Equality and Efficiency: The Big Tradeoff [Arthur M Okun] on *FREE * shipping on qualifying offers. Book by Arthur M Okun. Equality and Efficiency has ratings and 9 reviews. Sagar said: Okun clarifies the issues surrounding the tradeoff between equality and efficiency, ra. Equality and Efficiency: The Big Tradeoff. By Arthur M. Okun. (Washington, D.C.: The Brookings Institution, Pp. $) – Volume 71 Issue 2 – Aaron.

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May 11, Brendan Cheney rated it liked it Shelves: Yet economic institutions, with efficiency as their guiding principle, create disparities among citizens in living standards and material welfare. The leaks represent both the cost of administering a system of redistribution and, more importantly, the dulling of the incentives that people face knowing a greater share of their income will be subject to taxation.

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.

Brookings did a service by reissuing it, including the excellent introduction by Larry Blg. Account Options Sign in.

The Big Tradeoff Arthur M. On what one might think of as questions of “economic philosophy,” I doubt that Okun has been improved on in the subsequent interval. Equality of Income and Opportunity.

In this realm, Equality and Efficiency: I have to say, the word “big” strikes me as just a little bit juvenile in a context like, say, the subtitle of a “serious” book. M rated it it was amazing Aug 19, Jerrodm rated it it was amazing Jun 18, With regards to efficiency, the concept he invokes of the “leaky bucket” is both useful and memorable as a tool for thinking about redistribution from the rich to the poor.

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Scott rated it it was amazing Jul 11, Selected pages Title Page. Mehmet Ali Bayar rated it it was amazing Jan 27, Contents Rights and Dollars.

It’s like if Huntington had subtitled “Clash of Civilizations” something like “how cultural differences lead to big wars. Its political and social institutions distribute rights and biy universally and proclaim the equality of all citizens. It’s not especially theoretical, but I’m sure policy types would enjoy it a little more.

Equality and Efficiency: The Big Tradeoff by Arthur M. Okun

David Robertus rated it it was amazing Feb 04, There are no discussion topics on this book yet. Lists with This Book.

Refresh and try again. Known for his wit as well as his compassion, Okun reacted to surging inflation in the s by developing an economic indicator he dubbed the Misery Indexwhich charted the well-being of Americans by combining the unemployment rate and inflation rate. To all readers, Okun presents an engaging dual theme: 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: The Big Tradeoff

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. I just re-read this after 25 years.

My library Help Advanced Book Search. I found his frank discussion wquality, especially with how objective he tried to be showing both the pros and cons of different decisions that each society must make, as well as his own preference of where he would have liked society to have come to.

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Equality and Efficiency: The Big Tradeoff – Arthur M. Okun – Google Books

Considering this, I think that this book is definitely worth revisiting especially considering the very pragmatic way that Okun approaches the subject. Okun explores the conflicts that arise when society’s desire to reduce inequality would impair economic efficiency, okyn policymakers with “the big tradeoff.

Preview — Equality and Efficiency by Arthur M. Was rather hoping for a more spirited okuh than this highly-academic elucidation of the issue. In his foreword, Lawrence H. The Case for the Market. Sonia rated it it was amazing Jul 19, Which transactions should be excluded from markets, such as basic freedoms the right to survivalvotes, etc. John rated it really liked it May 23, This mixture of equal rights and unequal economic status breeds tensions between the political principles of democracy and the economic principles of capitalism.

To his fellow economists, Okun presents messages, in the form of additional comments and select citations, in his footnotes.