Tackling Inequality

Richard Layard is one of Britain's foremost applied economists, whose work has had a profound impact on the policy debate in Britain and abroad. This book contains his most influential articles on education, equality and income distribution and on the lessons of economic transition in Eastern Europe. It is published along with a companion volume. Inequality argues that lifetime inequality is the basic inequality we should worry about. In this context education is a powerful instrument of redistribution, as well as a national investment. Cash redistribution has efficiency costs which can be calculated, but it may also serve to discourage inefficient over-work arising from each person's efforts to earn more than his neighbour. A final series of essays is based on Layard's recent work on reform strategies in Russia and Poland. The book opens with Richard Layard's personal credo 'Why I became an economist'. Richard Layard Is One Of Britain's Foremost Applied Economists. His Work Has Had A Profound Impact On The Policy Debate In Britain And Abroad. This Book Contains His Most Influential Articles On Education, Equality And Income Distribution And On The Lessons Of Economic Transition In Eastern Europe. It Is Published Along With A Companion Volume. Educational Inequality Argues That Lifetime Inequality Is The Basic Inequality We Should Worry About. In This Context Education Is A Powerful Instrument Of Redistribution, As Well As A National Investment. Cash Redistribution Has Efficiency Costs Which Can Be Calculated, But It May Also Serve To Discourage Inefficient Over-work Arising From Each Person's Efforts To Earn More Than His Neighbor. A Final Series Of Essays Is Based On Layard's Recent Work On Reform Strategies In Russia And Poland. The Book Opens With Richard Layard's Personal Credo 'why I Became An Economist'. -- Publisher's Information. Why I Am An Economist -- Introduction -- On Measuring The Redistribution Of Lifetime Income -- Family Income Distribution: Explanation And Policy Evaluation -- Education Versus Cash Redistribution: The Lifetime Context -- The Causes Of Poverty -- The Effect Of Collective Bargaining On Relative And Absolute Wages -- Human Capital And Earnings: British Evidence And A Critique -- The Screening Hypothesis And The Returns To Education -- Capital-skill Complementarity, Income Distribution And Output Accounting -- Married Women's Participation And Hours -- Why Are More Women Working In Britain? -- On The Use Of Distributional Weights In Social Cost-benefit Analysis -- Human Satisfactions And Public Policy -- Economic Theories Of Educational Planning -- University Efficiency And University Finance -- The Cost-effectiveness Of The New Media In Higher Education -- The Pool Of Ability -- The Thatcher Miracle? -- Lifelong Learning -- Introduction -- How To Privatise -- Post-stabilisation Inflation In Poland -- Who Gains And Who Loses From Russian Credit Expansion? -- Can Russia Control Inflation? -- How Much Unemployment Is Needed For Restructuring? The Russian Experience -- Why So Much Pain? Richard Layard. Includes Bibliographical References And Index. Richard Layard's Publications: P. 504-512. Front Matter....Pages i-xii Why I am an Economist....Pages 1-12 Front Matter....Pages 13-13 Introduction....Pages 15-19 On Measuring the Redistribution of Lifetime Income (1977)....Pages 20-50 Family Income Distribution: Explanation and Policy Evaluation (1979)....Pages 51-81 Education versus Cash Redistribution: The Lifetime Context (1979)....Pages 82-90 The Causes of Poverty (1979)....Pages 91-104 The Effect of Collective Bargaining on Relative and Absolute Wages (1978)....Pages 105-125 Human Capital and Earnings: British Evidence and a Critique (1979)....Pages 126-154 The Screening Hypothesis and the Returns to Education (1974)....Pages 155-171 Capital–Skill Complementarity, Income Distribution, and Output Accounting (1975)....Pages 172-197 Married Women’s Participation and Hours (1980)....Pages 198-227 Why are More Women Working in Britain? (1985)....Pages 228-257 On the Use of Distributional Weights in Social Cost-Benefit Analysis (1980)....Pages 258-265 Human Satisfactions and Public Policy (1980)....Pages 266-282 Economic Theories of Educational Planning (1972)....Pages 283-309 University Efficiency and University Finance (1973)....Pages 310-331 The Cost-effectiveness of the New Media in Higher Education (1974)....Pages 332-353 The Pool of Ability (1963)....Pages 354-367 The Thatcher Miracle? (1989)....Pages 368-375 Lifelong Learning (1995)....Pages 376-395 Front Matter....Pages 397-397 Introduction....Pages 399-400 How to Privatize (1991)....Pages 401-417 Post-Stabilization Inflation in Poland (1992)....Pages 418-433 Who Gains and Who Loses from Russian Credit Expansion? (1994)....Pages 434-453 Can Russia Control Inflation? (1994)....Pages 454-467 How Much Unemployment is Needed for Restructuring? The Russian Experience (1995)....Pages 468-493 Why So Much Pain? (1998)....Pages 494-503 Back Matter....Pages 504-530 Richard Layard is one of Britain's foremost applied economists whose work has had a profound impact on the policy debate in Britain and abroad. This book contains his most influential articles on education and inequality, and on the lessons of economic transition in Eastern Europe. It is published along with a companion volume, Tackling Unemployment. The two most obvious ways of tackling inequality are through education and by redistributing cash. But in each case we need to weigh up the gain in equality against any loss of efficiency which may result. Layard shows how to do this. He focuses on lifetime incomes as the natural basis for thinking about inequality, and shows how lifetime incomes are affected by education. Viewed in the context of lifetime rather than annual income, education is a more powerful tool when compared with cash redistribution. Layard also looks at the efficiency cost of cash redistribution by investigating how taxes affect people's work effort - especially the labour supply of women. However, he argues that to some extent people's efforts to better themselves through hard work are self-defeating. If each person tries to do better than his neighbour, they cannot all succeed. If redistributive taxation reduces this kind of fruitless effort, its efficiency cost is less than might appear. Other essays cover the hypotheses that 'screening' encourages over-education, that universities under-teach, and that the new media will make existing teaching methods obsolete. The final essays cover the experience of post-communist reform - privatisation, stabilisation and restructuring - and the key issue of why the reform has caused so much pain "The two most obvious ways of tackling inequality are through education and by redistributing cash. But in each case we need to weigh up the gain in equality against any loss of efficiency which may result."--BOOK JACKET. "Layard shows how to do this. He focuses on lifetime incomes as the natural basis for thinking about inequality, and shows how lifetime incomes are affected by education. Viewed in the context of lifetime rather than annual income, education is a more powerful tool when compared with cash redistribution."--BOOK JACKET.