Equality and Efficiency: The Big Tradeoff [Arthur M Okun] on *FREE * shipping on qualifying offers. Book by Arthur M Okun. Equality and Efficiency: The Big Tradeoff (A Brookings Classic) [Arthur M. Okun, Lawrence H. Summers] on *FREE* shipping on qualifying offers. Arthur Okun is known mainly for Okun’s Law, which describes a linear relation In Equality and Efficiency, the Big Tradeoff Okun introduced the metaphor of the.

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That experience brought home the fact that sustainable economic reform is possible only when its benefits are widely shared. The result is a statistical model of growth duration that relates the expected length of a growth episode or, equivalently, the risk that it will end in a given eqhality to several of these variables. The market needs to be kept in it’s place. Reading this will illustrate just how extreme the Republican party has moved since the book’s original publication in the mid’s.

However, it probably led to some increased inequality among farmers, and efforts to resist this component of inequality would likely have been counterproductive Chaudhuri and Ravallion, Learn more about Amazon Giveaway. Showing of 21 reviews. Inequality matters equaluty growth and other macroeconomic outcomes, in all corners of the globe.

The measure of inequality is the Gini coefficient, which varies from zero all households having the same income to all income received by one household. This would show the world that we can create incredible amounts of wealth and use the excess to lift up efficieency financially down trodden. One need look no further than the role inequality is thought to have played in creating the disaffection that underlies much of the efficinecy unrest in the Middle East.


In classrooms Arthur M. See all 21 reviews. A classic on the subject.

In a word, no. I love this short book and re-read it every 5 years or so.

East Dane Designer Men’s Fashion. Please try again later. Is this feature helpful? On what one might think of as questions of “economic philosophy,” I doubt that Okun has been improved on in the subsequent interval. Free Email Notification Receive emails when we post new items of interest to you. IN his influential book Equality and Efficiency: But our analysis should tilt the balance toward the long-run benefits—including for growth—of reducing inequality.

His magnum opus in this arena was: They study the effects of age, weight, gender, and smoking habits on life expectancy; we look at whether factors such as political institutions, health and education, macroeconomic instability, debt, and trade openness might influence the likelihood that a growth spell will end. How do economies grow? Shopbop Designer Fashion Brands.

However, even accepting this as more of an informal work than an academic work, there dfficiency some serious shortcomings in the arguments.

History has not been kind to some of his proposals in that regard.

Finance & Development, September – Equality and Efficiency

China, India and the Global Economyed. Okun has two central themes: One example off the top of my head: Where growth laggards differ from their more successful peers is in the degree to which they have been snd to sustain growth for long periods of time.

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equaltiy Countries may find that improving equality may also improve efficiency, understood as more sustainable long-run growth.


Okun was a master of analogies. We have examined six historical cases, including Colombia, Guatemala, and Nigeria. Discover Prime Book Box for Kids. Chart 3 shows the length of growth spells and the average income distribution during the spell for a sample of countries.

Berg, Andrew, and Jonathan D.

Over longer horizons, reduced inequality and sustained growth may be two sides of the same coin. Today, Okun’s dual theme feels incredibly prescient as we grapple with efficciency hot-button topic of income inequality.

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In “Equality and Efficiency: With a new foreword by Lawrence H. 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 arhtur readers with a keen interest in social policy.

Against this background, the question is whether a eequality look at the data supports the notion that societies with more equal income distributions have more durable growth. Would you like to tell us about a lower price? And, taking a historical perspective, the increase in U. In his foreword, Lawrence H.