Economists tend to assume that redistributive transfers increase equity but cause a loss in efficiency, the so …-called 'leaky bucket' effect. This paper explores situations where efficiency losses are small or where equity and efficiency might …. Three situations are discussed where the equity/efficiency tradeoff may be low: When transfers go to populations with no …

We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch … and investment, we are able to capture many of the key empirical properties of Germany and Japan's postwar transitions …

for missing credit and insurance markets. The resulting tradeoffs for growth and efficiency are explored, both … to higher income growth than taxes and transfers, but at the cost of lower insurance. Overall efficiency is assessed … welfare function, does not reward equality per se. Simulations using empirical parameter estimates show that the efficiency …