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Is economic efficiency a sound basis upon which to make public policy or legal decisions? In this sophisticated analysis, Richard S. Markovits considers the way in which scholars and public decisionmakers 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 SecondBest Theory and investigates the moral and legal relevance of economicefficiency 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 SecondBest Theory when analyzing the economic efficiency of public choices and misassess the relevance of economicefficiency conclusions both for moral evaluations and for the answer to legalrights questions that is correct as a matter of law.
⚠️ WARNING (California Proposition 65):
This product may contain chemicals known to the State of California to cause cancer,
birth defects, or other reproductive harm.
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