Economic Development As Opportunity Equalization
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World Bank, Washington, DC
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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.
Palabras clave
ABSTINENCE, AGRICULTURE, AVERAGE INCOME, AVERAGE INCOME LEVEL, CAPACITY BUILDING, CITIZENS, CONFLICT, DATA SET, DATA SETS, DEVELOPED COUNTRIES, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DISCOUNTED VALUE, DISPOSABLE INCOME, DISTRIBUTION FUNCTION, DISTRIBUTION FUNCTIONS, ECONOMIC DEVELOPMENT, ECONOMIC INEQUALITY, ECONOMIC POLICY, ECONOMIC RESOURCES, ECONOMIC THEORY, EQUAL OPPORTUNITY, EQUALITY OF OPPORTUNITY, EXCHANGE RATES, FREE WILL, GDP, GDP PER CAPITA, HORIZONTAL DISTANCE, HOUSEHOLD HEAD, HOUSEHOLD INCOME, HUMAN CAPITAL, HUMAN DEVELOPMENT, HUMAN DEVELOPMENT INDEX, HUMAN WELFARE, INCOME, INCOME DATA, INCOME DISTRIBUTION, INCOME INEQUALITY, INCOMES, INEFFICIENCY, INEQUALITY MEASURE, INEQUALITY MEASURES, LEVEL OF DEVELOPMENT, LEVEL OF EDUCATION, LIFE EXPECTANCY, LOW INCOMES, MEASURING INEQUALITY, MOTHER, NATIONAL INCOME, NET INCOME, NUMBER OF CHILDREN, OUTPUT PER CAPITA, PARETO EFFICIENCY, PERSONAL INCOME, POLICY DISCUSSIONS, POLICY MAKERS, POLICY RESEARCH, POLICY RESEARCH WORKING PAPER, POLITICAL SCIENCE, POOR, POOR COUNTRY, POVERTY REDUCTION, PROGRESS, PUBLIC AFFAIRS, PUBLIC GOODS, RACIAL DISCRIMINATION, REDISTRIBUTIVE TAXATION, RESPECT, RURAL, SECONDARY EDUCATION, SECONDARY SCHOOL, SOCIAL CIRCUMSTANCES, SOCIAL SPENDING, SOCIAL WELFARE, TAX REVENUES, TAXATION, TERTIARY EDUCATION, TOTAL OUTPUT, TRANSFER PAYMENTS, UTILITY FUNCTION, WAGES, WEALTH, WOMAN