Ross Gittins:
A lot of the problems the nation struggles with and argues over boil down to the considerable potential for conflict between what economists summarise as “equity” and “efficiency”. We act as though one is right and the other wrong but, in truth, sensible people want a mix of both. So, though we don’t always realise it, the hard part is finding the best trade-off between the two……..
via ROSS GITTINS: We need a more balanced approach to progress.