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

"This work illustrates how health inequity is social failure and the only true cures are political"--

Socio-legal research on the legal experiences of the poor reflects an understanding of the close connection between economic inequality and law. The first two parts of this volume illustrate general analytical approaches to law and poverty. The remaining parts include essays which examine more specific issues such as race and gender, access to law, legal consciousness and social change. Research on the relationships between poverty, inequality and governance still leaves many questions unanswered but the work presented here reflects the important contribution that sociolegal research makes to the ongoing debate.

This book provides a comprehensive re-working of the basic principles of monetary macroeconomics in an alternative monetary model (AMM) of economic growth, the business cycle, inflation and income distribution. These principles differ considerably from those advanced in the standard macroeconomics literature and in textbooks. However, the latter have been demonstrably unsuccessful in the promotion of usable macroeconomic policy advice for the past several years, actually decades. A different approach is needed. In particular, the new approach takes seriously the vital role of credit creation and endogenous money in capitalism. It does not imagine that all of the difficult questions of economic policy-making may be resolved within a paradigm that conceptualizes economic activity as merely a question of barter exchange. The result is a blueprint for a set of growth-friendly macroeconomic policies which will promote full employment, financial stability and higher real wages – essentially for the benefit of the long-suffering middle and working classes rather for the chamber of commerce and financial interests.

This volume revisits educational equality and equity issues, especially, in education finance-related topics consisting of 15 chapters and organized in two parts. The first part of the volume entitled “Education Finance”, focuses on equity aspects of resource allocation and its influence on education. The second part, entitled “Educational Equality and Equity”, focuses on the conceptualization, and the measurements of educational inequity, and inequality with special emphasis on the cost of inequality. The field of education finance has been significantly influencing policy-makers in many countries in recent years. This volume is focused on equity and equality in education finance in an international frame. This book would be of interest to (1) scholars at the fields of education finance, economics of education, and educational policy, (2) graduate students at the course of school finance or economics of education, and (3) local and global policy makers at the fields of education policy, and education finance.

Global Economics looks beyond the mere interaction of national economies as is implied by the term 'international economics.' It examines the integration of national economies into the emerging global economy. In keeping with the subtitle A Holistic Approach, the book considers the roles of technology, political arrangements, the rule of law, natural resources, climate change, social institutions and values, in addition to the role of economics (narrowly defined). In fact, recourse to abstract economic analysis is restrained, and discussion is replete with concrete examples and case studies. Specific topics include trade theory, policy and agreements, foreign exchange, exchange rate determination and hedging, international capital and labor flows, financial crises and development. The book details the changes that took place with the Industrial Revolution and the subsequent spread of market economics and democratic government. It develops the classic theory of comparative advantage, and then applies and extends the theory to explain the complex trade patterns of today. It uses game theory to analyze trade policy, and the tragedy of the commons to address the resource curse. The book covers topics such as the relationship of defense to trade policy not typically considered by international economics, in addition to taking a fresh approach to the traditional topics.

Careful interpretation of Aristotle's political philosophy shows the necessity for politics and economics to be understood as working towards a goal unachievable by either agent on its own. This interpretation compel readers to contemplate how all human pursuits begin with desire and a choice about the good.

This unique study offers a comprehensive analysis of American jurisprudence from its emergence in the later stages of the nineteenth century through to the present day. The author argues that it is a mistake to view American jurisprudence as a collection of movements and schools which have emerged in opposition to each other. By offering a highly original analysis of legal formalism, legal realism, policy science, process jurisprudence, law and economics, and critical legal studies, he demonstrates that American jurisprudence has evolved as a collection of themes which reflect broader American intellectual and cultural concerns.

This book examines the economic policies that will underpin the evolution of growth in industrialised economies in coming decades. The change in focus of policymakers away from short-term regulation and policies towards problems of structural change is discussed in relation to the Taylor rule and Fisher relationship. Both empirical observations and quantitative analyses are utilised to explore diverse but interrelating topics, including interest rates dynamics, macroeconomic equilibrium, economic vulnerability, poverty and inequality, environmental sustainability, and monetary and fiscal policies. This book aims to propose policies that can produce economic growth without compromising social stability and environmental balances. It will be of interest to researchers and policymakers working within economic development and policy.