All Posts Tagged With: "economic efficiency"
The True Price of a Hybrid
Prices are amazing. They are only little numbers, but they are so very useful. An economist will tell you that prices are the relative scarcities of items measured in monetary terms. The average businessman, if he ever really thinks about them, might say that they indicate which resources to use and which to avoid. Prices [...]
1Sep2007 | Paul Cwik | 5 comments | ContinuedIs the Marketplace Efficient?
It is tempting to defend the free market by claiming it’s efficient. But we’d better resist that temptation. It can lead to trouble. Individuals surely strive for efficiency; to the best of his knowledge, each person attempts to economize resources, time, and energy in the pursuit of goals, and each necessarily puts higher values before [...]
1Sep2003 | Sheldon Richman | 0 comments | ContinuedEconomic Efficiency
Economic efficiency is the standard that economists use to evaluate a wide range of things. Economists who favor markets argue that they generate outcomes more efficient than do socialism or government regulation. As we shall see in the next few months, economists don’t like pollution because it is inefficient.
1Mar2001 | Dwight R. Lee | 1 comment | ContinuedLaw’s Order: What Economics Has to Do with Law and Why It Matters by David D. Friedman
Princeton University Press • 2000 • 329 pages • $29.95 Law and economics, or the economic analysis of law, is a relatively new discipline. It was launched in the late 1950s and early 1960s and has grown in importance and in the number of its practitioners ever since. It uses key principles of economics—such as [...]
1Mar2001 | Charles W. Baird | 2 comments | ContinuedThe Economic Virtues of Federalism
Dan Alban is a recent graduate of Berry College and a fellow at the Institute for Humane Studies. Frank Stephenson is an assistant professor of economics in the college’s Campbell School of Business and an adjunct scholar with the Georgia Public Policy Foundation. The political benefits of federalism as a mechanism for dispersing and restraining [...]
1Nov2000 | and Daniel L. Alban | 0 comments | Continued-
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