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This book defends equality against the objection that, due to its failure to provide incentives, it must conflict with either freedom or efficiency, or both. It explains the problem of incentives, the relationship between freedom, efficiency, and equality, and the difficulties of describing an ideal egalitarian economy, before concluding with its own radical solution, a scheme of social duty in a market system. Freedom, Efficiency and Equality combines techniques from across several disciplines in an accessible fashion in its discussion of a central topic in political theory and normative economies.
This book defends equality against the objection that, due to its failure to provide incentives, it must conflict with either freedom or efficiency, or both. It explains the problem of incentives, the relationship between freedom, efficiency, and equality, and the difficulties of describing an ideal egalitarian economy, before concluding with its own radical solution, a scheme of social duty in a market system. Freedom, Efficiency and Equality combines techniques from across several disciplines in an accessible fashion in its discussion of a central topic in political theory and normative economies.
Capitalism offers greater prosperity and opportunity for everyone, while socialism, unnecessary interventionism, and other choices inevitably fail. But capitalism is quickly falling out of favor with the middle class in the Western world. Fortunately, it can be fixed. The next decades will present numerous challenges: exponentially accelerating technology and use of robots, an aging population, repressive taxation, and the sustainability of education and health care costs—to name just a few. Freedom or Equality addresses those challenges while presenting a fresh examination of Social Capitalism—a moderate option between extreme solutions of all sorts that can deliver superior growth and prosperity worldwide.
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
The noted economist and philosopher Amartya Sen argues that the dictum “all people are created equal” serves largely to deflect attention from the fact that we differ in age, gender, talents, and physical abilities as well as in material advantages and social background. He argues for concentrating on higher and more basic values: individual capabilities and freedom to achieve objectives. By concentrating on the equity and efficiency of social arrangements in promoting freedoms and capabilities of individuals, Sen adds an important new angle to arguments about such vital issues as gender inequalities, welfare policies, affirmative action, and public provision of health care and education.
Economic Freedom and Interventionism is both a primer of the fundamental thought of Ludwig von Mises and an anthology of the writings of perhaps the best-known exponent of what is now known as the Austrian School of economics. This volume contains forty-seven articles edited by Mises scholar Bettina Bien Greaves. Among them are Mises's expositions of the role of government, his discussion of inequality of wealth, inflation, socialism, welfare, and economic education, as well as his exploration of the "deeper" significance of economics as it affects seemingly noneconomic relations between human beings. These papers are valuable reading for students of economic freedom and the science of human action. Ludwig von Mises (1881-1973) was the leading spokesman of the Austrian School of economics throughout most of the twentieth century. Bettina Bien Greaves is a former resident scholar and trustee of the Foundation for Economic Education and was a senior staff member at FEE from 1951 to 1999.
By the winner of the 1988 Nobel Prize in Economics, an essential and paradigm-altering framework for understanding economic development--for both rich and poor--in the twenty-first century. Freedom, Sen argues, is both the end and most efficient means of sustaining economic life and the key to securing the general welfare of the world's entire population. Releasing the idea of individual freedom from association with any particular historical, intellectual, political, or religious tradition, Sen clearly demonstrates its current applicability and possibilities. In the new global economy, where, despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers--perhaps even the majority of people--he concludes, it is still possible to practically and optimistically restain a sense of social accountability. Development as Freedom is essential reading.
INTERNATIONAL BESTSELLER A powerful and persuasive discussion about economics, freedom, and the relationship between the two, from today's brightest economist. In this classic discussion, Milton and Rose Friedman explain how our freedom has been eroded and our affluence undermined through the explosion of laws, regulations, agencies, and spending in Washington. This important analysis reveals what has gone wrong in America in the past and what is necessary for our economic health to flourish.
"A superb book about a topic that should be front and center in the American political debate" (National Review), from the acclaimed Harvard scholar and historian of the Russian Revolution An exploration of a wide range of national and political systems to demonstrate persuasively that private ownership has served over the centuries to limit the power of the state and enable democratic institutions to evolve and thrive in the Western world. Beginning with Greece and Rome, where the concept of private property as we understand it first developed, Richard Pipes then shows us how, in the late medieval period, the idea matured with the expansion of commerce and the rise of cities. He contrasts England, a country where property rights and parliamentary government advanced hand-in-hand, with Russia, where restrictions on ownership have for centuries consistently abetted authoritarian regimes; finally he provides reflections on current and future trends in the United States. Property and Freedom is a brilliant contribution to political thought and an essential work on a subject of vital importance.
Originally published in 1960, The Constitution of Liberty delineates and defends the principles of a free society and traces the origin, rise, and decline of the rule of law. Casting a skeptical eye on the growth of the welfare state, Hayek examines the challenges to freedom posed by an ever expanding government as well as its corrosive effect on the creation, preservation, and utilization of knowledge. In distinction to those who confidently call for the state to play a greater role in society, Hayek puts forward a nuanced argument for prudence. Guided by this quality, he elegantly demonstrates that a free market system in a democratic polity—under the rule of law and with strong constitutional protections of individual rights—represents the best chance for the continuing existence of liberty. Striking a balance between skepticism and hope, Hayek’s profound insights remain strikingly vital half a century on. This definitive edition of The Constitution of Liberty will give a new generation the opportunity to learn from Hayek’s enduring wisdom.