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| efficiency vs equity in economics: Equality and Efficiency REV Arthur M. Okun, 2015-04-30 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 |
| efficiency vs equity in economics: Efficiency and Equity in Welfare Economics PierCarlo Nicola, 2012-10-16 Increasing efficiency in generating national income and improving equity in its distribution among economic agents is at the forefront of priorities of most modern economies. This book presents a model which aims to maximize a symmetrical welfare function under certain constraints which consider both efficiency and equity, i.e. taxes and subsidies, implemented by a public authority. The model is numerically implemented and considers a set of economic agents with starting incomes that satisfy Pareto income law under various values of the alpha parameter. Also, the model implementations respect the social production function. Various experiments are presented which show how income inequality (measured by means of the Lorenz curve and, what I call, the Lorenz-Gini inequality index) and measures of poverty are sensibly reduced by redistributing national income without lowering efficiency in production. A case study, or application, of Italian personal income in 2008 is also presented. |
| efficiency vs equity in economics: Reconciling Efficiency and Equity Damien Gerard, Ioannis Lianos, 2019-05-09 Provides a new conceptualization of competition law as economic inequality and its interaction with efficiency become of central concern to policy and decision-makers. |
| efficiency vs equity in economics: For the Benefit of All: Fiscal Policies and Equity-Efficiency Trade-offs in the Age of Automation Mr. Andrew Berg, Lahcen Bounader, Nikolay Gueorguiev, Hiroaki Miyamoto, Mr. Kenji Moriyama, Ryota Nakatani, Luis-Felipe Zanna, 2021-07-16 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. |
| efficiency vs equity in economics: Accessibility, Equity and Efficiency Karst T. Geurs, Roberto Patuelli, Tomaz Ponce Dentinho, 2016-02-26 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. |
| efficiency vs equity in economics: Unbound Heather Boushey, 2019-10-15 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 |
| efficiency vs equity in economics: Stochastic Frontier Analysis Subal C. Kumbhakar, C. A. Knox Lovell, 2003-03-10 Modern textbook presentations of production economics typically treat producers as successful optimizers. Conventional econometric practice has generally followed this paradigm, and least squares based regression techniques have been used to estimate production, cost, profit and other functions. In such a framework deviations from maximum output, from minimum cost and cost minimizing input demands, and from maximum profit and profit maximizing output supplies and input demands, are attributed exclusively to random statistical noise. However casual empiricism and the business press both make persuasive cases for the argument that, although producers may indeed attempt to optimize, they do not always succeed. This book develops econometric techniques for the estimation of production, cost and profit frontiers, and for the estimation of the technical and economic efficiency with which producers approach these frontiers. Since these frontiers envelop rather than intersect the data, and since the authors continue to maintain the traditional econometric belief in the presence of external forces contributing to random statistical noise, the work is titled Stochastic Frontier Analysis. |
| efficiency vs equity in economics: Variety, Equity, and Efficiency Kelvin Lancaster, 1979 |
| efficiency vs equity in economics: Oxford Textbook of Global Public Health Roger Detels, Martin Gulliford, Quarraisha Abdool Karim, Chorh Chuan Tan, 2017 Sixth edition of the hugely successful, internationally recognised textbook on global public health and epidemiology, with 3 volumes comprehensively covering the scope, methods, and practice of the discipline |
| efficiency vs equity in economics: The Economics of Social Determinants of Health and Health Inequalities World Health Organization, 2013 This resource book discusses the economic arguments that could (and could not) be put forth to support the case for investing in the social determinants of health on average and in the reduction in socially determined health inequalities. It provides an overview and introduction into how economists would approach the assessment of the economic motivation to invest in the social determinants of health and socially determined health inequities, including what the major challenges are in this assessment. It illustrates the extent to which an economic argument can be made in favour of investment in 3 major social determinants of health areas: education, social protection, and urban development and infrastructure. It describes whether education policy, social protection, and urban development, housing and transport policy can act as health policy-- |
| efficiency vs equity in economics: Efficiency, Equity, and Legitimacy Roger B. Porter, 2001 Despite its widely acknowledged contribution to global prosperity over the past half century, the movement toward further liberalization has increasingly been challenged. This collection of essays examine several key issues at the heart of the debate over the multilateral trading system. |
| efficiency vs equity in economics: Equity and Choice Julian Le Grand, 1991-12-05 Offering a new answer to an age-old problem: the meaning of a just or equitable distribution of resources, Julian Le Grand examines the principal interpretations of equity used by economists and political philosophers. He argues that none captures the essence of the term as well as an alternative conception relating equity to the existence or other |
| efficiency vs equity in economics: Thinking Like an Economist Elizabeth Popp Berman, 2023-08-08 The story of how economic reasoning came to dominate Washington between the 1960s and 1980s—and why it continues to constrain progressive ambitions today For decades, Democratic politicians have frustrated progressives by tinkering around the margins of policy while shying away from truly ambitious change. What happened to bold political vision on the left, and what shrunk the very horizons of possibility? In Thinking like an Economist, Elizabeth Popp Berman tells the story of how a distinctive way of thinking—an “economic style of reasoning”—became dominant in Washington between the 1960s and the 1980s and how it continues to dramatically narrow debates over public policy today. Introduced by liberal technocrats who hoped to improve government, this way of thinking was grounded in economics but also transformed law and policy. At its core was an economic understanding of efficiency, and its advocates often found themselves allied with Republicans and in conflict with liberal Democrats who argued for rights, equality, and limits on corporate power. By the Carter administration, economic reasoning had spread throughout government policy and laws affecting poverty, healthcare, antitrust, transportation, and the environment. Fearing waste and overspending, liberals reined in their ambitions for decades to come, even as Reagan and his Republican successors argued for economic efficiency only when it helped their own goals. A compelling account that illuminates what brought American politics to its current state, Thinking like an Economist also offers critical lessons for the future. With the political left resurgent today, Democrats seem poised to break with the past—but doing so will require abandoning the shibboleth of economic efficiency and successfully advocating new ways of thinking about policy. |
| efficiency vs equity in economics: Equity and Well-Being Hyun Hwa Son, 2013-04-03 Equity is an abstract concept covering philosophical issues such as fairness and social justice, making its definition and measurement complex. This volume tackles these complexities head-on. The book is enriched with many empirical analyses and provides a comprehensive analysis of equity ranging from concepts and measurements to empirical illustrations and policy implications. After an extensive discussion on equity in the introduction, this volume begins with a chapter on well-being where the concepts of functioning and capability are discussed. This is followed by a few chapters on what an equitable distribution is and how equity can be measured. The volume then provides a definition and a methodology to measure equitable growth, examining the relationship between growth, inequality, and poverty. It also presents various empirical illustrations and country-specific experiences with three country case studies which assess whether publicly provided health and education services are equitable in developing Asia, examining the extent to which these social services favor the poor as well as the policy challenges to a more equitable delivery of these services. Finally, these country studies provide evidence–based policy recommendations to improve equity in social service delivery in developing countries. Achieving social equity has long been an important policy goal. There are relatively few studies on equity. This book aims to help fill this gap with an in-depth analysis of the issues associated with equity, covering its concept, measurement, and policy practices and implications. |
| efficiency vs equity in economics: Efficiency, Equality and the Ownership of Property (Routledge Revivals) James E. Meade, 2013-05-13 First published in 1964, this is a study of the extreme inequalities in the ownership of property, in economies across the globe. Professor Meade examines in depth the economic, demographic and social factors which lead to such inequalities. He considers a wide range of remedial policies – educational development, reformed death duties and capital taxes, demographic policies, trade union action, the socialization of property, the development of a property-owning democracy, the expansion of the welfare state. The argument is expressed in precise analytical terms, but the main exposition is free of mathematics and technical jargon and is designed for the interested layman as well as the economist. |
| efficiency vs equity in economics: Distributional Cost-Effectiveness Analysis Richard Cookson, Susan Griffin, Ole F. Norheim, Anthony J. Culyer, 2020 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. |
| efficiency vs equity in economics: The Human Right to Water Malcolm Langford, Anna F. S. Russell, 2017-10-05 The first book to engage in a comprehensive examination of the human right to water in theory and in practice. |
| efficiency vs equity in economics: Valuing Environmental and Natural Resources Timothy C. Haab, Kenneth E. McConnell, 2002-01-01 Non-market valuation has become a broadly accepted and widely practiced means of measuring the economic values of the environment and natural resources. In this book, the authors provide a guide to the statistical and econometric practices that economists employ in estimating non-market values. The authors develop the econometric models that underlie the basic methods: contingent valuation, travel cost models, random utility models and hedonic models. They analyze the measurement of non-market values as a procedure with two steps: the estimation of parameters of demand and preference functions and the calculation of benefits from the estimated models. Each of the models is carefully developed from the preference function to the behavioral or response function that researchers observe. The models are then illustrated with datasets that characterize the kinds of data researchers typically deal with. The real world data and clarity of writing in this book will appeal to environmental economists, students, researchers and practitioners in multilateral banks and government agencies. |
| efficiency vs equity in economics: Environmental and Natural Resource Economics Thomas H. Tietenberg, Lynne Lewis, 2018-03-13 Environmental and Natural Resource Economics is the best-selling text for natural resource economics and environmental economics courses, offering a policy-oriented approach and introducing economic theory and empirical work from the field. Students will leave the course with a global perspective of both environmental and natural resource economics and how they interact. Complemented by a number of case studies showing how underlying economic principles provided the foundation for specific environmental and resource policies, this key text highlights what can be learned from the actual experience. This new, 11th edition includes updated data, a number of new studies and brings a more international focus to the subject. Key features include: Extensive coverage of the major issues including climate change, air and water pollution, sustainable development, and environmental justice. Dedicated chapters on a full range of resources including water, land, forests, fisheries, and recyclables. Introductions to the theory and method of environmental economics including externalities, benefit-cost analysis, valuation methods, and ecosystem goods and services. Boxed ‘Examples’ and ‘Debates’ throughout the text which highlight global examples and major talking points. The text is fully supported with end-of-chapter summaries, discussion questions, and self-test exercises in the book and multiple-choice questions, simulations, references, slides, and an instructor’s manual on the Companion Website. |
| efficiency vs equity in economics: Markets, State, and People Diane Coyle, 2020-01-14 A textbook that examines how societies reach decisions about the use and allocation of economic resources While economic research emphasizes the importance of governmental institutions for growth and progress, conventional public policy textbooks tend to focus on macroeconomic policies and on tax-and-spend decisions. Markets, State, and People stresses the basics of welfare economics and the interplay between individual and collective choices. It fills a gap by showing how economic theory relates to current policy questions, with a look at incentives, institutions, and efficiency. How should resources in society be allocated for the most economically efficient outcomes, and how does this sit with society’s sense of fairness? Diane Coyle illustrates the ways economic ideas are the product of their historical context, and how events in turn shape economic thought. She includes many real-world examples of policies, both good and bad. Readers will learn that there are no panaceas for policy problems, but there is a practical set of theories and empirical findings that can help policymakers navigate dilemmas and trade-offs. The decisions faced by officials or politicians are never easy, but economic insights can clarify the choices to be made and the evidence that informs those choices. Coyle covers issues such as digital markets and competition policy, environmental policy, regulatory assessments, public-private partnerships, nudge policies, universal basic income, and much more. Markets, State, and People offers a new way of approaching public economics. A focus on markets and institutions Policy ideas in historical context Real-world examples How economic theory helps policymakers tackle dilemmas and choices |
| efficiency vs equity in economics: Economic Dignity Gene Sperling, 2021-10-12 “Timely and important . . . It should be our North Star for the recovery and beyond.” —Hillary Clinton “Sperling makes a forceful case that only by speaking to matters of the spirit can liberals root their belief in economic justice in people’s deepest aspirations—in their sense of purpose and self-worth.” —The New York Times When Gene Sperling was in charge of coordinating economic policy in the Obama White House, he found himself surprised when serious people in Washington told him that the Obama focus on health care was a distraction because it was “not focused on the economy.” How, he asked, was the fear felt by millions of Americans of being one serious illness away from financial ruin not considered an economic issue? Too often, Sperling found that we measured economic success by metrics like GDP instead of whether the economy was succeeding in lifting up the sense of meaning, purpose, fulfillment, and security of people. In Economic Dignity, Sperling frames the way forward in a time of wrenching change and offers a vision of an economy whose guiding light is the promotion of dignity for all Americans. |
| efficiency vs equity in economics: Higher Education: Handbook of Theory and Research John C. Smart, 2006-05-11 Published annually since 1985, the Handbook series provides a compendium of thorough and integrative literature reviews on a diverse array of topics of interest to the higher education scholarly and policy communities. Each chapter provides a comprehensive review of research findings on a selected topic, critiques the research literature in terms of its conceptual and methodological rigor, and sets forth an agenda for future research intended to advance knowledge on the chosen topic. The Handbook focuses on twelve general areas that encompass the salient dimensions of scholarly and policy inquiries undertaken in the international higher education community. The series is fortunate to have attracted annual contributions from distinguished scholars throughout the world. |
| efficiency vs equity in economics: Redistribution, Inequality, and Growth Mr.Jonathan David Ostry, Mr.Andrew Berg, Mr.Charalambos G Tsangarides, 2014-02-17 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. |
| efficiency vs equity in economics: Finance Ethics John R. Boatright, 2010-08-13 A groundbreaking exploration of the critical ethical issues in financial theory and practice Compiled by volume editor John Boatright, Finance Ethics consists of contributions from scholars from many different finance disciplines. It covers key issues in financial markets, financial services, financial management, and finance theory, and includes chapters on market regulation, due diligence, reputational risk, insider trading, derivative contracts, hedge funds, mutual and pension funds, insurance, socially responsible investing, microfinance, earnings management, risk management, bankruptcy, executive compensation, hostile takeovers, and boards of directors. Special attention is given to fairness in markets and the delivery of financial services, and to the duties of fiduciaries and agents Rigorous analysis of the topics covered provides essential information and practical guidance for practitioners in finance as well as for students and academics with an interest in finance ethics Ethics in Finance skillfully explains the need for ethics in the personal conduct of finance professionals and the operation of financial markets and institutions. |
| efficiency vs equity in economics: Environmental Organizations and Reasoned Discourse Richard M. Robinson, 2021-07-05 This book explores the meaning and role of “fair and reasoned discourse” in the context of our institutions for environmental decision processes. The book reviews the roles of our “environmental advocacy organizations”—such as The Sierra Club, The Audubon Society, the Environmental Defense Fund—in providing and ensuring that our discourse and decisions are fair and reasoned according to the criteria of being (i) inclusive of input from all affected, (ii) informed of relevant scientific and socio-economic information, (iii) uncorrupted by direct conflicts of interest, and (iv) logical according robust review by uncorrupted judges. These organizations are described and examined as expressions of “collective imperfect duty,” i.e. the coordinated duties with environmental direction. The current state of our discourse is examined in light of this fairness criteria, particularly in consideration of the cross-border problems that threaten tragedies of the global commons. |
| efficiency vs equity in economics: Finding Time Heather Boushey, 2016-04-19 “Ambitious, fast-paced, fact-filled, and accessible.” —Science “A compelling case for why achieving the right balance of time with our families...is vital to the economic success and prosperity of our nation... A must read.” —Maria Shriver From backyard barbecues to the blogosphere, working men and women across the country are raising the same worried question: How can I get ahead at my job while making sure my family doesn’t suffer? A visionary economist who has looked at the numbers behind the personal stories, Heather Boushey argues that resolving the work–life conflict is as vital for us personally as it is essential economically. Finding Time offers ingenious ways to help us carve out the time we need, while showing businesses that more flexible policies can actually make them more productive. “Supply and demand curves are suddenly ‘sexy’ when Boushey uses them to prove that paid sick days, paid family leave, flexible work schedules, and affordable child care aren’t just cutesy women’s issues for families to figure out ‘on their own time and dime,’ but economic issues affecting the country at large.” —Vogue “Boushey argues that better family-leave policies should not only improve the lives of struggling families but also boost workers’ productivity and reduce firms’ costs.” —The Economist |
| efficiency vs equity in economics: Preference Data for Environmental Valuation John Whitehead, Tim Haab, Ju-Chin Huang, 2012-03-15 The monetary valuation of environmental goods and services has evolved from a fringe field of study in the late 1970s and early 1980s to a primary focus of environmental economists over the past decade. Despite its rapid growth, practitioners of valuation techniques often find themselves defending their practices to both users of the results of applied studies and, perhaps more troubling, to other practitioners. One of the more heated threads of this internal debate over valuation techniques revolves around the types of data to use in performing a valuation study. In the infant years of the development of valuation techniques, two schools of thought emerged: the revealed preference school and the stated preference school, the latter of which is perhaps most associated with the contingent valuation method. In the midst of this debate an exciting new approach to non-market valuation was developed in the 1990s: a combination and joint estimation of revealed preference and stated preference data. There are two primary objectives for this book. One objective is to fill a gap in the nonmarket valuation primer literature. A number of books have appeared over the past decade that develop the theory and methods of nonmarket valuation but each takes an individual nonmarket valuation method approach. This book considers each of these valuation methods in combination with another method. These relationships can be exploited econometrically to obtain more valid and reliable estimates of willingness-to-pay relative to the individual methods. The second objective is to showcase recent and novel applications of data combination and joint estimation via a set of original, state-of-the-art studies that are contributed by leading researchers in the field. This book will be accessible to economists and consultants working in business or government, as well as an invaluable resource for researchers and students alike. |
| efficiency vs equity in economics: Prices and Quantities Arthur M. Okun, Brookings Institution, 1981-01 During the past decade Arthur M. Okun, like many economists, focused attention on finding ways to fight inflation without sacrificing goals of high employment and prosperity. In recent years the economy has been plagued by stagflation--the simultaneous persistence of high inflation and high unemployment. Traditional methods of aggregate demand management that have been reasonably successful in curing either one or the other of these problems have not been effective, and the nation has not been able to contain inflation even in periods of economic slack. It now seems clear that the economists’ traditional model that presumes short-run flexibility in wages and prices no longer holds for most of the industrial world, and hence the response of inflation to shifts in macroeconomic policy is weak. In this volume Okun seeks to explain that loss of responsiveness by analyzing how modern labor and product markets work and how they are structured. A central feature of Okun’s analysis is implicit contract theory, which recognizes that efficiency-maximizing decisions by business firms reflect long-term considerations as well as short-term changes in markets. His interpretation of microeconomic behavior and macroeconomic performance provides a basis for the design of policies to deal with stagflation. |
| efficiency vs equity in economics: Putting Purpose Into Practice Colin Mayer, Bruno Roche, 2021 This is the first book to provide a precise description of how companies can put purpose into practice. Based on groundbreaking research undertaken between Oxford University and Mars Catalyst, it offers an accessible account of why corporate purpose is so important and how it can be implemented to address the major challenges the world faces today. |
| efficiency vs equity in economics: The Fourth Industrial Revolution Klaus Schwab, 2017-01-03 World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains that we have an opportunity to shape the fourth industrial revolution, which will fundamentally alter how we live and work. Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human. Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wearable sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manufacturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials. The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history. He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individuals. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frameworks that advance progress. |
| efficiency vs equity in economics: Equity in Education Oecd, 2018-10-29 In times of growing economic inequality, improving equity in education becomes more urgent. While some countries and economies that participate in the OECD Programme for International Student Assessment (PISA) have managed to build education systems where socio-economic status makes less of a difference to students' learning and well-being, every country can do more. Equity in Education: Breaking Down Barriers to Social Mobility shows that high performance and more positive attitudes towards schooling among disadvantaged 15-year-old students are strong predictors of success in higher education and work later on. The report examines how equity in education has evolved over several cycles of the OECD Programme for International Student Assessment (PISA). It identifies the policies and practices that can help disadvantaged students succeed academically and feel more engaged at school. Using longitudinal data from five countries (Australia, Canada, Denmark, Switzerland, and the United States), the report also describes the links between a student's performance near the end of compulsory education and upward social mobility - i.e. attaining a higher level of education or working in a higher-status job than one's parents. |
| efficiency vs equity in economics: Principles of Health Care Ethics Richard Edmund Ashcroft, Angus Dawson, Heather Draper, John McMillan, 2007-06-29 Edited by four leading members of the new generation of medical and healthcare ethicists working in the UK, respected worldwide for their work in medical ethics, Principles of Health Care Ethics, Second Edition is a standard resource for students, professionals, and academics wishing to understand current and future issues in healthcare ethics. With a distinguished international panel of contributors working at the leading edge of academia, this volume presents a comprehensive guide to the field, with state of the art introductions to the wide range of topics in modern healthcare ethics, from consent to human rights, from utilitarianism to feminism, from the doctor-patient relationship to xenotransplantation. This volume is the Second Edition of the highly successful work edited by Professor Raanan Gillon, Emeritus Professor of Medical Ethics at Imperial College London and former editor of the Journal of Medical Ethics, the leading journal in this field. Developments from the First Edition include: The focus on ‘Four Principles Method’ is relaxed to cover more different methods in health care ethics. More material on new medical technologies is included, the coverage of issues on the doctor/patient relationship is expanded, and material on ethics and public health is brought together into a new section. |
| efficiency vs equity in economics: Equity Versus Efficiency Julian Le Grand, 1988 |
| efficiency vs equity in economics: Communities in Action National Academies of Sciences, Engineering, and Medicine, Health and Medicine Division, Board on Population Health and Public Health Practice, Committee on Community-Based Solutions to Promote Health Equity in the United States, 2017-04-27 In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome. |
| efficiency vs equity in economics: Introduction to Business Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, James C. Hyatt, 2024-09-16 Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License. |
| efficiency vs equity in economics: "Are Economists Basically Immoral?" Paul T. Heyne, 2008 Art Economists Basically Immoral? and Other Essays on Economics, Ethics, and Religion is a collection of Heyne's essays focused on an issue that preoccupied him throughout his life and which concerns many free-market skeptics - namely, how to reconcile the apparent selfishness of a free-market economy with ethical behavior. Written with the nonexpert in mind, and in a highly engaging style, these essays will interest students of economics, professional economists with an interest in ethical and theological topics, and Christians who seek to explore economic issues.--BOOK JACKET. |
| efficiency vs equity in economics: The Rate and Direction of Inventive Activity National Bureau of Economic Research, 2015-12-08 The papers here range from description and analysis of how our political economy allocates its inventive effort, to studies of the decision making process in specific industrial laboratories. Originally published in 1962. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905. |
| efficiency vs equity in economics: The Spirit Level Richard Wilkinson, Kate Pickett, 2011-05-03 It is common knowledge that, in rich societies, the poor have worse health and suffer more from almost every social problem. This book explains why inequality is the most serious problem societies face today. |
| efficiency vs equity in economics: The World Bank Research Observer , 2003 |
| efficiency vs equity in economics: Causes and Consequences of Income Inequality Ms.Era Dabla-Norris, Ms.Kalpana Kochhar, Mrs.Nujin Suphaphiphat, Mr.Frantisek Ricka, Ms.Evridiki Tsounta, 2015-06-15 This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive. |
Allocative Efficiency vs. 'X-Efficiency' - JSTOR
ALLOCATIVE EFFICIENCY VS. "X-EFFICIENCY" By HARVEY LEIBENSTEIN* At the core of economics is the concept of efficiency. Microeconomic theory is concerned with allocative …
EFFICIENCY VS. EQUITY OF STATE ELECTRICITY …
EFFICIENCY VS. EQUITY OF STATE ELECTRICITY DISTRIBUTION: EVIDENCE FROM AN INDONESIA VILLAGE Ni Made Sukartini*, Samsubar Saleh**, Artidiatun Adji*** and …
Contradictions and trade-offs between efficiency and equity
social values in order to achieve the efficiency/equity trade-off. Three types of these practical ways, with an implicit efficiency/equity trade-off incorporated, are identified and outlined: …
Externalities, Efficiency and Equity - EOLSS
UNESCO – EOLSS SAMPLE CHAPTERS ECONOMICS INTERACTIONS WITH OTHER DISCIPLINES – Vol. I - Externalities, Efficiency and Equity - Snorre Kverndokk, Adam Rose …
Efficiency vs. Equity Concerns in Regulatory Sandboxes
Efficiency vs. Equity Concerns in Regulatory Sandboxes . Claude Crampes Toulouse School of Economics, Université Toulouse Capitole Antonio Estache ECARES, Université libre de …
Equity, Efficiency, and Stability: The Importance of …
Feb 26, 2022 · policymaking are equity, efficiency, and simplicity. Those goals are inscribed in every textbook and invoked by scholars and policymakers. Economic stability is nowhere to be …
Mankiw's Ten Principles - GitHub Pages
Principle #1: People Face Tradeoffs Society faces an important tradeoff: Efficiency vs. Equality ! Efficiency: when society gets the most from its scarce resources “the size of the pie” Equality: …
Taxation and Economic Efficiency - Ross School of Business
Taxation and Economic Efficiency Alan J. Auerbach University of California, Berkeley and NBER James R. Hines Jr. University of Michigan and NBER February 2001 This paper has been …
ISSN 1936-5349 (print) HARVARD
Efficiency vs. Welfare in Benefit-Cost Analysis: The Case of Government Funding Zachary Liscow* and Cass R. Sunstein** Abstract In Republican and Democratic administrations, …
EFFICIENCY VS. EQUITY OF STATE ELECTRICITY …
*Department of Economics, Airlangga University, Email: ni-made-s@feb.unair.ac.id; nimade.sukartini@gmail.com ... Efficiency vs. Equity of State Electricity Distribution: Evidence …
Efficiency, equity and equality in health and health care
Efficiency provides a useful point of departure, partly, as has just been claimed, because the reasons why efficiency matters ethically are basically the same reasons for why equity also …
EFFICIENCY VS. EQUITY OF STATE ELECTRICITY …
*Department of Economics, Airlangga University, Email: ni-made-s@feb.unair.ac.id; nimade.sukartini@gmail.com ... Efficiency vs. Equity of State Electricity Distribution: Evidence …
Chapter 1: Ten Principles of Economics - coolo.org
Decision-making is at the heart of economics. Economists study how people make decisions, how people interact. 10 Principles of Economics A. HOW PEOPLE MAKE DECISIONS Principle 1: …
EQUITY-EFFICIENCY TRADE-OFF: TOWARDS A SEQUENCED …
growth (efficiency) and equalisation (equity) (Eckey 1978, pp. 67-91), the Euro-pean Commission aims to achieve both objectives of equity and efficiency with its cohesion policy and in many …
Health economics, equity, and efficiency: are we almost there?
Health economics, equity, and efficiency supply are much more prone to be influenced by specific interests over and above societal interests, and they usually favor abuse and waste and, …
EFFICIENCY VS. EQUITY: EVALUATING THE IMPACTS OF …
Compared with the planning scenario, both market scenarios can achieve efficiency gains, which are estimated to be about 14.3-21.0 billion yuan ( on the order of 5.7-8.4%) in the year of …
Equity, Efficiency, Social Justice, and Redistribution - JSTOR
connection between equity and efficiency, it is not a simple one where the willingness to tolerate inequality guarantees efficiency or is necessary to achieve efficiency. No one doubts that there …
UNIT 2 OVERALL EFFICIENCY AND WELFARE ECONOMICS
Efficiency in production and exchange does not always guarantee maximum social welfare because efficiency is independent of equity. To address this shortcoming of the concept of …
Reducing Inequality on the Cheap: When Legal Rule Design …
Efficiency vs. Distributional Equity in Legal Rulemaking: Should Distributional Equity Matter Given Optimal Income Taxation?, 71 AM. ... cited economics article estimating the efficiency costs of …
Eciency vs. equity concerns in regulatory sandboxes
Efficiency vs. equity concerns in regulatory sandboxes* Claude Crampes** (Toulouse School of Economics, Université Toulouse Capitole) Antonio Estache (ECARES, Université libre de …
Dynamic Prescriptive Economics: Decision Systems Design for …
targets) dilutes focus and hides the fundamental tensions (e.g., growth vs. nature). 2) Tensions – Traditional models treat trade-offs like equity vs. efficiency or ethics vs. profit as zero-sum, …
Lecture 3: Tax Incidence and Efficiency Costs of Taxation
TAX INCIDENCE dp dt = ε D ε S −ε D When do consumers bear the entire burden of the tax? (dp/dt = 0 and dq/dt = 1) 1) ε D = 0 [inelastic demand] (e.g: short-run demand for gasoline …
Economic Efficiency, Sustainability, and Biodiversity - JSTOR
Whether they apply the criteria of Pareto efficiency or benefit-cost analysis, in focusing only on efficiency, environmental economists like those just cited neglect more fundamental issues …
Learning Goals Principles of Macroeconomics - Department of …
macroeconomic courses is that they feature very little actual economics. The course should clearly highlight the tradeoffs involved in policymaking – e.g. short run stabilization vs. long run …
Efficiency and Equity Effects of Subsidies to Higher Education
t Department of Economics, University of Dresden, 01062 Dresden, Germany; e-mail: klaus@waelde.com ... efficiency and equity.2 As it turns out, asking whether one needs more …
Equality and Efficiency: A Global Perspective - The White …
May 2, 2016 · asking whether we would evaluate the efficiency-equity tradeoff any differently. And, more importantly, it is also worth re-asking the question of whether or not there is such a …
EFFICIENCY VS. EQUITY OF STATE ELECTRICITY …
*Department of Economics, Airlangga University, Email: ni-made-s@feb.unair.ac.id; nimade.sukartini@gmail.com ... Efficiency vs. Equity of State Electricity Distribution: Evidence …
Improving Health Care System Efficiency for Equity, Quality …
by the following domains: Effectiveness, Efficiency, Equity, Patient centeredness, Safety and Timeliness of care delivery [22-25]. Efficiency, Equity and Effectiveness are core values of …
CHAPTER 6 MARKET EFFICIENCY – DEFINITION, TESTS …
(a) In an efficient market, equity research and valuation would be a costly task that provided no benefits. The odds of finding an undervalued stock would always be 50:50, reflecting the …
ECONOMICS Paper 7: Theory of Public Finance Module 9: …
efficiency which can produce other important social benefits also like, lower unemployment, lesser crimes, reduction in social unrest, etc. • Provision of improved health care services reduces …
Equity vs. Equality: What’s the Difference? - marinhhs.org
Equality and Equity are not synonyms. The words equality and equity are often confused because, at a glance, they appear to mean the same thing. They both have to do with the way …
The Equity-Efficiency Trade-off in Environmental Policy
environmental economics. In this paper we use a simple choice experiment to elicit individual prefer ences over equity-efficiency trade-offs in the context of two environmental problems, …
Pareto Efficiency and Identity - National Bureau of …
Pareto Efficiency and Identity Christopher Phelan and Aldo Rustichini NBER Working Paper No. 20883 January 2015 JEL No. D6,E24,H21 ABSTRACT Inherent in the definition of Pareto …
EFFICIENCY VS. EQUITY OF STATE ELECTRICITY …
*Department of Economics, Airlangga University, Email: ni-made-s@feb.unair.ac.id; nimade.sukartini@gmail.com ... Efficiency vs. Equity of State Electricity Distribution: Evidence …
Efficiency vs. equity concerns in regulatory sandboxes
Efficiency vs. equity concerns in regulatory sandboxes* Claude Crampes** (Toulouse School of Economics, Université Toulouse Capitole) Antonio Estache (ECARES, Université libre de …
Joint Tax Credit Review Panel - Georgia House of …
Economics of Taxation • Efficiency vs. Equity – Cost of Taxation (Goods vs Services) – Progressive vs. Regressive – General Fairness – Distributive, Retributive, and Procedural • …
Equity and efficiency in healthcare: are they mutually exclusive?
need to make compromises to balance efficiency goals with the community’s ethical values. Policy makers may therefore need to incorporate equity measures in economic analyses and …
8 Efficiency and Equity: A Short-Run, Short-Sighted Trade …
economics textbooks make this point very clear, as a small sample of leading texts shows. Thus, according to Begg, Fischer and Dornbusch (1994), 'there is an inevitable trade-off between the …
Phase II CCN TEMPLATE - cccco.edu
Mar 18, 2025 · Efficiency vs. equity. P HASE II CCN T EMPLATE Developed by CCN Workgroup, based on CCN Task Force recommendations Draft date: 1-8-2025 ... Economics, New York: …
THE COLLEGE OF WILLIAM AND MARY
ECONOMICS 321 . ECONOMICS OF THE PUBLIC SECTOR . Spring 2025 Alfredo Marvão Pereira Office: Chancellors 356, Office phone: (804) 878 4798, Email: ampere@wm.edu ...
The Equity-Efficiency Conflict: Improving Pareto’s
The above equity versus efficiency dictum predicts a positive relationship between inequality and real GDP growth, emphasizing the importance of economic incentives.
SPOTTING ETHICS AND ECONOMICS - EconEdLink
SPOTTING ETHICS AND ECONOMICS Situation Is someone - a person, agency, or group: Economic Concept More Questions to Think About Ethics, Economics, and Social ... Efficiency …
Two Definitions of Efficiency in Law and Economics - JSTOR
efficiency invoke a different notion. In the second half of his 1960 paper, Coase gives extensive treatment to the role of positive transaction costs. In describing what the courts should do …
Welcome to the first session of PRBE001. This session will …
Economics is decision-making under scarcity and scarcity is having limited resources. Lets take an example, such as time. For example, coming to lecture involves the use ... Another …
1 Scarcity and Efficiency - Springer
means which have alternative uses.” In the Concise Encyclopedia of Economics,1 this definition of economics is still used to define the subject today. Although this definition is simplified …
Combining Equity and Efficiency in Health Care - Health …
1 Combining Equity and Efficiency in Health Care John Hooker Carnegie Mellon University Joint work with H. P. Williams, LSE Imperial College, November 2010
Efficiency vs. equity concerns in regulatory sandboxes
Efficiency vs. equity concerns in regulatory sandboxes* Claude Crampes** (Toulouse School of Economics, Université Toulouse Capitole) Antonio Estache (ECARES, Université libre de …
Equity, envy and efficiency under asymmetric information
Equity, envy and efficiency under asymmetric information ☆ Geoffroy de Clippel Chargé de Recherches FNRS, Department of Economics, Box B, Brown University, Provi-dence RI …
SVKM’s Narsee Monjee College of Commerce& Economics
Students will be able to comprehend the fundamental concepts and theories in public economics, including efficiency, market failure, public goods, externality, and taxation theory. ... fairness …
The Limits of the Equity-Efficiency Tradeoff - JSTOR
Assistant Director for Consumer Protection, Bureau of Economics, Federal Trade Commission, Washington, D.C. 20580 1. Introduction It is commonly argued that there is a tradeoff between …
