Economic inefficiency: A failure of economists

Michael Staten, John Umbeck

Research output: Contribution to journalArticle

6 Scopus citations

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.

Original languageEnglish (US)
Pages (from-to)57-72
Number of pages16
JournalJournal of Economic Education
Volume20
Issue number1
DOIs
StatePublished - Jan 1 1989
Externally publishedYes

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ASJC Scopus subject areas

  • Education
  • Economics and Econometrics

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