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How Much Inequality Is Fair? PDF
By:Venkat Venkatasubramanian
Published on 2017-08-08 by Columbia University Press

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Many in the United States feel that the nation’s current level of economic inequality is unfair and that capitalism is not working for 90% of the population. Yet some inequality is inevitable. The question is: What level of inequality is fair? Mainstream economics has offered little guidance on fairness and the ideal distribution of income. Political philosophy, meanwhile, has much to say about fairness yet relies on qualitative theories that cannot be verified by empirical data. To address inequality, we need to know what the goal is—and for this, we need a quantitative, testable theory of fairness for free-market capitalism. How Much Inequality Is Fair? synthesizes concepts from economics, political philosophy, game theory, information theory, statistical mechanics, and systems engineering into a mathematical framework for a fair free-market society. The key to this framework is the insight that maximizing fairness means maximizing entropy, which makes it possible to determine the fairest possible level of pay inequality. The framework therefore provides a moral justification for capitalism in mathematical terms. Venkat Venkatasubramanian also compares his theory’s predictions to actual inequality data from various countries—showing, for instance, that Scandinavia has near-ideal fairness, while the United States is markedly unfair—and discusses the theory’s implications for tax policy, social programs, and executive compensation.

This Book was ranked at 9 by Google Books for keyword Free Capitalism.

Book ID of How Much Inequality Is Fair?'s Books is BtkoDwAAQBAJ, Book which was written byVenkat Venkatasubramanianhave ETAG "K034abCzt+o"

Book which was published by Columbia University Press since 2017-08-08 have ISBNs, ISBN 13 Code is 9780231543224 and ISBN 10 Code is 0231543220

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Book which have "288 Pages" is Printed at BOOK under CategoryBusiness and Economics

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