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Economic Growth and Inequality
In an era of increasing inequalities, and also of deep anxieties about the
consequences of two major economic crises, economists are faced with a major
question: can economic growth be achieved without inequalities? Economic
Growth and Inequality critically evaluates the economic literature on this question
from a pragmatic perspective, seeking to reconcile those who regard economic
liberties as a paramount value, and critics who object that prioritizing these lib-
erties leads to inequitable outcomes.
The book presents an overview of the models used by economists to
define and measure inequalities and the ongoing dialogues between political
philosophers and economists in an effort to find solutions to the problems.
It explores Rawlsian justice, Sen’s capability theory, and the theory of rent
and compares and contrasts the most often discussed institutions and policies
designed for remedying poverty and reducing inequalities.
This book marks a significant contribution to the literature on some of the
most pressing problems of our time and will be of great interest to readers of
political economy, public policy, moral philosophy, and history of economic and
political thought.
Laurent Dobuzinskis teaches Political Science at Simon Fraser University.
He has written on a wide range of issues relevant to political economy. His
most recent contribution to the field is Moral Discourse in the History of Economic
Thought (Routledge 2022).
Routledge Frontiers of Political Economy
Globalization and the Decline of American Power
The Political Economy of the American Fall
Cyrus Bina
Marx and Le Capital
Evaluation, History, Reception
Edited by Marcello Musto
Permanent Economic Disorder
Shahzavar Karimzadi
Temporary Economic Crises
Shahzavar Karimzadi
Money and Capital
A Critique of Monetary Thought, the Dollar and Post-Capitalism
Laurent Baronian
Modern Money and the Rise and Fall of Capitalist Finance
The Institutionalization of Trusts, Personae, and Indebtedness
Jongchul Kim
Innovation, Complexity and Economic Evolution
From Theory to Policy
Pier Paolo Saviotti
Economic Growth and Inequality
The Economists’ Dilemma
Laurent Dobuzinskis
For more information about this series, please visit: www.routledge.com/
Routledge-Frontiers-of-Political-Economy/book-series/SE0345
Economic Growth and
Inequality
The Economists’ Dilemma
Laurent Dobuzinskis
First published 2023
by Routledge
4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
and by Routledge
605 Third Avenue, New York, NY 10158
Routledge is an imprint of the Taylor & Francis Group, an informa business
© 2023 Laurent Dobuzinskis
The right of Laurent Dobuzinskis to be identified as author of this work has been asserted in
accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or reproduced or utilised
in any form or by any electronic, mechanical, or other means, now known or
hereafter invented, including photocopying and recording, or in any information
storage or retrieval system, without permission in writing from the publishers.
Trademark notice: Product or corporate names may be trademarks or registered trademarks,
and are used only for identification and explanation without intent to infringe.
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
ISBN: 9781032106144 (hbk)
ISBN: 9781032106199 (pbk)
ISBN: 9781003216247 (ebk)
DOI: 10.4324/9781003216247
Typeset in Bembo
by Newgen Publishing UK
Contents
Preface vii
Acknowledgments ix
1 Introduction 1
2 Equality of Welfare: Theoretical Foundations 11
3 Equality of Welfare: Empirical Perspectives 47
4 Equality of Opportunity I: Classical Liberal Perspectives 81
5 Equality of Opportunity II: Egalitarian Perspectives 115
6 Growth and (In)equality II: What to Do about Inequality? 153
Works Cited 189
Index 209
Preface
This book complements my previously published Moral Discourse in the History
of Economic Thought. Although the two works can be read separately, Moral
Discourse being more historical and this one more focused on current schol-
arship and policy debates, they are both concerned in a broad sense with the
economists’ discourse and how this discourse intersects with that of moral
philosophers on the subject of justice. Both works pay serious attention to the
theoretical as well as practical obstacles that stand in the path of remedying
injustices even though, in both books, I resist the temptation of specifying
what an ideal political economy might look like, either at the level of abstract
theory or political practice. With respect to the intersection of economics and
moral or political philosophy, the difference between the two books is that
Moral Discourse is mostly concerned with the ideas of economists who were
themselves philosophers, such as Adam Smith or John Stuart Mill, whereas the
present book provides more room for an analysis of the dialogue that not par-
ticularly philosophically minded economists and philosophers have been able
(or sometimes not able) to establish on the subject of economic inequalities.
The historical approach in Moral Discourse meant that this work left little room
for dealing with contemporary perspectives and theoretical innovations such as
feminist economics; the present volume is an attempt to fill some of these gaps.
My original motivation for writing the present volume is to bring to light
and analyze the unique quality of the economists’ discourse on inequalities.
I view it as a sometimes insistent, sometimes more implicit, admonition not to
lose sight of the potential impact on economic efficiency of any move in the
direction of a fairer allocation of a society’s resources. The economic literature
is replete with cautionary tales about the risk of slowing economic growth by
going too far in the direction of an egalitarian allocation of resources. Hence
my choice of the term “dilemma” in the title. More than any other discip-
lines, economics values the goal of enhancing the “welfare” of everyone—that
is to say ensuring that everyone’s preferences are met, with the more or less
tacit assumptions that such preferences are mostly oriented toward increased
standards of living. I would even go as far as saying that most economists, even
the “non-welfarist” ones who look beyond the satisfaction of preferences for
material rewards, refuse to believe that a poorer society could ever be fairer or
viii Preface
more just than a more prosperous one. The more progressive economists aim
for achieving both prosperity and fairness concurrently, often arguing that failure
to do so actually reduces the prospect of furthering growth; the more conser-
vative ones claim that in the long run, everyone will be better off by priori-
tizing even unequal growth in the short term. I would not say that most social
scientists and philosophers are any fonder of the ascetic life;1 but those among
them who seek to achieve egalitarian goals are far less explicitly worried about
the risk of postponing an immediate increase in the collective wealth, let alone
the wealth of the mythical “job creators,” if the cause of justice can better be
served by this sort of trade-off. For them, the trade-offs are more complex
and involve a wider diversity of values (e.g., human rights, freedom, personal
autonomy, self-respect, reciprocity, redressing past wrongs, etc.).
I feel compelled to add two caveats. The first is that although the contrast
I have outlined above holds true in a large measure throughout the rest of this
volume, it does suffer interesting exceptions, such as the renowned econo-
mist Amartya Sen. I only propose it as a hypothesis to guide my explorations
through the relevant literature and not as a Procrustean bed on which I intend
to fit the works of all the theorists I critically examine hereafter. My second
remark is that I while I find the economists’ fetishization of efficiency some-
what narrow-minded, as a pragmatist I believe that a relatively unencumbered
market economy works best at realizing most of the values that liberal minded,
democratically oriented egalitarians are committed to, including autonomy
and self-respect. Therefore, even though I regard the current level of economic
inequalities as deeply troubling from both an ethical and a practical standpoint,
my comments reflect a skeptical stance toward costly redistributive schemes and
utopian egalitarian visions.
Note
1 Apologists of the concept of “degrowth,” which include a few heterodox economists,
but consists mostly of environmentalist social scientists or activists being the obvious
exception.
newgenprepdf
Acknowledgments
This book is the outcome of many years of intensive research but also of teaching
a course on “states and markets” which gave me opportunities to test my grasp
of complex concepts by trying to explain them to students. Theirquestions
helped me to develop my own thinking on what economic well-being means
and how to achieve it. Over the years I have also had occasions to discuss my
project and exchange ideas with more colleagues and friends than I can list here,
although I want to thank my two children, Alex and Caroline, whose profes-
sional experiences of how “the real world” works has been very salutary. I espe-
cially want to thank colleagues who have taken the time to write insightful
comments on various drafts of my manuscript: Genevieve Fuji Johnson, David
Laycock, Claudio Katz, Krishna Pendakur and John Richards. I also want to
thank Ella McFarlane at Routledge for steering this project to its completion.
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