Equality and Efficiency: The Big Tradeoff

Paperback (Print)
Buy New
Buy New from BN.com
$15.80
Buy Used
Buy Used from BN.com
$11.94
(Save 29%)
Item is in good condition but packaging may have signs of shelf wear/aging or torn packaging.
Condition: Used – Good details
Used and New from Other Sellers
Used and New from Other Sellers
from $1.99
Usually ships in 1-2 business days
(Save 88%)
Other sellers (Paperback)
  • All (35) from $1.99   
  • New (5) from $13.30   
  • Used (30) from $1.99   

Overview

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

Read More Show Less

Product Details

  • ISBN-13: 9780815764755
  • Publisher: Brookings Institution Press
  • Publication date: 6/1/1975
  • Edition description: New Edition
  • Pages: 124
  • Sales rank: 802,908
  • Product dimensions: 5.48 (w) x 8.52 (h) x 0.39 (d)

Meet 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.

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously
Sort by: Showing 1 Customer Reviews
  • Anonymous

    Posted October 9, 2006

    Classic readable treatment of the balance of values

    In the 1974 Godkin Lecture at Harvard University, prominent economist Arthur M. Okun addressed a pressing social conundrum: how human rights and the free market mutually inhibit each other. In this book, which revises and expands that presentation, the late economist ventured beyond his field¿s customary territory by examining the nonfinancial benefits of an egalitarian society and explaining how the U.S. could move further in this direction. With clarity and wit, he discussed such issues as the nature of rights and of free markets, private versus public ownership, and the difference between equality of opportunity and equality of income. In other hands, these subjects might seem dry and technical here they do not. The book is more than 30 years old. Therefore, unsurprisingly, some of its assumptions and predictions about public opinion and policy are dated (for example, the projection that U.S. politicians would be unlikely to question Social Security¿s success) and the statistics are positively quaint, such as a U.S. national mean income of $14,000. Nevertheless, we recommend this amazingly still fresh, lucid discussion to policy makers, students of the economy, journalists and socially concerned executives.

    Was this review helpful? Yes  No   Report this review
Sort by: Showing 1 Customer Reviews

If you find inappropriate content, please report it to Barnes & Noble
Why is this product inappropriate?
Comments (optional)