Is there a tradeoff between equity and efficiency? If so, what’s more important: equity or efficiency? How equitable and efficient is the US economy?

Equity and Efficiency

Is there a tradeoff between equity and efficiency? If so, what’s more important: equity or efficiency? How equitable and efficient is the US economy?

Is the Gini coefficient a good measure of economic inequality? What aspects of inequality does it miss? How and why does income inequality vary across cities, state, or countries?

Has income inequality in the US changed over time? How do governments and families affect economic inequality?

What are the costs or benefits to redistribution? What sorts of policies could redistribute the surplus and increase efficiency in the US?