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OverviewMany 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. Full Product DetailsAuthor: Venkat Venkatasubramanian (Columbia University)Publisher: Columbia University Press Imprint: Columbia University Press ISBN: 9780231180726ISBN 10: 0231180721 Pages: 304 Publication Date: 08 August 2017 Audience: Professional and scholarly , Professional & Vocational Format: Hardback Publisher's Status: Active Availability: Manufactured on demand  We will order this item for you from a manufactured on demand supplier. Language: English Table of ContentsList of Tables List of Figures Preface 1. Extreme Inequality in Income and Wealth 2. Foundational Principles of a Fair Capitalist Society 3. Distributive Justice in a Hybrid Utopia 4. Statistical Thermodynamics and Equilibrium Distribution 5. Fairness in Income Distribution 6. Global Trends in Income Inequality: Theory Versus Reality 7. What Is Fair Pay for Executives? 8. Final Synthesis and Future Directions Notes Bibliography IndexReviewsVenkatasubramanian's unusual argument, which draws on both mathematical and philosophical principles to propose a model of a fair society, is itself worthy of remark. Whether or not you agree with it, it is clearly and fairly presented. It's one of the best books of its kind. -- Simon DeDeo, Carnegie Mellon University The author's unusual argument, which draws on both mathematical and philosophical principles to propose a model of a fair society, is itself worthy of remark. Whether or not you agree with it, it is clearly and fairly presented. It's one of the best books of it's kind. -- Simon DeDeo, Indiana University Author InformationVenkat Venkatasubramanian is Samuel Ruben-Peter G. Viele Professor of Engineering at Columbia University. Tab Content 6Author Website:Countries AvailableAll regions |
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