Political Economy of Fairness

Book Description

How should the government balance the aims of justice and economic efficiency when intervening in the economy? In Political Economy of Fairness Edward Zajac seeks not only to raise the level of the fairness-economic efficiency debate, but to show both the importance and the difficulty (illustrated by the ongoing struggle of the Supreme Court to put meaning into the Sherman and Clayton antitrust acts) of getting the economic theory right in executing fairness-motivated policy. He also reveals both the pervasiveness of government interference in the marketplace and the generality of the stakeholders-fairness-efficiency paradigm as an organizing framework for identifying and analyzing the interaction of the major elements in the policy debates.

Political Economy of Fairness covers the main advances of fairness theory, providing a vocabulary of concepts and terms that will allow more efficient and informed communication about policy. It explains these sometimes quite difficult concepts in clear language with maximum appeal to intuition and little mathematics and reviews the experimental work of economists as well as the more standard approaches of moral philosophers.

Part I looks at how economists understand and commonly define the concepts of efficiency, costs, prices, exit/entry, externalities, public goods, firms, risks and incentives, and principal-agent theory. Part II reviews fairness theory, including the basic elements of the theories of John Rawls, Robert Nozick, utilitarianism, and superfairness, and the extensive work of experimental economists to develop positive theories of fairness. Part III covers economic theories of regulation and government intervention, introducing the different concepts of taxation, "cures" for market failures, theories of public choice, and rent seeking. Zajac concludes this part by observing that incentive-compatible regulation appears to economists as the most promising approach to government intervention.

The book closes with several case studies that illustrate recurrent themes in regulation and policy. The case studies include progressive taxation, unfair pricing (cross-subsidization and predatory pricing and dumping), mergers and acquisitions, and health, safety, and environmental regulation.

Capitalism and Justice: Envisioning Social and Economic Fairness

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An excellent piece of work.
Banal

Capitalism and Justice: Envisioning Social and Economic Fairness
John Isbister
Manufacturer: Kumarian Press
ProductGroup: Book
Binding: Paperback

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ASIN: 156549122X

Book Description

The capitalist economic system now dominates the world. How fully can it take justice into account? John Isbister takes a practical approach to the most important questions of economic and social justice such as: how big a spread of incomes from rich to poor is consistent with social justice? Should inheritances be abolished? What sort of commitment should a rich country like the USA make to foreign aid?

Isbister challenges us to think creatively about the meaning of justice and how it works towards social and economic fairness within the boundaries of capitalism. Students of political economy, ethics, public policy and current affairs as well as motivated citizens who believe there is a need to create a fairer world, will find this book a radical and compelling call to action.

Customer Reviews:

An excellent piece of work........2006-04-18

John Isbister hits the nail head-on in his text "Capitalism and Justice: Envisioning Social and Economic Fairness," with the example he gives immediately at the start of chapter one:

"The little red hen finds some grains of wheat in the farmyard. She asks the other animals-the cat, the rat, and the pig-who would like to help her plant the grains, the reap the harvest, then carry the wheat to the mill for grinding into flour, and then bake the flour into bread. `Not I,' says each of the animals, each time it is asked. Finally, when the bread is baked, the little red hen asks who would like to help her eat it, and the cat, the rat, and the pig all volunteer. The little red hen declines their help and eats the bread herself."

Banal.......2002-03-17

I would like to say that this book is as bad as it gets, but I've learned that such optimism is rarely justified. I can say no more, then, than that Capitalism and Justice is the most flagrant example of economic casuistry that I've run across to date.

The general, and supportable, thesis is that moral considerations require a certain amount of intervention in the economy and our personal lives in order to correct the amoral influence of free markets. Nothing that you won't find in cocktail party conversations anywhere within fifty miles of an ocean. This book does not do a very good job of the demonstration.

A synopsis of Isbister's discussion of equality should do to show exactly how vapid his arguments are. After examining some justifications for equality as a moral postulate (including Rawls), he denies that any are viable. Since he wants to base his analysis of justice (particularly income inequality) on equality, freedom, and efficiency, obviously he needs to give us a reason why we should. Citing the Declaration of Independence, he decides that he can simply assume equality is good, and go on from there.

Now, he has to decide which sort of equality to use, and so sets up a false dichotomy: should it be equality of opportunity or equality of outcome? The most obvious third choice (equality under the law) is discussed later in a different context (freedom), but what he does with these two is hilarious. He looks at what he wants to call fair, and stipulates that someone who works harder should receive more; therefore he eschews the later equality and prefers the former, which are obviously contradictory in this context. However, he notes, that if outcomes are different for one generation, then opportunities are different for the next; therefore the one implies the other. Rather than note that this is a real problem to which a real solution is needed (such as only using equality of outcomes), he just calls this an "indeterminacy" and decides to apply both principles to income distributions.

How does he do this? He decides that having a 1:1, or equal, distribution of incomes is neither possible nor good, so there must be a larger one. What is it? 8:1; specifically, $20,000 to $160,000. Why? "This is the roughest and most intuitive of conclusions." He guessed. The distribution should also be Gaussian, he says, even though he admits that supervisors should usually be paid more than their subordinates, which would normally imply something closer to a gamma distribution.
About seventy percent of us already fall into the category given (including children under eighteen, college students and retired people and not including all redistributive programs). Why we should put any effort into modifying the income distribution is not given.

His account of freedom is similarly insipid (using the kind of analysis of liberty that the Soviets used as a rationalization), and his criticisms of Nozick are inept. He tells us that it is not just for us to willingly give a quarter to Wilt Chamberlain to see him play, or at least for him to keep the money, because part of the reason he was so good is that he's so much taller than we.

Isbister also looks at the nature of capitalism, globalization, and the environment with just as much insight.

I wonder whom this book was meant for. It is certainly not a scholarly tome, nor is it introductory. Nowhere does it look like a book meant for history. It's really just the sort of thing that Isbister probably talks about once the vodka martinis start flowing out of the mouths of fountains camouflaged as busts of Marx at the college library; it's a book meant to show his friends how dedicated he is to the cause.

Book Description

The main features of the just society, as they would be chosen by the unanimous, impartial, and fully informed judgment of its members, present a remarkable and simple meaningful structure. In this society, individuals' freedom is full respected, and redistribution amounts to an equal sharing of individuals' different earnings obtained by the same limited "equalization labour." This also amounts to general balanced reciprocity, where each individual yields to each other the proceeds of the same labour. The concept of equalization labour is a measure of the degree of community, solidarity, reciprocity, redistribution, and equalization of the under consideration. It is determined by a number of methods presented in this study, which also emphasizes the rationality, meanings, properties, and ways of practical implementation of this optimum distribution. This result is compared with various distributive principles found in practice and in political, philosophical, and economic thinking, with the conclusion that most can have their proper specific scope of application. The analytical presentation of the social ethics of economics is particularly enlightening. Serge-Christophe Kolm is the author of more than thirty books and several hundred professional articles concerning, notably, normative economics, public economics, macroeconomics, social change, and political psychological philosophy. He is Professor and Director at the Ecole des Hautes Etudes en Sciences Sociales, Paris.

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On fairness and efficiency
George Miller
Manufacturer: Policy Pr
ProductGroup: Book
Binding: Hardcover

Economic History | Economics | Business & Investing | Subjects | Books

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Book Description

Britain's Welfare State has failed to move the health and life expectancy of the poorest any closer to the standard set by those who have most. As material circumstances are powerful determinants of sickness and death rates, society is obligated to search its political economy for unfairness and inefficiencies in its generation and distribution of wealth.

The mistreatment of economic rent (called Rent in this volume) lies at the heart of the matter. The proper source of revenue for society's welfare, its age-old privatisation remains enshrined in law, creating unjust distortions in the distribution of the national income, overprivilege and underprivilege, and unnatural contrasts in health and life span.

This book represents a major new analysis of the political economy in Britain over the past 1,000 years. The author demonstrates an impressive and thorough knowledge of law, economics, politics, medicine, and social history. The assessment of the privatisation of the public income and its consequences represents an astonishing 'tour-de-force'.

On fairness and efficiency

* engages in a wide-ranging sweep of history from pre-Norman times to the present;
* gives a lucid explanation of the complex economic and political history of Britain that has given rise to the present state of Welfare Capitalism;
* has great contemporary relevance.

The fundamental link between the distributions of health and wealth in society is of concern for the medical profession, public health professionals, welfare economists, political scientists/politicians, moralists and philosophers. On fairness and efficiency is essential reading.

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Corruption, inequality, and fairness [An article from: Journal of Monetary Economics]
A. Alesina , and G.M. Angeletos
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

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ASIN: B000RR7PGS

Book Description

This digital document is a journal article from Journal of Monetary Economics, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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Bigger governments raise the possibilities for corruption; more corruption may in turn raise the support for redistributive policies that intend to correct the inequality and injustice generated by corruption. We formalize these insights in a simple dynamic model. A positive feedback from past to current levels of taxation and corruption arises either when wealth originating in corruption and rent seeking is considered unfair, or when the ability to engage in corruption is unevenly distributed in the population. This feedback introduces persistence in the size of the government and the levels of corruption and inequality. Multiple steady states exist in some cases.

Democracy and the market economy: transparency, accountability and participation are key to fairness.: An article from: UN Chronicle

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Democracy and the market economy: transparency, accountability and participation are key to fairness.: An article from: UN Chronicle
Juliana Ribeiro
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

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Book Description

This digital document is an article from UN Chronicle, published by Thomson Gale on June 1, 2005. The length of the article is 1095 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Democracy and the market economy: transparency, accountability and participation are key to fairness.
Author: Juliana Ribeiro
Publication: UN Chronicle (Magazine/Journal)
Date: June 1, 2005
Publisher: Thomson Gale
Volume: 42 Issue: 2 Page: 30(2)

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Fairness & the economy.(From the Editors): An article from: Commonweal

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Fairness & the economy.(From the Editors): An article from: Commonweal
Gale Reference Team
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

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Book Description

This digital document is an article from Commonweal, published by Thomson Gale on September 22, 2006. The length of the article is 806 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Fairness & the economy.(From the Editors)
Author: Gale Reference Team
Publication: Commonweal (Magazine/Journal)
Date: September 22, 2006
Publisher: Thomson Gale
Volume: 133 Issue: 16 Page: 5(1)

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(Why) are economists different? [An article from: European Journal of Political Economy]

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(Why) are economists different? [An article from: European Journal of Political Economy]
G. Kirchgassner
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000RR4ZQQ

Book Description

This digital document is a journal article from European Journal of Political Economy, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
After presenting casual evidence of the difference between economists and the rest of the population, I review the survey and experimental evidence on this topic during the last 20 years. I then ask whether these results are applicable to real world situations. To consider this, examples of referenda results in Switzerland are presented where the citizens decided against recommendations of most economists. What is particular in economic theory that causes these differences in convictions? Explanations can point to aspects of positive economic theory and to normative convictions of economists. I conclude with consequences that economists might draw.

Macrojustice: The Political Economy of Fairness

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Macrojustice: The Political Economy of Fairness

Manufacturer: Cambridge Univ Pr
ProductGroup: Book
Binding: Hardcover
ASIN: B000I8U0LI

Book Description

Building upon John Fuller’s experience as a criminal justice practitioner, scholar and teacher, Criminal Justice: Mainstream & Crosscurrents encourages readers to think critically about the goals and processes of the criminal justice system and introduces them to important ethical dilemmas faced by criminal justice professionals. This highly readable, interesting, contemporary book offers a comprehensive introduction to criminal justice supported with empirical work. It’s narrative style explains legal concepts in a clear and comprehensible manner without losing the reader in legal jargon. Features a full chapter on crime theory—highlighting the various sociological, psychological and biological theories of crime causation. A unique chapter on emerging trends in criminal justice (Chapter 16) considers contemporary topics like restorative justice and peacemaking criminology. For criminal justice practitioners.

Customer Reviews:

Teacher's Edition A-OK.......2007-06-08

My textbook came with a study guide, a test guide, and a Patriot Act booklet. I paid nearly nothing for it, and got so many extras! The only thing that makes the "Instructor Edition" different from the "Student Edition" is (in the margins) there are "lecture notes", "class activities", and "pop this question" surrounding the vocabulary. They are in light blue, and the vocab is orange/black, so it doesn't get confusing, but there is an attached ribbon bookmark that is helpful in keeping my place! Also, I took this class online, and basically all we did was read the book, so I'm glad I bought it "New."

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This digital document is an article from Congressional Research Service (CRS) Reports and Issue Briefs, published by Thomson Gale on March 1, 2005. The length of the article is 8731 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Agricultural biotechnology: background and recent issues.
Author: Geoffrey S. Becker
Publication: Congressional Research Service (CRS) Reports and Issue Briefs (Report)
Date: March 1, 2005
Publisher: Thomson Gale
Page: NA

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Agricultural contracting, competition, and antitrust.(Policy Considerations and Regulation of Contracts): An article from: American Journal of Agricultural Economics

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Agricultural contracting, competition, and antitrust.(Policy Considerations and Regulation of Contracts): An article from: American Journal of Agricultural Economics
James M. MacDonald
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

Book Description

This digital document is an article from American Journal of Agricultural Economics, published by Thomson Gale on December 1, 2006. The length of the article is 4962 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Agricultural contracting, competition, and antitrust.(Policy Considerations and Regulation of Contracts)
Author: James M. MacDonald
Publication: American Journal of Agricultural Economics (Magazine/Journal)
Date: December 1, 2006
Publisher: Thomson Gale
Volume: 88 Issue: 5 Page: 1244(7)

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Agriculture in the U.S.-Dominican Republic-Central American Free Trade Agreement (DR-CAFTA).: An article from: Congressional Research Service (CRS) Reports and Issue Briefs

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Agriculture in the U.S.-Dominican Republic-Central American Free Trade Agreement (DR-CAFTA).: An article from: Congressional Research Service (CRS) Reports and Issue Briefs
Remy Jurenas
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

Book Description

This digital document is an article from Congressional Research Service (CRS) Reports and Issue Briefs, published by Thomson Gale on January 1, 2006. The length of the article is 13509 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Agriculture in the U.S.-Dominican Republic-Central American Free Trade Agreement (DR-CAFTA).
Author: Remy Jurenas
Publication: Congressional Research Service (CRS) Reports and Issue Briefs (Report)
Date: January 1, 2006
Publisher: Thomson Gale
Page: NA

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Animal agriculture (31).(Previewing a 2007 Farm Bill): An article from: Congressional Research Service (CRS) Reports and Issue Briefs

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Animal agriculture (31).(Previewing a 2007 Farm Bill): An article from: Congressional Research Service (CRS) Reports and Issue Briefs
Jasper Womach , Geoffrey S. Becker , Ralph M. Chite , Tadlock Cowan , Ross W. Gorte , Charles E. Hanrahan , Remy Jurenas , Jim Monke , Jean M. Rawson , Randy Schnepf , Jeffrey A. Zinn , and Joe Richardson
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

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This digital document is an article from Congressional Research Service (CRS) Reports and Issue Briefs, published by Thomson Gale on January 1, 2007. The length of the article is 3159 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Animal agriculture (31).(Previewing a 2007 Farm Bill)
Author: Jasper Womach
Publication: Congressional Research Service (CRS) Reports and Issue Briefs (Report)
Date: January 1, 2007
Publisher: Thomson Gale
Page: NA

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Another agriculture is possible. (Biodevastation).: An article from: Synthesis/Regeneration

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Another agriculture is possible. (Biodevastation).: An article from: Synthesis/Regeneration
Lim Li Ching
Manufacturer: WD Press
ProductGroup: Book
Binding: Digital

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This digital document is an article from Synthesis/Regeneration, published by WD Press on March 22, 2003. The length of the article is 1828 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Another agriculture is possible. (Biodevastation).
Author: Lim Li Ching
Publication: Synthesis/Regeneration (Magazine/Journal)
Date: March 22, 2003
Publisher: WD Press
Page: 16(3)

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Appendix: titles and subtitles of the 2002 farm bill (Farm Security and Rural Investment Act of 2002, P.L. 107-171).(Previewing a 2007 Farm Bill): An article ... Service (CRS) Reports and Issue Briefs

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Appendix: titles and subtitles of the 2002 farm bill (Farm Security and Rural Investment Act of 2002, P.L. 107-171).(Previewing a 2007 Farm Bill): An article ... Service (CRS) Reports and Issue Briefs
Jasper Womach , Geoffrey S. Becker , Ralph M. Chite , Tadlock Cowan , Ross W. Gorte , Charles E. Hanrahan , Remy Jurenas , Jim Monke , Jean M. Rawson , Randy Schnepf , Jeffrey A. Zinn , and Joe Richardson
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

Book Description

This digital document is an article from Congressional Research Service (CRS) Reports and Issue Briefs, published by Thomson Gale on January 1, 2007. The length of the article is 5150 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Appendix: titles and subtitles of the 2002 farm bill (Farm Security and Rural Investment Act of 2002, P.L. 107-171).(Previewing a 2007 Farm Bill)
Author: Jasper Womach
Publication: Congressional Research Service (CRS) Reports and Issue Briefs (Report)
Date: January 1, 2007
Publisher: Thomson Gale
Page: NA

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Assessing technical assistance programs.(HOME FRONT): An article from: Journal of Soil and Water Conservation

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Assessing technical assistance programs.(HOME FRONT): An article from: Journal of Soil and Water Conservation
Craig A. Cox
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital
ASIN: B000WQ0RXM
Release Date: 2007-10-02

Book Description

This digital document is an article from Journal of Soil and Water Conservation, published by Thomson Gale on July 1, 2007. The length of the article is 1143 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Assessing technical assistance programs.(HOME FRONT)
Author: Craig A. Cox
Publication: Journal of Soil and Water Conservation (Magazine/Journal)
Date: July 1, 2007
Publisher: Thomson Gale
Volume: 62 Issue: 4 Page: 68A(2)

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Book Description

Business Travel When It's Your Money is the first "how to do it" book of travel strategies for small business and independent professionals. It analyses how to plan travel efficiently, how to buy travel economically, and how to control travel effectively. The book covers all the major travel expenses: air tickets, hotel accommodations, rental cars, rail tickets, local transportation and airport acccess, credit cards, and foreign exchange, and it explores travel management options. The book includes more than 350 URLs of important travel sellers, with special emphasis on discount sources.

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Outdated Material.......2007-04-12

The Book is outdated because it mainly refers to online resources before it's 2004 publication date.

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