Economic efficiency and policy comparisons

Extract: However methodologically attractive the use of price-based policy evaluation criteria, recognition that these criteria are inappropriate in addressing the fundamental economic (and policy) question of how scarce resources should be allocated among unlimited ends. This demands adjustments by...

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Bibliographic Details
Published in:American journal of agricultural economics 1980-11, Vol.62 (4), p.772-777
Main Author: Lang, Mahlon George
Format: Article
Language:English
Subjects:
Commercial production
Economic efficiency
Economic policy
Economic utility
Economically efficient production
Environmental policy
Livestock
Pareto efficiency
Production efficiency
Property rights
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Summary:Extract: However methodologically attractive the use of price-based policy evaluation criteria, recognition that these criteria are inappropriate in addressing the fundamental economic (and policy) question of how scarce resources should be allocated among unlimited ends. This demands adjustments by economists in their efforts to conduct policy analysis. The most logical adjustment is to compare nonmarginal policy changes in terms of their impacts on affected groups. A second possible adjustment is for economists to give more attention to the design of policies and institutions which will achieve specified social and economic ends.
ISSN:0002-9092
1467-8276
DOI:10.2307/1239779