Inequality of Opportunity and Economic Development

Just as equality of opportunity becomes an increasingly prominent concept in normative economics, the authors argue that it is also a relevant concept for positive models of the links between distribution and aggregate efficiency. Persuasive microeconomic evidence suggests that inequalities in wealt...

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Main Authors:	Ferreira, Francisco H.G., Walton, Michael
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	AGGREGATE OUTPUT AVERAGE INCOME AVERAGE PERFORMANCE BELIEF SYSTEMS BI CAPITAL MARKET CAPITAL MARKETS CHILDREN WITHOUT ACCESS CLASSICAL ECONOMICS CLASSICAL ECONOMISTS COGNITIVE ACHIEVEMENT COGNITIVE SKILLS CREDIT MARKET DEBT DECISION MAKING DEMOCRACY DEVELOPING COUNTRIES DEVELOPMENT POLICY DIFFERENTIAL PATHS DISTRIBUTION OF WEALTH DISTRIBUTIONAL OUTCOMES DISTRIBUTIVE POLITICS EARNINGS INEQUALITY ECONOMETRIC PROBLEMS ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC HISTORIANS ECONOMIC INCENTIVES ECONOMIC INEQUALITY ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC RESEARCH ECONOMIC REVIEW ECONOMIC STUDIES EDUCATION EDUCATIONAL ATTAINMENT ELASTICITY ELITES EQUAL ACCESS EXPECTED RETURNS EXPERIMENTAL ECONOMICS FACTOR ENDOWMENTS FIXED COSTS GIRLS GROWTH THEORY HIGH CONCENTRATION HUMAN DEVELOPMENT IMPERFECT CAPITAL MARKETS IMPERFECT CREDIT INCOME INCOME DISTRIBUTION INCOME DISTRIBUTIONS INCOME INEQUALITY INCOME LEVELS INCOMES INEFFICIENCY INFANT MORTALITY INTERGENERATIONAL MOBILITY INVESTMENT INVESTMENT OPPORTUNITIES LAND OWNERSHIP LEARNING MACROECONOMICS MARKET IMPERFECTIONS MATCHING METHODS MORTALITY RATES MULTIPLE EQUILIBRIA NORMATIVE ECONOMICS NUTRITION OPPORTUNITY SET OPPORTUNITY SETS OPPORTUNITY SET POLICY ALTERNATIVES POLICY DECISIONS POLICY DESIGN POLICY RESEARCH POLITICAL ECONOMY POLITICAL ECONOMY CHANNEL POLITICAL ECONOMY MODELS POLITICAL RIGHTS POLITICAL SCIENCE POLITICAL SYSTEMS POOR PEOPLE PRIMARY SCHOOL PRODUCTIVE OPPORTUNITIES PROFIT MARGINS PROGRAMS PROPERTY RIGHTS PUBLIC CHOICE PUBLIC ECONOMICS PUBLIC EXPENDITURE PUBLIC GOOD PUBLIC GOODS RELATIVE SUPPLY RESOURCE ALLOCATION SCHOOLING SCHOOLS SERIOUS IMPLICATIONS SOCIAL GROUPS SOCIAL HIERARCHY SOUTH AMERICA STUDENT ACHIEVEMENT TEACHERS TOTAL OUTPUT WEALTH WELFARE ECONOMICS WELL-BEING
Online Access:	http://documents.worldbank.org/curated/en/2006/01/6530275/inequality-opportunity-economic-development http://hdl.handle.net/10986/8793

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spelling	okr-10986-87932021-04-23T14:02:40Z Inequality of Opportunity and Economic Development Ferreira, Francisco H.G. Walton, Michael AGGREGATE OUTPUT AVERAGE INCOME AVERAGE PERFORMANCE BELIEF SYSTEMS BI CAPITAL MARKET CAPITAL MARKETS CHILDREN WITHOUT ACCESS CLASSICAL ECONOMICS CLASSICAL ECONOMISTS COGNITIVE ACHIEVEMENT COGNITIVE SKILLS CREDIT MARKET DEBT DECISION MAKING DEMOCRACY DEVELOPING COUNTRIES DEVELOPMENT POLICY DIFFERENTIAL PATHS DISTRIBUTION OF WEALTH DISTRIBUTIONAL OUTCOMES DISTRIBUTIVE POLITICS EARNINGS INEQUALITY ECONOMETRIC PROBLEMS ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC HISTORIANS ECONOMIC INCENTIVES ECONOMIC INEQUALITY ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC RESEARCH ECONOMIC REVIEW ECONOMIC STUDIES EDUCATION EDUCATIONAL ATTAINMENT ELASTICITY ELITES EQUAL ACCESS EXPECTED RETURNS EXPERIMENTAL ECONOMICS FACTOR ENDOWMENTS FIXED COSTS GIRLS GROWTH THEORY HIGH CONCENTRATION HUMAN DEVELOPMENT IMPERFECT CAPITAL MARKETS IMPERFECT CREDIT INCOME INCOME DISTRIBUTION INCOME DISTRIBUTIONS INCOME INEQUALITY INCOME LEVELS INCOMES INEFFICIENCY INFANT MORTALITY INTERGENERATIONAL MOBILITY INVESTMENT INVESTMENT OPPORTUNITIES LAND OWNERSHIP LEARNING MACROECONOMICS MARKET IMPERFECTIONS MATCHING METHODS MORTALITY RATES MULTIPLE EQUILIBRIA NORMATIVE ECONOMICS NUTRITION OPPORTUNITY SET OPPORTUNITY SETS OPPORTUNITY SET POLICY ALTERNATIVES POLICY DECISIONS POLICY DESIGN POLICY RESEARCH POLITICAL ECONOMY POLITICAL ECONOMY CHANNEL POLITICAL ECONOMY MODELS POLITICAL RIGHTS POLITICAL SCIENCE POLITICAL SYSTEMS POOR PEOPLE PRIMARY SCHOOL PRODUCTIVE OPPORTUNITIES PROFIT MARGINS PROGRAMS PROPERTY RIGHTS PUBLIC CHOICE PUBLIC ECONOMICS PUBLIC EXPENDITURE PUBLIC GOOD PUBLIC GOODS RELATIVE SUPPLY RESOURCE ALLOCATION SCHOOLING SCHOOLS SERIOUS IMPLICATIONS SOCIAL GROUPS SOCIAL HIERARCHY SOUTH AMERICA STUDENT ACHIEVEMENT TEACHERS TOTAL OUTPUT WEALTH WELFARE ECONOMICS WELL-BEING Just as equality of opportunity becomes an increasingly prominent concept in normative economics, the authors argue that it is also a relevant concept for positive models of the links between distribution and aggregate efficiency. Persuasive microeconomic evidence suggests that inequalities in wealth, power, and status have efficiency costs. These variables capture different aspects of people's opportunity sets, for which observed income may be a poor proxy. One implication is that the cross-country literature on income inequality and growth may have been barking up the wrong tree, and that alternative measures of the relevant distributions are needed. The authors review some of the detailed microeconomic evidence, and then suggest three research areas where further work is needed. 2012-06-22T16:21:01Z 2012-06-22T16:21:01Z 2006-01 http://documents.worldbank.org/curated/en/2006/01/6530275/inequality-opportunity-economic-development http://hdl.handle.net/10986/8793 English Policy Research Working Paper; No. 3816 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	AGGREGATE OUTPUT AVERAGE INCOME AVERAGE PERFORMANCE BELIEF SYSTEMS BI CAPITAL MARKET CAPITAL MARKETS CHILDREN WITHOUT ACCESS CLASSICAL ECONOMICS CLASSICAL ECONOMISTS COGNITIVE ACHIEVEMENT COGNITIVE SKILLS CREDIT MARKET DEBT DECISION MAKING DEMOCRACY DEVELOPING COUNTRIES DEVELOPMENT POLICY DIFFERENTIAL PATHS DISTRIBUTION OF WEALTH DISTRIBUTIONAL OUTCOMES DISTRIBUTIVE POLITICS EARNINGS INEQUALITY ECONOMETRIC PROBLEMS ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC HISTORIANS ECONOMIC INCENTIVES ECONOMIC INEQUALITY ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC RESEARCH ECONOMIC REVIEW ECONOMIC STUDIES EDUCATION EDUCATIONAL ATTAINMENT ELASTICITY ELITES EQUAL ACCESS EXPECTED RETURNS EXPERIMENTAL ECONOMICS FACTOR ENDOWMENTS FIXED COSTS GIRLS GROWTH THEORY HIGH CONCENTRATION HUMAN DEVELOPMENT IMPERFECT CAPITAL MARKETS IMPERFECT CREDIT INCOME INCOME DISTRIBUTION INCOME DISTRIBUTIONS INCOME INEQUALITY INCOME LEVELS INCOMES INEFFICIENCY INFANT MORTALITY INTERGENERATIONAL MOBILITY INVESTMENT INVESTMENT OPPORTUNITIES LAND OWNERSHIP LEARNING MACROECONOMICS MARKET IMPERFECTIONS MATCHING METHODS MORTALITY RATES MULTIPLE EQUILIBRIA NORMATIVE ECONOMICS NUTRITION OPPORTUNITY SET OPPORTUNITY SETS OPPORTUNITY SET POLICY ALTERNATIVES POLICY DECISIONS POLICY DESIGN POLICY RESEARCH POLITICAL ECONOMY POLITICAL ECONOMY CHANNEL POLITICAL ECONOMY MODELS POLITICAL RIGHTS POLITICAL SCIENCE POLITICAL SYSTEMS POOR PEOPLE PRIMARY SCHOOL PRODUCTIVE OPPORTUNITIES PROFIT MARGINS PROGRAMS PROPERTY RIGHTS PUBLIC CHOICE PUBLIC ECONOMICS PUBLIC EXPENDITURE PUBLIC GOOD PUBLIC GOODS RELATIVE SUPPLY RESOURCE ALLOCATION SCHOOLING SCHOOLS SERIOUS IMPLICATIONS SOCIAL GROUPS SOCIAL HIERARCHY SOUTH AMERICA STUDENT ACHIEVEMENT TEACHERS TOTAL OUTPUT WEALTH WELFARE ECONOMICS WELL-BEING
spellingShingle	AGGREGATE OUTPUT AVERAGE INCOME AVERAGE PERFORMANCE BELIEF SYSTEMS BI CAPITAL MARKET CAPITAL MARKETS CHILDREN WITHOUT ACCESS CLASSICAL ECONOMICS CLASSICAL ECONOMISTS COGNITIVE ACHIEVEMENT COGNITIVE SKILLS CREDIT MARKET DEBT DECISION MAKING DEMOCRACY DEVELOPING COUNTRIES DEVELOPMENT POLICY DIFFERENTIAL PATHS DISTRIBUTION OF WEALTH DISTRIBUTIONAL OUTCOMES DISTRIBUTIVE POLITICS EARNINGS INEQUALITY ECONOMETRIC PROBLEMS ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC HISTORIANS ECONOMIC INCENTIVES ECONOMIC INEQUALITY ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC RESEARCH ECONOMIC REVIEW ECONOMIC STUDIES EDUCATION EDUCATIONAL ATTAINMENT ELASTICITY ELITES EQUAL ACCESS EXPECTED RETURNS EXPERIMENTAL ECONOMICS FACTOR ENDOWMENTS FIXED COSTS GIRLS GROWTH THEORY HIGH CONCENTRATION HUMAN DEVELOPMENT IMPERFECT CAPITAL MARKETS IMPERFECT CREDIT INCOME INCOME DISTRIBUTION INCOME DISTRIBUTIONS INCOME INEQUALITY INCOME LEVELS INCOMES INEFFICIENCY INFANT MORTALITY INTERGENERATIONAL MOBILITY INVESTMENT INVESTMENT OPPORTUNITIES LAND OWNERSHIP LEARNING MACROECONOMICS MARKET IMPERFECTIONS MATCHING METHODS MORTALITY RATES MULTIPLE EQUILIBRIA NORMATIVE ECONOMICS NUTRITION OPPORTUNITY SET OPPORTUNITY SETS OPPORTUNITY SET POLICY ALTERNATIVES POLICY DECISIONS POLICY DESIGN POLICY RESEARCH POLITICAL ECONOMY POLITICAL ECONOMY CHANNEL POLITICAL ECONOMY MODELS POLITICAL RIGHTS POLITICAL SCIENCE POLITICAL SYSTEMS POOR PEOPLE PRIMARY SCHOOL PRODUCTIVE OPPORTUNITIES PROFIT MARGINS PROGRAMS PROPERTY RIGHTS PUBLIC CHOICE PUBLIC ECONOMICS PUBLIC EXPENDITURE PUBLIC GOOD PUBLIC GOODS RELATIVE SUPPLY RESOURCE ALLOCATION SCHOOLING SCHOOLS SERIOUS IMPLICATIONS SOCIAL GROUPS SOCIAL HIERARCHY SOUTH AMERICA STUDENT ACHIEVEMENT TEACHERS TOTAL OUTPUT WEALTH WELFARE ECONOMICS WELL-BEING Ferreira, Francisco H.G. Walton, Michael Inequality of Opportunity and Economic Development
relation	Policy Research Working Paper; No. 3816
description	Just as equality of opportunity becomes an increasingly prominent concept in normative economics, the authors argue that it is also a relevant concept for positive models of the links between distribution and aggregate efficiency. Persuasive microeconomic evidence suggests that inequalities in wealth, power, and status have efficiency costs. These variables capture different aspects of people's opportunity sets, for which observed income may be a poor proxy. One implication is that the cross-country literature on income inequality and growth may have been barking up the wrong tree, and that alternative measures of the relevant distributions are needed. The authors review some of the detailed microeconomic evidence, and then suggest three research areas where further work is needed.
format	Publications & Research :: Policy Research Working Paper
author	Ferreira, Francisco H.G. Walton, Michael
author_facet	Ferreira, Francisco H.G. Walton, Michael
author_sort	Ferreira, Francisco H.G.
title	Inequality of Opportunity and Economic Development
title_short	Inequality of Opportunity and Economic Development
title_full	Inequality of Opportunity and Economic Development
title_fullStr	Inequality of Opportunity and Economic Development
title_full_unstemmed	Inequality of Opportunity and Economic Development
title_sort	inequality of opportunity and economic development
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2006/01/6530275/inequality-opportunity-economic-development http://hdl.handle.net/10986/8793
_version_	1764405694495195136

Inequality of Opportunity and Economic Development

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