Economic Development as Opportunity Equalization

creativeworkseries.issn 1564-698X Roemer, John E. 2015-12-29T20:35:16Z 2015-12-29T20:35:16Z 2014-05-27
dc.description.abstract Economic development should be conceived of as the degree to which an economy has implemented an efficient and just distribution of economic resources. The ubiquitous measure of GDP per capita reflects a utilitarian conception of justice, where individual utility is defined as personal income, and social welfare is the average of utilities in a population. A more attractive conception of justice is opportunity-equalization. Here, a two-dimensional measure of economic development is proposed, based upon viewing individuals’ incomes as a consequence of circumstances, effort, and policy. The first dimension is the average income level of those in the society with the most disadvantaged circumstances, and the second dimension is the degree to which total income inequality is due to differential effort, as opposed to differential circumstances. This pair of numbers is computed for a set of 22 European countries. No country dominates all others on both dimensions. The two-dimensional measure induces a partial ordering of countries with respect to development. en
dc.identifier.citation World Bank Economic Review
dc.language.iso en_US
dc.publisher Oxford University Press on behalf of the World Bank
dc.relation.ispartofseries World Bank Economic Review
dc.rights CC BY-NC-ND 3.0 IGO
dc.rights.holder World Bank
dc.subject agriculture
dc.subject development policy
dc.subject discounted value
dc.subject disposable income
dc.subject Economic Development
dc.subject economic resources
dc.subject economic theory
dc.subject GDP
dc.subject GDP per capita
dc.subject income
dc.subject inefficiency
dc.subject m2
dc.subject Pareto efficiency
dc.subject redistributive taxation
dc.subject tax revenues
dc.subject taxation
dc.subject total output
dc.subject utility function
dc.subject wages
dc.subject wealth
dc.title Economic Development as Opportunity Equalization en
dc.type Journal Article en
dc.type Article de journal fr
dc.type Artículo de revista es
dspace.entity.type Publication
dspace.entity.type Publication 2015-11-27
okr.doctype Publications & Research :: Journal Article
okr.doctype Publications & Research
okr.identifier.doi 10.1093/wber/lht023
okr.journal.nbpages 189-209
okr.language.supported en
okr.peerreview Academic Peer Review
okr.region.geographical Europe
okr.topic Macroeconomics and Economic Growth :: Economic Theory & Research
okr.topic Poverty Reduction :: Inequality
okr.topic Health, Nutrition and Population :: Population Policies
okr.topic Poverty Reduction :: Rural Poverty Reduction
okr.topic Poverty Reduction :: Poverty Impact Evaluation
okr.volume 28(2)
relation.isJournalIssueOfPublication c18557c1-8971-4efb-a9e1-b3acacd2ea76
relation.isJournalOfPublication c41eae2f-cf94-449d-86b7-f062aebe893f
relation.isJournalVolumeOfPublication e634dfbe-6d7f-459a-95e3-71acdc33f423
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