Although there is a vast theoretical literature on the existence of a tradeoff between equity and efficiency, empirical … cope better with this trade-off and are actually able to provide what economists call a free lunch. In this paper we use … (b) whether some social systems are actually better in coping with the trade-off between equity and efficiency. …

Although there is a vast theoretical literature on the existence of a tradeoff between equity and efficiency, empirical … cope better with this trade-off and are actually able to provide what economists call a 'free lunch'. In this paper we use … (b) whether some social systems are actually better in coping with the trade-off between equity and efficiency. …

standard model is enhanced by real wage rigidities or labor turnover costs, an endogenous short-run inflation-output tradeoff … rigidities. Second, labor turnover costs are the dominant source for the inflation-output tradeoff when both rigidities are …

, embedding a host of financial frictions. We focus on limited enforcement, moral hazard, and trade-off models. All models share a … benchmarks, favor trade-off models for larger Compustat firms, limited commitment models for smaller firms, and moral hazard …

Since its independence, Singapore has faced a tradeoff between increasing economic growth and maintaining environmental …