On Fairness And Efficiency

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Equality and Efficiency REV

Author : Arthur M. Okun
Publisher : Brookings Institution Press
ISBN 13 : 0815726546
Total Pages : 171 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Equality and Efficiency REV by : Arthur M. Okun

Download or read book Equality and Efficiency REV written by Arthur M. Okun and published by Brookings Institution Press. This book was released on 2015-04-30 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Fairness versus Welfare

Author : Louis Kaplow
Publisher : Harvard University Press
ISBN 13 : 0674039319
Total Pages : 569 pages
Book Rating : 4.6/5 (74 download)

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Book Synopsis Fairness versus Welfare by : Louis Kaplow

Download or read book Fairness versus Welfare written by Louis Kaplow and published by Harvard University Press. This book was released on 2009-07-01 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: By what criteria should public policy be evaluated? Fairness and justice? Or the welfare of individuals? Debate over this fundamental question has spanned the ages. Fairness versus Welfare poses a bold challenge to contemporary moral philosophy by showing that most moral principles conflict more sharply with welfare than is generally recognized. In particular, the authors demonstrate that all principles that are not based exclusively on welfare will sometimes favor policies under which literally everyone would be worse off. The book draws on the work of moral philosophers, economists, evolutionary and cognitive psychologists, and legal academics to scrutinize a number of particular subjects that have engaged legal scholars and moral philosophers. How can the deeply problematic nature of all nonwelfarist principles be reconciled with our moral instincts and intuitions that support them? The authors offer a fascinating explanation of the origins of our moral instincts and intuitions, developing ideas originally advanced by Hume and Sidgwick and more recently explored by psychologists and evolutionary theorists. Their analysis indicates that most moral principles that seem appealing, upon examination, have a functional explanation, one that does not justify their being accorded independent weight in the assessment of public policy. Fairness versus Welfare has profound implications for the theory and practice of policy analysis and has already generated considerable debate in academia.

Fairness in Practice

Author : Aaron James
Publisher : OUP USA
ISBN 13 : 0199846154
Total Pages : 381 pages
Book Rating : 4.1/5 (998 download)

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Book Synopsis Fairness in Practice by : Aaron James

Download or read book Fairness in Practice written by Aaron James and published by OUP USA. This book was released on 2012-04-13 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, the author argues that to achieve a fair global economy, there must be compensation of people harmed by their exposure to the global economy, but also equal division of the "gains of trade" across societies.

Fairness in Law and Economics

Author : Lee Anne Fennell
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781005293
Total Pages : 0 pages
Book Rating : 4.0/5 (52 download)

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Book Synopsis Fairness in Law and Economics by : Lee Anne Fennell

Download or read book Fairness in Law and Economics written by Lee Anne Fennell and published by Edward Elgar Publishing. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

A Theory of Fairness and Social Welfare

Author : Marc Fleurbaey
Publisher : Cambridge University Press
ISBN 13 : 1139498770
Total Pages : 315 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis A Theory of Fairness and Social Welfare by : Marc Fleurbaey

Download or read book A Theory of Fairness and Social Welfare written by Marc Fleurbaey and published by Cambridge University Press. This book was released on 2011-06-13 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Research On Efficiency And Fairness Of Resources Allocation By China's Governmental Administration

Author : Hong Sheng
Publisher : World Scientific
ISBN 13 : 9813278625
Total Pages : 438 pages
Book Rating : 4.8/5 (132 download)

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Book Synopsis Research On Efficiency And Fairness Of Resources Allocation By China's Governmental Administration by : Hong Sheng

Download or read book Research On Efficiency And Fairness Of Resources Allocation By China's Governmental Administration written by Hong Sheng and published by World Scientific. This book was released on 2019-06-13 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: In China, the government controls a large part of resources, such as land, energy, bank savings, and so on. This book studies the efficiency and fairness of resources allocation by governmental administration in China. The book states that it is neither fair nor efficient to allocate resources by the governmental administrations. These resources should be allocated by the market.The book analyzes the resources allocation by government administration in three key areas namely education, health care, and land. A quantitive analysis is developed for describing more precisely the situation of unfairness in fiscal resources allocation. This book also describes how ordinary people address the misposition of resources by governmental administrations by migrating from the provinces with less resources to the provinces with more resources in education or health care. Thus, the book concludes that the actual allocation of resources is determined by the interactions between ordinary people and the government.

Fair Division and Collective Welfare

Author : Herve Moulin
Publisher : MIT Press
ISBN 13 : 9780262633116
Total Pages : 302 pages
Book Rating : 4.6/5 (331 download)

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Book Synopsis Fair Division and Collective Welfare by : Herve Moulin

Download or read book Fair Division and Collective Welfare written by Herve Moulin and published by MIT Press. This book was released on 2004-08-20 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of fair division is as old as civil society itself. Aristotle's "equal treatment of equals" was the first step toward a formal definition of distributive fairness. The concept of collective welfare, more than two centuries old, is a pillar of modern economic analysis. Reflecting fifty years of research, this book examines the contribution of modern microeconomic thinking to distributive justice. Taking the modern axiomatic approach, it compares normative arguments of distributive justice and their relation to efficiency and collective welfare. The book begins with the epistemological status of the axiomatic approach and the four classic principles of distributive justice: compensation, reward, exogenous rights, and fitness. It then presents the simple ideas of equal gains, equal losses, and proportional gains and losses. The book discusses three cardinal interpretations of collective welfare: Bentham's "utilitarian" proposal to maximize the sum of individual utilities, the Nash product, and the egalitarian leximin ordering. It also discusses the two main ordinal definitions of collective welfare: the majority relation and the Borda scoring method. The Shapley value is the single most important contribution of game theory to distributive justice. A formula to divide jointly produced costs or benefits fairly, it is especially useful when the pattern of externalities renders useless the simple ideas of equality and proportionality. The book ends with two versatile methods for dividing commodities efficiently and fairly when only ordinal preferences matter: competitive equilibrium with equal incomes and egalitarian equivalence. The book contains a wealth of empirical examples and exercises.

Economy, Society and Public Policy

Author : The Core Team
Publisher : Oxford University Press, USA
ISBN 13 : 9780198849841
Total Pages : 0 pages
Book Rating : 4.8/5 (498 download)

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Book Synopsis Economy, Society and Public Policy by : The Core Team

Download or read book Economy, Society and Public Policy written by The Core Team and published by Oxford University Press, USA. This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economy, Society, and Public Policy is a new way to learn economics. It is designed specifically for students studying social sciences, public policy, business studies, engineering and other disciplines who want to understand how the economy works and how it can be made to work better. Topical policy problems are used to motivate learning of key concepts and methods of economics. It engages, challenges and empowers students, and will provide them with the tools to articulate reasoned views on pressing policy problems. This project is the result of a worldwide collaboration between researchers, educators, and students who are committed to bringing the socially relevant insights of economics to a broader audience.KEY FEATURESESPP does not teach microeconomics as a body of knowledge separate from macroeconomicsStudents begin their study of economics by understanding that the economy is situated within society and the biosphereStudents study problems of identifying causation, not just correlation, through the use of natural experiments, lab experiments, and other quantitative methodsSocial interactions, modelled using simple game theory, and incomplete information, modelled using a series of principal-agent problems, are introduced from the beginning. As a result, phenomena studied by the other social sciences such as social norms and the exercise of power play a roleThe insights of diverse schools of thought, from Marx and the classical economists to Hayek and Schumpeter, play an integral part in the bookThe way economists think about public policy is central to ESPP. This is introduced in Units 2 and 3, rather than later in the course.

Fairness and Effectiveness in Policing

Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309084334
Total Pages : 431 pages
Book Rating : 4.3/5 (9 download)

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Book Synopsis Fairness and Effectiveness in Policing by : National Research Council

Download or read book Fairness and Effectiveness in Policing written by National Research Council and published by National Academies Press. This book was released on 2004-04-06 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because police are the most visible face of government power for most citizens, they are expected to deal effectively with crime and disorder and to be impartial. Producing justice through the fair, and restrained use of their authority. The standards by which the public judges police success have become more exacting and challenging. Fairness and Effectiveness in Policing explores police work in the new century. It replaces myths with research findings and provides recommendations for updated policy and practices to guide it. The book provides answers to the most basic questions: What do police do? It reviews how police work is organized, explores the expanding responsibilities of police, examines the increasing diversity among police employees, and discusses the complex interactions between officers and citizens. It also addresses such topics as community policing, use of force, racial profiling, and evaluates the success of common police techniques, such as focusing on crime "hot spots." It goes on to look at the issue of legitimacyâ€"how the public gets information about police work, and how police are viewed by different groups, and how police can gain community trust. Fairness and Effectiveness in Policing will be important to anyone concerned about police work: policy makers, administrators, educators, police supervisors and officers, journalists, and interested citizens.

Free Market Fairness

Author : John Tomasi
Publisher : Princeton University Press
ISBN 13 : 0691158142
Total Pages : 380 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Free Market Fairness by : John Tomasi

Download or read book Free Market Fairness written by John Tomasi and published by Princeton University Press. This book was released on 2013-05-05 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: A provocative new vision of free market capitalism that achieves liberal ends by libertarian means Can libertarians care about social justice? In Free Market Fairness, John Tomasi argues that they can and should. Drawing simultaneously on moral insights from defenders of economic liberty such as F. A. Hayek and advocates of social justice such as John Rawls, Tomasi presents a new theory of liberal justice. This theory, free market fairness, is committed to both limited government and the material betterment of the poor. Unlike traditional libertarians, Tomasi argues that property rights are best defended not in terms of self-ownership or economic efficiency but as requirements of democratic legitimacy. At the same time, he encourages egalitarians concerned about social justice to listen more sympathetically to the claims ordinary citizens make about the importance of private economic liberty in their daily lives. In place of the familiar social democratic interpretations of social justice, Tomasi offers a "market democratic" conception of social justice: free market fairness. Tomasi argues that free market fairness, with its twin commitment to economic liberty and a fair distribution of goods and opportunities, is a morally superior account of liberal justice. Free market fairness is also a distinctively American ideal. It extends the notion, prominent in America's founding period, that protection of property and promotion of real opportunity are indivisible goals. Indeed, according to Tomasi, free market fairness is social justice, American style. Provocative and vigorously argued, Free Market Fairness offers a bold new way of thinking about politics, economics, and justice—one that will challenge readers on both the left and right.

The Economics of Fairness

Author : Alexander W. Cappelen
Publisher :
ISBN 13 : 9781848443259
Total Pages : 0 pages
Book Rating : 4.4/5 (432 download)

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Book Synopsis The Economics of Fairness by : Alexander W. Cappelen

Download or read book The Economics of Fairness written by Alexander W. Cappelen and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing literature in economics has studied how fairness considerations shape human behavior. This research collection comprises forty key theoretical and empirical contributions spanning the last four decades, along with influential related work in normative economics. These papers show that the fairness motive is essential for understanding human behavior in a wide range of settings, such as markets, bargaining, and redistributive situations. They document large heterogeneity in what people view as fair and the importance people attach to fairness, displaying how a concern for fairness develops in childhood and manifests itself in the brain. Together with an original introduction by the editors, this volume will be a valuable research tool for those interested in the fascinating field of the economics of fairness.

Efficiency and Equity in Welfare Economics

Author : PierCarlo Nicola
Publisher : Springer Science & Business Media
ISBN 13 : 3642300715
Total Pages : 163 pages
Book Rating : 4.6/5 (423 download)

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Book Synopsis Efficiency and Equity in Welfare Economics by : PierCarlo Nicola

Download or read book Efficiency and Equity in Welfare Economics written by PierCarlo Nicola and published by Springer Science & Business Media. This book was released on 2012-10-16 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Procedure and Evidence in International Arbitration

Author : Jeffrey Waincymer
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041140670
Total Pages : 1363 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Procedure and Evidence in International Arbitration by : Jeffrey Waincymer

Download or read book Procedure and Evidence in International Arbitration written by Jeffrey Waincymer and published by Kluwer Law International B.V.. This book was released on 2012-05-23 with total page 1363 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central to the book’s purpose is the procedural challenge facing arbitrators at each and every stage of the arbitral process when fairness arguments conflict with efficiency concerns and trade-offs must be determined. Some key themes include how can a tribunal be fair, and in particular be neutral, if parties are so diverse? How can arbitration be made efficient and cost-effective without undue inroads into fairness and accuracy? How does a tribunal do what is best if the parties are choosing a suboptimal process? When can or must an arbitrator ignore procedural choices made by the parties? The author thoroughly evaluates competing arguments and adds his own practical tips, expertly synthesizing and engaging with the conference literature and differing authors’ views. He identifies criteria that offer a harmonized approach to each stage of the arbitral process, with particular attention to such aspects of international arbitration as: appropriate trade-offs between flexibility and certainty; the rights, duties and powers of arbitrators; appointment and challenge of arbitrators; responses to ‘guerilla’ tactics; drafting of arbitration agreements, including specialty clauses; drafting of required commencement notices and response documents; set-off; fast track arbitration and other efficiency options; strategic use of preliminary conferences and timetabling; online arbitration; multi-party, multi-contract, class arbitration; amicus and third party funders; pre-arbitral referees and interim relief; witness evidence, both factual and expert; documentary evidence, production obligations, and challenges to production; identifying applicable law; and remedies and costs.

Enacting Intersubjectivity

Author : F. Morganti
Publisher : IOS Press
ISBN 13 : 1607503220
Total Pages : 280 pages
Book Rating : 4.6/5 (75 download)

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Book Synopsis Enacting Intersubjectivity by : F. Morganti

Download or read book Enacting Intersubjectivity written by F. Morganti and published by IOS Press. This book was released on 2008-04-23 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years a new trend in socio-cognitive research investigates into the mental capacities that allow humans to relate to each other and to engage in social interactions. One of the main streams is the study of intersubjectivity, namely the ‘mutual sharing of experiences’, conceived of as a basic dimension of consciousness on which socialness is grounded. At the very heart of contemporary studies is an intense debate around some central questions that concern the nature and forms of human intersubjectivity, its development and its role in situated joint activities. Striving to achieve a unified theoretical framework, these studies are characterized by a strong interdisciplinary approach founded on philosophical accounts, conceptual analysis, neuroscientific results and experimental data offered by developmental and comparative psychology. This book aims to give a general overview of this relevant and innovative area of research by bringing together seventeen contributions by eminent scholars who address the more relevant issues in the field.

What We Owe Each Other

Author : Minouche Shafik
Publisher : Princeton University Press
ISBN 13 : 069120764X
Total Pages : 256 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis What We Owe Each Other by : Minouche Shafik

Download or read book What We Owe Each Other written by Minouche Shafik and published by Princeton University Press. This book was released on 2022-08-23 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: From one of the leading policy experts of our time, an urgent rethinking of how we can better support each other to thrive Whether we realize it or not, all of us participate in the social contract every day through mutual obligations among our family, community, place of work, and fellow citizens. Caring for others, paying taxes, and benefiting from public services define the social contract that supports and binds us together as a society. Today, however, our social contract has been broken by changing gender roles, technology, new models of work, aging, and the perils of climate change. Minouche Shafik takes us through stages of life we all experience—raising children, getting educated, falling ill, working, growing old—and shows how a reordering of our societies is possible. Drawing on evidence and examples from around the world, she shows how every country can provide citizens with the basics to have a decent life and be able to contribute to society. But we owe each other more than this. A more generous and inclusive society would also share more risks collectively and ask everyone to contribute for as long as they can so that everyone can fulfill their potential. What We Owe Each Other identifies the key elements of a better social contract that recognizes our interdependencies, supports and invests more in each other, and expects more of individuals in return. Powerful, hopeful, and thought-provoking, What We Owe Each Other provides practical solutions to current challenges and demonstrates how we can build a better society—together.

Social Fairness and Economics

Author : Lance Taylor
Publisher : Routledge
ISBN 13 : 1136270876
Total Pages : 427 pages
Book Rating : 4.1/5 (362 download)

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Book Synopsis Social Fairness and Economics by : Lance Taylor

Download or read book Social Fairness and Economics written by Lance Taylor and published by Routledge. This book was released on 2013-02-11 with total page 427 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together papers inspired by the work of Duncan Foley, an extraordinarily productive economist who has made seminal contributions to a wide variety of areas. Foley’s work cannot be easily classified, but one thread that runs through it is a critical examination (along both ethical and analytical lines) of conventional neoclassical economic theory, particularly involving general equilibrium theories of value and money. Foley was a pioneer of complexity economics as well, which adopts approaches to these questions drawn from natural sciences, so the collection therefore has an interdisciplinary quality that will interest a wide variety of readers. Some of the chapters are intellectual biographies that contextualize and identify Foley’s contributions to Keynesian macroeconomics, Marxian value theory, and complexity theory in economics. The topics covered include the economics of complexity; the ethics of general equilibrium theory; the economics of climate change; applications of Keynesian, Marxian and Ricardian political economy; and money and financial crises. The collection should be useful to scholars who work in various economic traditions critical of the currently dominant free-market approach, but it also speaks to scholars of critical theory in various disciplines beyond economics such as the mathematicians, physicists, and other natural scientists who are interested in understanding the complexity of social processes using their analytical frameworks. This book should also appeal to graduate students in economics who are working in these traditions, as well as scholars (including current graduate students in orthodox programs) who are dissatisfied with the current state of economic theory and would like to satisfy their intellectual curiosity by sampling the contributions of critical theorists.

Ethics, Efficiency, and the Market

Author : Allen E. Buchanan
Publisher : OUP Oxford
ISBN 13 : 0198285337
Total Pages : 150 pages
Book Rating : 4.1/5 (982 download)

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Book Synopsis Ethics, Efficiency, and the Market by : Allen E. Buchanan

Download or read book Ethics, Efficiency, and the Market written by Allen E. Buchanan and published by OUP Oxford. This book was released on 1985 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a systematic evaluation of the main arguments for and against the market as an instrument of social organization, balancing efficiency and justice . It links the distinctive approaches of philosophy and economics to this evaluation.