Chapter 1 The “Correct” Definition of “the Impact of a Choice on Economic Efficiency”

  • Richard S. Markovits
Chapter

Abstract

Defined in the way that conforms with professional and popular understanding and creates a concept that is most useful, the impact of a choice on economic efficiency equals the difference between the equivalent-dollar gains the choice confers on its beneficiaries (the winners) and the equivalent-dollar losses it imposes on its victims (the losers). More controversially, in this formulation, a winner’s equivalent-dollar gain equals the number of dollars that would have to be transferred to him to leave him as well-off as the choice would leave him if

Keywords

Economic Efficiency Equivalent Variation Government Decision Money Transfer Moral Integrity 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Copyright information

© Springer-Verlag Berlin Heidelberg 2014

Authors and Affiliations

  • Richard S. Markovits
    • 1
  1. 1.School of LawThe University of TexasAustinUSA

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