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Journal Article

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.
DOI: 10.2307/1182717
Stable URL: http://www.jstor.org/stable/1182717
Page Count: 16
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Economic Inefficiency: A Failure of Economists
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Abstract

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.

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