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 decision-makers define, predict, and assess the moral and legal relevance of economic efficiency. The...

Introduction to The General Theory of Second Best, Its Central Implications, and the Appropriate Way to Respond to It -- The Economics Profession’s Responses to The General Theory of Second Best: Descriptions and Critiques -- The Concept of “the Impact of a Choice (or Natural Event) on...

This Reply responds to various standard arguments economists have made in an attempt to justify their continued use of first-best allocative-efficiency analysis in the face of Second-Best Theory's demonstration that, in our Pareto-imperfect world, all arguments based on first-best analysis are...