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on Business, Economic and Financial History |
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Issue of 2021‒11‒15
23 papers chosen by |
| By: | Daniel Waldenström |
| Abstract: | This paper analyzes new evidence on long-run trends in aggregate wealth accumulation and wealth inequality in Western countries. The new findings suggest that wealth-income ratios were lower before World War I than previously claimed, that wealth concentration fell over the past century and has remained low in Europe but increased in the United States, that wealth has changed from being dominated by elite-owned fortunes to consist mainly of popular wealth, and that capital shares in national income have been relatively stable over time, especially in the postwar era. These findings cast doubt on claims that a low-tax, low-regulation capitalism will generate extreme capital accumulation, and that persistent wealth equalization requires large shocks to capital coming from wars or progressive taxation. Instead, institutions that promote household wealth accumulation from below appear to be key for understanding the long-run evolution of wealth in Western societies. |
| Keywords: | wealth-income ratios, wealth inequality, capital share, economic history |
| JEL: | D30 E21 N30 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9366&r= |
| By: | Lisa D. Cook (Michigan State University); Linguère Mously Mbaye (African Development Bank); Janet Gerson (University of Michigan); Anthony Simpasa (African Development Bank) |
| Abstract: | Could initial – colonial and early post-colonial – conditions explain episodes of systemic crisis in banking systems today? We exploit differences in ethnic concentration of initial ownership and management structure of Nigerian banks established during the colonial era to examine banking crisis and vulnerability of the financial system in contemporary Nigeria. Although banking institutions emerged from or were a reaction to British colonial banking structure, they pursued different practices with respect to ownership and management structure. To measure these initial conditions, we use historical data from the Nigerian banking system to construct an index of diversity in the initial ownership and management structure of each bank, where more diversity corresponds to a lower concentration of insiders, including family members, tribal affiliates, and political partners. We collected data from the “Blue Books”, British colonial banking records from 1887 to 1940, data on indigenous banks established during the colonial period from 1929 to 1960, and data on banks from 1960 to 2016. These data allow us to track the first Nigerian families, ethnic groups, and their associates who were part of the formation of the formal banking institutions in the country. We also collect individual and aggregate bank data from 2001 to 2016 collected from bank balance sheets, financial statements, annual reports, statistical bulletins, banking supervision reports, and other reports of the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation. Our estimates suggest that lower levels of diversity are associated with higher levels of risk for a bank. That is, lack of initial diversity in ownership and management of Nigerian banks may have played a role in the performance and fragility of the Nigerian banking system that lent itself to systemic crisis. Our findings are consistent with the broader recent literature that shows higher profit and stronger performance of more diverse firms relative to less diverse firms due to, for example, diversity-driven innovation and product development. |
| Keywords: | Banks, financial institutions, banking crisis, financial crisis, colonial economic history, African economic history, social networks, Africa JEL classification: G21, G32, N47, N27, O16 |
| Date: | 2021–10–12 |
| URL: | http://d.repec.org/n?u=RePEc:adb:adbwps:2484&r= |
| By: | Claude Diebolt (University of Strasbourg, Strasbourg, France); Magali Jaoul-Grammare (University of Strasbourg, Strasbourg, France); Faustine Perrin (University of Strasbourg, Strasbourg, France) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:afc:wpaper:10-21&r= |
| By: | Davide M. Coluccia; Lorenzo Spadavecchia |
| Abstract: | This article studies the impact of immigration restriction policies on technology adoption in sending countries. From 1920 to 1921, the number of Italian immigrants to the United States dropped by 85% after Congress passed the Emergency Quota Act, a severely restrictive immigration law. In a difference-in-differences setting, we exploit variation in exposure across Italian districts to this massive restriction against human mobility. Using novel individual-level data on Italian immigrants to the US and newly digitized historical censuses, we show that this policy substantially hampered technology adoption and capital investment. We interpret this as evidence of directed technical adoption: an increase in the labor supply dampens the incentive for firms to adopt labor-saving technologies. To validate this mechanism, we show that more exposed districts display a sizable increase in overall population and employment in manufacturing. We provide evidence that “missing migrants,” whose migration was inhibited by the Act, drive this result. |
| Keywords: | age of mass migration, emigration, economic development, immigration barriers, technology adoption |
| JEL: | N14 N34 O15 O33 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9361&r= |
| By: | Emilio Depetris-Chauvin (Pontificia Universidad Católica de Chile); Ömer Özak (Southern Methodist University) |
| Abstract: | We explore the effect of historical ethnic borders on contemporary non-civil conflict in Africa. Exploiting variations across artificial regions (i.e., grids of 50x50km) within an ethnicity's historical homeland, we document that both the intensive and extensive margins of contemporary conflict are concentrated close to historical ethnic borders. Following a theory-based instrumental variable approach, which generates a plausibly exogenous ethno-spatial partition of Africa, we find that grid cells with historical ethnic borders have 27 percentage points higher probability of conflict and 7.9 percentage points higher probability of being the initial location of a conflict. We uncover several key underlying mechanisms: competition for agricultural land, population pressure, cultural similarity and weak property rights. |
| Keywords: | Borders, Conflict, Intra-State Conflict, Ethnic Borders, Non-Civil Conflict, Ethnic Conflict, Territory, Property Rights, Landownership, Population Pressure, Migration, Historical Homelands, Development, Africa, Economic Development, Economic Growth, Voronoi Diagram, Voronoi Tesselation, Thiessen Tesselation |
| JEL: | D74 N57 O13 O17 O43 P48 Q15 Q34 |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:smu:ecowpa:2105&r= |
| By: | Björn Brey |
| Abstract: | This paper explores the effect of the early adoption of technology on local economic development. While timing and intensity of technology adoption are key drivers of economic divergence across countries, the immediate impact of new technologies within advanced countries has been elusive. Resolving this puzzle, this paper documents that the early adoption of electricity across late 19th century Switzerland was conducive to local economic development not just in the short-run, but also in the long-run. Exploiting exogenous variation in the potential to produce electricity from waterpower combined with rapid changes in power generation and transmission technology the evidence presented can plausibly be interpretedas causal. The main mechanism through which differences in economic development persist is increased human capital accumulation and innovation, rather than persistent differences in the way electricity is used. |
| Keywords: | Electricity, Industrialization, Long-run development, Human capital |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:eca:wpaper:2013/333773&r= |
| By: | Jeremy Greenwood (University of Pennsylvania); Nezih Guner (CEMFI); Ricardo Marto |
| Abstract: | The 20th century beheld a dramatic transformation of the family. Some Kuznets style facts regarding structural change in the family are presented. Over the course of the 20th century in the United States fertility declined, educational attainment waxed, housework fell, leisure increased, jobs shifted from blue to white collar, and marriage waned. These trends are also observed in the cross-country data. A model is developed, and then calibrated, to address the trends in the US data. The calibration procedure is closely connected to the underlying economic logic. Three drivers of the great transition are considered: neutral technological progress, skill-biased technological change, and drops in the price of labor-saving household durables. |
| Keywords: | average weekly hours, blue-collar jobs, college premium, fertility, housework, leisure, Marriage, neutral technological progress, price of labor-saving household durables, skill-biased technological change, theory-based identification, user guide, white-collar jobs |
| JEL: | D10 E13 J10 O10 |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2021-050&r= |
| By: | Yong Bao (Purdue University); Aman Ullah (Department of Economics, University of California Riverside) |
| Abstract: | Professor A.L. Nagar was a world-renowned econometrician and an international authority on finite sample econometrics with many path-breaking papers on the statistical properties of econometric estimators and test statistics. His contributions to applied econometrics have been also widely recognized. Nagar's 1959 Econometrica paper on the so-called k-class estimators, together with a later one in 1962 on the double-k-class estimators, provided a very general framework of bias and mean squared error approximations for a large class of estimators and had motivated researchers to study a wide variety of issues such as many and weak instruments for many decades to follow. This paper reviews Nagar's seminal contributions to analytical finite sample econometrics by providing historical backgrounds, discussing extensions and generalization of Nagar's approach, and suggesting future directions of this literature. |
| Keywords: | Nagar, finite sample econometrics, k-class estimators |
| JEL: | C10 C13 C18 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ucr:wpaper:202114&r= |
| By: | Nahmadova, Firuza |
| Abstract: | It is often assumed in the ’political economy research of the last decade, as well as by theories on democratization waves and the fall of authoritarian states, that the rise of a middle class eventually leads to a democratic transition. Throughout the 20th century, many democratic transitions were led by mass mobilizations of the middle classes. Middle-class movements and industrial worker groups were associated with higher democratic support and mobilization from 1900 to 2013 (NAVCO 2014). In her book The Autocratic Middle Class: How State Dependency Reduces the Demand for Democracy (2020), Bryn Rosenfeld studies this relationship in the post-Soviet region. A large portion of this article is based on her research. |
| Keywords: | Azerbaijan, middle class, income inequality, democracy, regime change |
| JEL: | H13 J31 O10 O53 |
| Date: | 2021–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:110330&r= |
| By: | André Lapidus (PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne) |
| Abstract: | Insérer les deux siècles d'histoire de la science des mœurs dans une histoire plus longue, qui s'attacherait à repérer la manière dont les questions économiques se sont articulées à celles relatives aux mœurs, conduit à en privilégier deux étapes anciennes, caractérisées l'une et l'autre par la conjonction d'une perspective normative (théologique pour la première, juridique pour la seconde) et de questions économiques qui lui sont subordonnées : les années 1268 à 1272 d'abord, lorsque Thomas d'Aquin, de retour à l'Université de Paris, rédige la secunda secundae de la Somme théologique et l'essentiel de ses Commentaires sur la philosophie morale et politique d'Aristote ; les années 1622 à 1625 ensuite, lorsque Hugo Grotius, réfugié en France, y publie le Droit de la Guerre et de la Paix. L'une et l'autre montrent, à partir d'une question économique singulière – celle du prêt à intérêt – comment un savoir économique a émergé de la perspective normative à laquelle elle était subordonnée. Une telle émergence s'est cependant réalisée de manières différentes : d'abord sur le mode de l'imbrication chez Thomas d'Aquin, où les questions économiques font l'objet d'un traitement systématique, mais sans pour autant qu'il soit possible de les restituer en évitant de revenir de façon récurrente à la perspective théologique dans laquelle elles s'intègrent ; puis, sur le mode de la séparation chez Hugo Grotius où, en dépit de leur insertion dans une perspective juridique, il devient possible d'en faire abstraction afin d'en rendre compte. C'est ce mouvement initial, de l'imbrication vers la séparation entre un savoir économique émergent et la perspective normative à laquelle il est associé, qui rendra possible à partir des Lumières la cristallisation de ce savoir économique en savoir autonome, redevable désormais aux sciences de la société plutôt qu'à une continuation, aussi élaborée soit-elle, de la religion et du droit. |
| Keywords: | Interest,Usury,Thomas Aquinas,Hugo Grotius,Intérêt,Usure,Thomas d'Aquin |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03381719&r= |
| By: | Malakhov, Sergey |
| Abstract: | The proof of the invisible hand discovers many interesting peculiarities of the general competitive equilibrium at times when Adam Smith was working on the ‘Wealth of Nations’. If his self-interested producer allocates his time between production and delivery to the ‘the door’ of the buyer with zero search costs and unintentionally maximizes customer’s consumption-leisure utility, both the marginal rate of transformation of production into delivery and the marginal rate of substitution of leisure for consumption become equal to the golden ratio conjugate whereas the sales-costs of production ratio becomes equal to the golden ratio itself. While the golden ratio was called by Luca Pacioli, the founder of the modern accounting, as the divine proportion, this paper contributes to the deeper understanding of the Adam Smith’s natural theology approach to the analysis of social processes. |
| Keywords: | golden ratio, invisible hand, divine proportion, general competitive equilibrium |
| JEL: | D11 D63 D83 |
| Date: | 2021–10–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:110403&r= |
| By: | Nancy MacLean (Duke University) |
| Abstract: | This paper traces the origins of today`s campaigns for school vouchers and other modes of public funding for private education to efforts by Milton Friedman beginning in 1955. It reveals that the endgame of the ``school choice`` enterprise for libertarians was not then - and is not now--to enhance education for all children; it was a strategy, ultimately, to offload the full cost of schooling onto parents as part of a larger quest to privatize public services and resources. Based on extensive original archival research, this paper shows how Friedman`s case for vouchers to promote ``educational freedom`` buttressed the case of Southern advocates of the policy of massive resistance to Brown v. Board of Education. His approach - supported by many other Mont Pelerin Society members and leading libertarians of the day --taught white supremacists a more sophisticated, and for more than a decade, court-proof way to preserve Jim Crow. All they had to do was cease overt focus on race and instead deploy a neoliberal language of personal liberty, government failure and the need for market competition in the provision of public education. |
| Keywords: | School choice, Milton Friedman, public vs. private education, Jim Crow |
| JEL: | B25 I20 I24 I28 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:thk:wpaper:inetwp161&r= |
| By: | Francisco J. Beltrán Tapia (Norwegian University of Science and Technology (NTNU)); Alfonso Díez-Minguela (Universitat de València); Alicia Gómez-Tello (Universitat de València); Julio Martinez-Galarraga (Universitat de Barcelona); Daniel A. Tirado-Fabregat (Universitat de València) |
| Abstract: | This paper studies the impact generated by the existence of a mismatch between the language of instruction and the language of use of the population in the context of the construction of the liberal state in Spain. In particular, the work analyzes the effects of the presence of this linguistic distance on the unequal diffusion of literacy among the municipalities that made up the former Kingdom of Valencia from 1860 to 1930. For the development of the analysis, a novel data set has been constructed with information that includes the literacy rates of the 524 municipalities that make up the region of Valencia (Valencian Community) in three points in time (1860, 1900 and 1930), the linguistic domain to which each municipality belongs, as well as the institutional, geographic and economic characteristics of each municipality at the end of the Ancien Régime (1787). Based on the available information, the analysis uses Propensity Score Matching techniques to verify the existence of an effect on the literacy levels recorded in Spanish-speaking municipalities with respect to Catalan-speaking ones. Two main results are obtained. The first is to identify the existence of differences in educational outcomes derived from the presence of a mismatch effect. Secondly, it is also shown that this effect only appears when the Spanish state enjoyed the capacity to force compliance with language regulations in public schools, in parallel with the advance of its financial and administrative capacity and the incipient advance of a democratic regime. |
| Keywords: | Language mismatch, literacy, regional inequality, economic history, Valencia. |
| JEL: | I28 O17 N33 N43 J24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ewp:wpaper:414web&r= |
| By: | Sergio Espuelas (Universitat de Barcelona) |
| Abstract: | Between 1850 and 2005, Spain experienced major changes in its trade orientation, combining periods of intense trade protectionism with periods of high trade openness. What was the impact on social spending? The econometric results suggest that globalization effect in 1850-2000 Spain has been conditional on fiscal capacity. When fiscal capacity has been high, trade openness has had a positive effect. However, when fiscal capacity has been low, trade-openness effect on social spending has been negative. The results are robust to alternative measures of fiscal capacity and consistent with a placebo test. This would explain why after the 1960s social spending in Spain increased in parallel with trade openness, whereas before that date social spending grew (slowly) in a context of increasing trade protectionism. Thus, both the compensation effect and the race to the bottom find empirical support but the final outcome depends on the fiscal context. |
| Keywords: | Social spending, trade openness, globalization, Spain. |
| JEL: | N3 H5 F68 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ewp:wpaper:413web&r= |
| By: | Christophe Bonneuil (CRH - Centre de Recherches Historiques - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique); Pierre-Louis Choquet (CSO - Centre de sociologie des organisations - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique); Benjamin Franta (Stanford University) |
| Abstract: | Building upon recent work on other major fossil fuel companies, we report new archival research and primary source interviews describing how Total responded to evolving climate science and policy in the last 50 years. We show that Total personnel received warnings of the potential for catastrophic global warming from its products by 1971, became more fully informed of the issue in the 1980s, began promoting doubt regarding the scientific basis for global warming by the late 1980s, and ultimately settled on a position in the late 1990s of publicly accepting climate science while promoting policy delay or policies peripheral to fossil fuel control. Additionally, we find that Exxon, through the International Petroleum Industry Environmental Conservation Association (IPIECA), coordinated an international campaign to dispute climate science and weaken international climate policy, beginning in the 1980s. This represents one of the first longitudinal studies of a major fossil fuel company's responses to global warming to the present, describing historical stages of awareness, preparation, denial, and delay. |
| Keywords: | Public relations,Denial,Agnotology,Global warming,Climate change,Oil industry |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03390521&r= |
| By: | Chen-Ti Chen; John M. Crespi (Center for Agricultural and Rural Development (CARD) at Iowa State University); Yongjie Ji (Center for Agricultural and Rural Development (CARD) at Iowa State University) |
| Abstract: | In a recent publication, CARD researchers and USDA economists looked at the international relationships between the United States and its major export competitors in beef. In that article, the researchers examined beef because the 2004 bovine spongiform encephalopathy ("mad cow disease") event caused a major disruption in US beef exports and the United States' competitive position. The authors conclude that even when exports return to pre-disruption levels, the disruption could change the structure of the export market. What the researchers found was that it took much longer for the United States' competitive position in beef to return to pre-disruption levels. |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:ias:cpaper:apr-winter-2021-3&r= |
| By: | Frédéric Gannon (OFCE - Observatoire français des conjonctures économiques - Sciences Po - Sciences Po) |
| Abstract: | Cet article retrace de manière succincte la phase de refondation de l'industrie française de l'ammoniac de synthèse depuis le Traité de Versailles jusqu'au vote de la loi du 11 avril 1924 instituant l'Office National Industriel de l'Azote (ONIA), ouvrant la voie à la construction de l'usine de Toulouse sur une période de quatre années. La première production d'ammoniaque sortit exactement trois ans plus tard. Si l'article 297 du Traité stipulait que l'Allemagne devait concéder ses brevets aux Alliés, il apparut très vite que cette condition nécessaire n'était pas suffisante et qu'il fallait négocier avec les dirigeants de la société BASF, détentrice du brevet Haber-Bosch de fabrication synthétique de l'ammoniaque, pour le transfert effectif des procédés, pratiques complexes de cette fabrication. En outre, les débats qui opposèrent à la fois les chimistes, les dirigeants des principales entreprises chimiques privées et l'État français retardèrent la refondation initialement espérée à la fin du conflit d'une industrie qui accusait un retard important relativement à son homologue allemande qui de son côté se cartellisait, s'unissait et se développait. Dans cette description s'appuyant sur une littérature abondante, une place particulière est accordée à l'un des protagonistes de cet épisode de la reconstruction de l'appareil de production national, Georges Patart (X 1889), inspecteur général du Service des poudres et explosifs et chimiste, inventeur de la synthèse du méthanol, qui défendit très tôt le procédé Haber-Bosch et parvint à l'imposer comme choix national. |
| Keywords: | industrie chimique de l’azote,brevets,entre-deux-guerres |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03380355&r= |
| By: | Maurizio Iacopetta (OFCE - Observatoire français des conjonctures économiques - Sciences Po - Sciences Po); Pietro Peretto (Duke University [Durham]) |
| Abstract: | Corporate governance distortions delay or even halt a country's transformation into a modern innovation economy. We investigate the mechanism through a growth model that allows for agency issues within firms. Governance distortions raise the cost of investment and depress the incentives to set up new firms. Modest differences in governance account for large gaps in income: A 32 percent investment cost differential can explain the secular decline of Latin America income relative to that of the USA, and implies an industrialization delay of a third of a century. We obtain similar results for a large number of countries and macro-regions. |
| Keywords: | Corporate governance,Income differences,Secular transition,Modern growth |
| Date: | 2020–03–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03403079&r= |
| By: | Paolo Piacentini |
| Abstract: | : The prospects for the present-day ‘post-pandemic’ era are metaphorically confronted with the ‘post-war’ experience of one century ago, in the years after WWI. Labour and public debt aspects are considered; for the latter, the question is posed, whether the high post-pandemic debt may sometimes evoke the catastrophic experiences of the 1920’s. |
| Keywords: | pandemics,macroeconomy, employment, debt crisis |
| JEL: | E02 E63 |
| Date: | 2021–10 |
| URL: | http://d.repec.org/n?u=RePEc:ast:wpaper:0056&r= |
| By: | Germinal G. Van |
| Abstract: | Structural changes play an essential role in the economic development of a country. They represent the evolution of economic dynamics within the macroeconomy. As we know, the economic sectors of a country do not affect the whole economy equally and their level of output generates economic fluctuations. The purpose of this paper is to analyze the impact of the three major economic sectors on the aggregate production of the United States since the 1990s. This paper essentially argues that the service sector is the sector that has contributed the most to the development of the U.S. economy since the 2000s because technological progress increased the rapid changes in the structure of the macroeconomy. Through the use of several econometric methods, we aim to rigorously analyze how the economic policy of each sector impacted economic growth. |
| Keywords: | Econometrics, Economic Policy, Statistical Methods, Macroeconomics, Structural Change. |
| JEL: | C33 C49 E22 O43 N27 |
| Date: | 2021–04–04 |
| URL: | http://d.repec.org/n?u=RePEc:eei:rpaper:eeri_rp_2021_04&r= |
| By: | Adolfo Rodríguez Herrera (Universidad de Costa Rica) |
| Abstract: | In Marx´s texts we can recognize three positions on the concept of productive labor, arising from his critique of Smith. These positions are incompatible with each other when considering the labor that provides personal services, of growing importance in contemporary capitalism. A return to the foundations of Marx´s theory of value is necessary to understand the concept of productive labor and to decipher one of the main determinants of value transfers between sectors and regions and of the ever-increasing inequality |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:fcr:wpaper:202103&r= |
| By: | Olivier J. Walther |
| Abstract: | This brief presents a factual and retrospective analysis of the relationships between urbanisation and demography in North Africa and West Africa. It shows that the process of demographic transition is now fully underway in this region. North of the Sahara the new demographic equilibrium features a birth rate higher than expected, according to theoretical model predictions, resulting in continuous population growth. Over 70% of the population now lives in cities, a number that is expected to continue to rise in the coming decades. South of the Sahara all countries have seen death rates plummet, followed by a decrease in birth rates. The gap between the change in the two variables has contributed to spectacular natural growth in the space of a few decades. This growth is occurring in parallel with a redistribution of populations to urban areas, which are now home to close to one of every two inhabitants. West African urbanisation is likely to accelerate the social, economic and political changes that favour the demographic transition. One of the main challenges facing the region is the question of how to reduce the regional variations seen in fertility rates between the continent’s urban and rural areas. |
| Keywords: | birth rate, demography, population, urbanisation, West Africa |
| JEL: | N37 N97 Q56 |
| Date: | 2021–11–11 |
| URL: | http://d.repec.org/n?u=RePEc:oec:swacaa:33-en&r= |
| By: | Anand, Sudhir |
| Abstract: | This paper develops the idea of health justice as a plural conception. It draws on the literature on justice from philosophy and economics, and investigates its application and reach in the space of health. Several distinctions are invoked in identifying and contrasting different facets of health justice and injustice. These include active versus passive injustice; process fairness versus substantive justice; comparative versus noncomparative justice; compensatory and distributive justice. Within distributive justice, the health implications of alternate principles – viz. equality, priority, sufficiency, and efficiency – are examined and evaluated. Many faces of health justice are thus exposed which help to address the varieties of injustice observed in the health sphere. |
| JEL: | N0 |
| Date: | 2021–10 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:112537&r= |