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Economic Inefficiency: A Failure of Economists
Michael Staten and John Umbeck
The Journal of Economic Education
Vol. 20, No. 1 (Winter, 1989), pp. 57-72
Published by: Taylor & Francis, Ltd.
Stable URL: http://www.jstor.org/stable/1182717
Page Count: 16
You can always find the topics here!Topics: Economic costs, Economic models, Economic theory, Cost efficiency, Marginal costs, Transaction costs, Economic efficiency, Monopoly, Social costs, Marginal cost curve
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Use of the concept of economic "efficiency" to guide public policy and even the courts has become almost commonplace. The authors conclude that it is impossible, using traditional microeconomic models, to demonstrate empirically that an outcome is inefficient; they suggest an appropriate role for economics in legal analysis.
The Journal of Economic Education © 1989 Taylor & Francis, Ltd.