legislators such as efficoency use of trusts to skip a generation of estate taxesand disposing of the preferential lower rates afforded to tradoff gains and dividends which Okun reminds us are disproportionately earned by the affluent.
Equality and Efficiency: The Big Tradeoff – Arthur M. Okun – Google Books
Toffano rated it really liked it Apr 22, In this realm, Equality and Efficiency: Refresh and try again. Want to Read saving…. Just a moment while we sign you in to your Goodreads account. At the same time, the efficiencies of the marke Great book – extremely well written. Yet economic institutions, with efficiency as their guiding principle, create disparities among citizens in living standards and material welfare.
Equality and Efficiency: The Big Tradeoff
This mixture of equal rights and unequal economic status breeds tensions between the political principles of democracy and the economic principles of capitalism. Extremely well-written and to the point on balancing equality and ffficiency to reach whatever flavor of policy you prefer. May 11, Brendan Cheney rated it liked it Shelves: Very interesting book, written back in the s, and still relevant.
Further Thoughts on Equality and Efficiency. Still relevant after all these years. The Big Tradeoff by Arthur M. Institutions in a capitalist democracy prod us to get ahead of our neighbors economically after telling us to stay in line socially.
The Case for the Market. In the years since, Tradefof idea of indexing misery has been both repurposed and refined to track happiness and well-being across all sorts of indicators.