Liberty Equality And Efficiency

In This Volume, Nobel Laureate James Meade Discusses A Set Of Radical Changes In Economic Institutions And Policies Designed To Show An Efficient, Socially Acceptable Third Alternative Between Keynesian Inflation And Monetarist Unemployment, And Between The Inefficiencies Of Socialist Centralism And The Ravages Of Unrestrained Capitalist Competition. According To Meade, These Changes Should Aim At Allowing Freedom Of Individual Choice (liberty), Producing A High Standard Of Living (efficiency) And Avoiding Excessive Divergences Between Riches And Poverty (equality).but There Are Inevitably Clashes Between These Objectives. For Example, Competition May Promote Liberty And Efficiency But Will High Rewards To The Owners Of Scarce Resources And Low Rewards To Those Who Command Little Earning Power, Resulting In The Denial Of Equality.