On Kolm's Theory of Macrojustice

The theory of "macrojustice", introduced by S.-C. Kolm, is a stimulating contribution to the debate on the macroeconomic income distribution. The solution called "Equal Labour Income Equalization" (ELIE) is the result of a three-stage construction: agreement on the scheme of labour income redistribution, agreement on the degree of equalization to be chosen in that framework, control by everyone of the intensity with which his/her own productive capacities (the source of his/her labour income) are exploited. The book is organized as a discussion around four themes: philosophical aspects of macrojustice, economic analysis of macrojustice, a combination of ELIE with other targeted transfers and an econometric evaluation of ELIE. The introduction includes two chapters (a presentation of the whole project by the two editors, a summary of the macrojustice and the ELIE transfers by Kolm) and the conclusion consists of Kolm s selective comments on the points made by the contributors.