Equality and Efficiency: The Big Tradeoff (A Brookings Classic)

3.85 avg rating
( 113 ratings by Goodreads )
 
9780815726531: Equality and Efficiency: The Big Tradeoff (A Brookings Classic)
View all copies of this ISBN edition:
 
 


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


"synopsis" may belong to another edition of this title.

About the Author:



Arthur Melvin Okun is widely considered among the most important macroeconomists of the twentieth century. Born in 1928, in Jersey City, New Jersey, he received his A.B. and his Ph.D. from Columbia University and went on to teach economics at Yale University. In the 1960s he served as a senior economist, member, and, finally, as chairman of the Council of Economic Advisers in the Kennedy and Johnson administrations.


When Okun left the CEA, he joined the Brookings Institution. In 1970, he cofounded, with George Perry, the Brookings Papers on Economic Activity (BPEA), which is still among the world's most prestigious economic journals and currently boasts sixteen Nobel Prize winners among its authors.


Known for his wit as well as his compassion, Okun reacted to surging inflation in the 1970s by developing an economic indicator he dubbed the Misery Index, which charted the well-being of Americans by combining the unemployment rate and inflation rate. In the years since, Okun's idea of indexing misery has been both repurposed and refined to track happiness and well-being across all sorts of indicators.


When Okun died unexpectedly at the age of just 51 in March 1980, he 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.


Okun is today remembered as an effective mediator between the realms of economic theory and analysis and the development and implementation of public policy. In this realm, Equality and Efficiency: The Big Tradeoff, with its difficult questions about the uneasy relationship between capitalism and democracy, is most certainly Okun's masterwork.


"About this title" may belong to another edition of this title.

Buy New View Book
List Price: US$ 18.99
US$ 18.19

Convert Currency

Shipping: FREE
From United Kingdom to U.S.A.

Destination, Rates & Speeds

Add to Basket

Top Search Results from the AbeBooks Marketplace

1.

Arthur M. Okun
Published by BROOKINGS INSTITUTION, United States (2015)
ISBN 10: 0815726538 ISBN 13: 9780815726531
New Paperback Quantity Available: 1
Seller:
Book Depository International
(London, United Kingdom)
Rating
[?]

Book Description BROOKINGS INSTITUTION, United States, 2015. Paperback. Condition: New. Revised ed.. Language: English . Brand New Book. Contemporary American society has the look of a split-level structure. Its political and social institutions distribute rights and privileges universally and proclaim the equality of all citizens. Yet economic institutions, with efficiency as their guiding principle, create disparities among citizens in living standards and material welfare. This mixture of equal rights and unequal economic status breeds tensions between the political principles of democracy and the economic principles of capitalism. Whenever the wealthy try for extra helpings of supposedly equal rights, and whenever the workings of the market deny anyone a minimum standard of living, dollars transgress on rights -in the author s phrase.In this revised and expanded version of the Godkin Lectures presented at the John F. Kennedy School at Harvard University in April 1974, 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. Other economic systems have attempted to solve this problem; but the best of socialist experiments have achieved a greater degree of equality than our mixed capitalist democracy only at heavy costs in efficiency, and dictatorial governments have reached heights of efficiency only by rigidly repressing their citizenry.In contrast, our basic system emerges as a viable, if uneasy, compromise in which the market has its place and democratic institutions keep it in check. But within the existing system there are ways to gain more of one good thing at a lower cost in terms of the other. In Okun s view, society s concern for human dignity can be directed at reducing the economic deprivation that stains the record of American democracy-through progressive taxation, transfer payments, job programs, broadening equality of opportunity, eliminating racial and sexual discrimination, and lowering barriers to access to capital. Seller Inventory # AAS9780815726531

More Information About This Seller | Contact this Seller

Buy New
US$ 18.19
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

2.

Arthur M. Okun
ISBN 10: 0815726538 ISBN 13: 9780815726531
New Quantity Available: > 20
Seller:
BWB
(Valley Stream, NY, U.S.A.)
Rating
[?]

Book Description Condition: New. Depending on your location, this item may ship from the US or UK. Seller Inventory # 97808157265310000000

More Information About This Seller | Contact this Seller

Buy New
US$ 18.21
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

3.

Arthur M. Okun
Published by BROOKINGS INSTITUTION, United States (2015)
ISBN 10: 0815726538 ISBN 13: 9780815726531
New Paperback Quantity Available: 10
Seller:
Book Depository hard to find
(London, United Kingdom)
Rating
[?]

Book Description BROOKINGS INSTITUTION, United States, 2015. Paperback. Condition: New. Revised ed.. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. Contemporary American society has the look of a split-level structure. Its political and social institutions distribute rights and privileges universally and proclaim the equality of all citizens. Yet economic institutions, with efficiency as their guiding principle, create disparities among citizens in living standards and material welfare. This mixture of equal rights and unequal economic status breeds tensions between the political principles of democracy and the economic principles of capitalism. Whenever the wealthy try for extra helpings of supposedly equal rights, and whenever the workings of the market deny anyone a minimum standard of living, dollars transgress on rights -in the author s phrase.In this revised and expanded version of the Godkin Lectures presented at the John F. Kennedy School at Harvard University in April 1974, 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. Other economic systems have attempted to solve this problem; but the best of socialist experiments have achieved a greater degree of equality than our mixed capitalist democracy only at heavy costs in efficiency, and dictatorial governments have reached heights of efficiency only by rigidly repressing their citizenry.In contrast, our basic system emerges as a viable, if uneasy, compromise in which the market has its place and democratic institutions keep it in check. But within the existing system there are ways to gain more of one good thing at a lower cost in terms of the other. In Okun s view, society s concern for human dignity can be directed at reducing the economic deprivation that stains the record of American democracy-through progressive taxation, transfer payments, job programs, broadening equality of opportunity, eliminating racial and sexual discrimination, and lowering barriers to access to capital. Seller Inventory # BTE9780815726531

More Information About This Seller | Contact this Seller

Buy New
US$ 18.94
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

4.

Arthur M. Okun
Published by BROOKINGS INSTITUTION, United States (2015)
ISBN 10: 0815726538 ISBN 13: 9780815726531
New Paperback Quantity Available: 1
Seller:
The Book Depository
(London, United Kingdom)
Rating
[?]

Book Description BROOKINGS INSTITUTION, United States, 2015. Paperback. Condition: New. Revised ed.. Language: English . Brand New Book. Contemporary American society has the look of a split-level structure. Its political and social institutions distribute rights and privileges universally and proclaim the equality of all citizens. Yet economic institutions, with efficiency as their guiding principle, create disparities among citizens in living standards and material welfare. This mixture of equal rights and unequal economic status breeds tensions between the political principles of democracy and the economic principles of capitalism. Whenever the wealthy try for extra helpings of supposedly equal rights, and whenever the workings of the market deny anyone a minimum standard of living, dollars transgress on rights -in the author s phrase.In this revised and expanded version of the Godkin Lectures presented at the John F. Kennedy School at Harvard University in April 1974, 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. Other economic systems have attempted to solve this problem; but the best of socialist experiments have achieved a greater degree of equality than our mixed capitalist democracy only at heavy costs in efficiency, and dictatorial governments have reached heights of efficiency only by rigidly repressing their citizenry.In contrast, our basic system emerges as a viable, if uneasy, compromise in which the market has its place and democratic institutions keep it in check. But within the existing system there are ways to gain more of one good thing at a lower cost in terms of the other. In Okun s view, society s concern for human dignity can be directed at reducing the economic deprivation that stains the record of American democracy-through progressive taxation, transfer payments, job programs, broadening equality of opportunity, eliminating racial and sexual discrimination, and lowering barriers to access to capital. Seller Inventory # AAS9780815726531

More Information About This Seller | Contact this Seller

Buy New
US$ 18.94
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

5.

Arthur M. Okun
Published by Perseus (for Brookings) (2015)
ISBN 10: 0815726538 ISBN 13: 9780815726531
New Softcover Quantity Available: 1
Seller:
Rating
[?]

Book Description Perseus (for Brookings), 2015. Condition: New. Seller Inventory # TH9780815726531

More Information About This Seller | Contact this Seller

Buy New
US$ 18.64
Convert Currency

Add to Basket

Shipping: US$ 3.65
From Germany to U.S.A.
Destination, Rates & Speeds

6.

Okun, Arthur M.
Published by Brookings Institution Press 4/30/2015 (2015)
ISBN 10: 0815726538 ISBN 13: 9780815726531
New Paperback or Softback Quantity Available: 10
Seller:
BargainBookStores
(Grand Rapids, MI, U.S.A.)
Rating
[?]

Book Description Brookings Institution Press 4/30/2015, 2015. Paperback or Softback. Condition: New. Equality and Efficiency: The Big Tradeoff. Book. Seller Inventory # BBS-9780815726531

More Information About This Seller | Contact this Seller

Buy New
US$ 23.16
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

7.

Okun, Arthur M.
Published by Brookings Institution Press
ISBN 10: 0815726538 ISBN 13: 9780815726531
New Softcover Quantity Available: 1
Seller:
Ohmsoft LLC
(Lake Forest, IL, U.S.A.)
Rating
[?]

Book Description Brookings Institution Press. Condition: New. Paperback. Worldwide shipping. FREE fast shipping inside USA (express 2-3 day delivery also available). Tracking service included. Ships from United States of America. Seller Inventory # 0815726538

More Information About This Seller | Contact this Seller

Buy New
US$ 23.82
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

8.

Okun, Arthur M.
Published by Brookings Institution Press (2018)
ISBN 10: 0815726538 ISBN 13: 9780815726531
New Paperback Quantity Available: > 20
Print on Demand
Seller:
Murray Media
(North Miami Beach, FL, U.S.A.)
Rating
[?]

Book Description Brookings Institution Press, 2018. Paperback. Condition: New. Never used! This item is printed on demand. Seller Inventory # 0815726538

More Information About This Seller | Contact this Seller

Buy New
US$ 22.17
Convert Currency

Add to Basket

Shipping: US$ 1.99
Within U.S.A.
Destination, Rates & Speeds

9.

Okun, Arthur M.
Published by Brookings Institution Press (2018)
ISBN 10: 0815726538 ISBN 13: 9780815726531
New Paperback Quantity Available: 10
Print on Demand
Seller:
Save With Sam
(North Miami, FL, U.S.A.)
Rating
[?]

Book Description Brookings Institution Press, 2018. Paperback. Condition: New. Brand New! This item is printed on demand. Seller Inventory # 0815726538

More Information About This Seller | Contact this Seller

Buy New
US$ 21.85
Convert Currency

Add to Basket

Shipping: US$ 3.00
Within U.S.A.
Destination, Rates & Speeds

10.

Arthur M. Okun
Published by Brookings Institution Press
ISBN 10: 0815726538 ISBN 13: 9780815726531
New Paperback Quantity Available: > 20
Seller:
BuySomeBooks
(Las Vegas, NV, U.S.A.)
Rating
[?]

Book Description Brookings Institution Press. Paperback. Condition: New. 124 pages. First published in 1975, Equality and Efficiency: The Big Tradeoff, by famed economist Arthur Okun, has been continuously in print for nearly four decades. The book owes it enduring appeal to Okuns skill in discussing the tensions between the political principles of democracy and the economic principles of capitalism. At its heart is the question: To what extent should government (and society) pursue economic equalityIn this re-issue in the Brookings Classics series, Larry Summers provides an introduction that reflects on Okuns work, and suggests framing for modern readers. Given contemporary conversations about the top one percent and the shrinking middle class, Equality and Efficiency, is only growing in its importance as a clear introduction to one of the central political and economic issues of the last century, and in all likelihood-the century to come. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Paperback. Seller Inventory # 9780815726531

More Information About This Seller | Contact this Seller

Buy New
US$ 26.96
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

There are more copies of this book

View all search results for this book