Market Efficiency Versus Equity

Market Efficiency Versus Equity

Author: B. Hessel

Publisher: Purdue University Press

Published: 1998

Total Pages: 216

ISBN-13:

DOWNLOAD EBOOK

During recent decades the welfare state has shown a growing interest in issues relating to market efficiency. Supply side economics, Reaganism and Thatcherism all pointed to the fact that welfare state arrangements had become a burden for society that prevented individuals to take action and frustrated markets to operate efficiently. Since then different fields of public policy have been confronted with trends like deregulation, privatisation and less government action. Education, transport, social security and pension schemes are just a few examples. The results of these operations have given rise to new questions concerning solidarity, equal treatment and all citizens getting their 'fair share' of welfare. This debate has become the more important as Europe is in a period of transition in which it has to decide on shaping its future by way of the European Union. Major contributions to the discussion with respect to the relation between market efficiency and equity come from lawyers and economists. That is why this volume of the series 'Balancing the welfare state' has brought together experts in both law and economics to discuss this relation from different angles and with respect to different actual problems in the late-twentieth century welfare state.


Employment with a Human Face

Employment with a Human Face

Author: John W. Budd

Publisher: Cornell University Press

Published: 2004

Total Pages: 294

ISBN-13: 9780801442087

DOWNLOAD EBOOK

John W. Budd contends that the turbulence of the current workplace and the importance of work for individuals and society make it vitally important that employment be given "a human face." Contradicting the traditional view of the employment relationship as a purely economic transaction, with business wanting efficiency and workers wanting income, Budd argues that equity and voice are equally important objectives. The traditional narrow focus on efficiency must be balanced with employees' entitlement to fair treatment (equity) and the opportunity to have meaningful input into decisions (voice), he says. Only through a greater respect for these human concerns can broadly shared prosperity, respect for human dignity, and equal appreciation for the competing human rights of property and labor be achieved.Budd proposes a fresh set of objectives for modern democracies--efficiency, equity, and voice--and supports this new triad with an intellectual framework for analyzing employment institutions and practices. In the process, he draws on scholarship from industrial relations, law, political science, moral philosophy, theology, psychology, sociology, and economics, and advances debates over free markets, globalization, human rights, and ethics. He applies his framework to important employment-related topics, such as workplace governance, the New Deal industrial relations system, comparative industrial relations, labor union strategies, and globalization. These analyses create a foundation for reforming employment practices, social norms, and public policies. In the book's final chapter, Budd advocates the creation of the field of human resources and industrial relations and explores the wider implications of this renewed conceptualization of industrial relations.


Equality and Efficiency REV

Equality and Efficiency REV

Author: Arthur M. Okun

Publisher: Brookings Institution Press

Published: 2015-04-30

Total Pages: 171

ISBN-13: 0815726546

DOWNLOAD EBOOK

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