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Truth Or Economics. On The Definition, Prediction, And Relevance Of Economic Efficiency.

Truth Or Economics. On The Definition, Prediction, And Relevance Of Economic Efficiency.

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  • ISBN:9780300114591
  • Editorial: Yale U.P.
  • Fecha de la edición:
  • Encuadernación:Tapa dura
  • Dimensiones: 0 cm x 0 cm
  • Nº Pág.:496
  • Idiomas:Inglés,Ingles

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Is economic efficiency a sound basis upon which to make public policy or legal decisions? In this sophisticated analysis, Richard Markovits considers the way in which scholars and public decision-makers define, predict, and assess the moral and legal relevance of economic efficiency. The author begins by identifying imperfections in the traditional definition of economic efficiency. He then develops and illustrates an appropriate response to Second-Best Theory and investigates the moral and legal relevance of economic-efficiency analyses. Not only do virtually all economic, legal, and public policy thinkers misdefine economic efficiency, the author concludes, they also ignore or respond inadequately to Second-Best Theory when analyzing the economic efficiency of public choices and misassess the relevance of economic-efficiency conclusions both for moral evaluations and for the answer to legal-rights questions that is correct as a matter of law.

Pt. 1 The definition of economic efficiency 19
1 The correct definition of the impact of a choice on economic (allocative) efficiency 21
2 A critique of the definitions of and tests for economic efficiency that economists and law and economics scholars use 48
Pt. 2 The assessment of economic efficiency 73
3 The distortion-analysis approach to economic-efficiency assessment 79
4 Some second-best-theory critiques of canonical allocative-efficiency analyses and of the standard justifications for ignoring second best 271
Pt. 3 The relevance of allocative-efficiency conclusions 343
5 The prescriptive-moral and legal relevance of allocative-efficiency conclusions 377
6 A critique of various relevance arguments made by economists and law and economics scholars 402
Conclusion 421
Notes 437
Glossary of frequently used symbols and the concepts for which they stand 491
Index

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