Economic inefficiency: A failure of economists

Michael E Staten, John Umbeck

Research output: Contribution to journalArticle

5 Citations (Scopus)

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 - 1989
Externally publishedYes

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economic efficiency
microeconomics
economist
public policy
economics
Economics
Microeconomics
Economists
Economic efficiency
Inefficiency
Public policy

ASJC Scopus subject areas

  • Economics and Econometrics
  • Education

Cite this

Economic inefficiency : A failure of economists. / Staten, Michael E; Umbeck, John.

In: Journal of Economic Education, Vol. 20, No. 1, 1989, p. 57-72.

Research output: Contribution to journalArticle

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