Description
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.
About the Author
Venkat Venkatasubramanian is Samuel Ruben-Peter G. Viele Professor of Engineering at Columbia University.
Reviews
Venkat Venkatasubramanian'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
A thoughtful book, with unique philosophical insights, that is refreshing for the ways in which it is different from standard economic theory. It addresses one of the major questions of our day-indeed, of the past two hundred years-and does so in a readable, thought-provoking way. -- Robert Axtell, George Mason University
Stands out in originality, interdisciplinary focus, and crisp phrasing. * Journal of Philosophical Economics *
Book Information
ISBN 9780231180733
Author Venkat Venkatasubramanian
Format Paperback
Page Count 304
Imprint Columbia University Press
Publisher Columbia University Press