Compensation and Political Feasibility: Facilitating Welfare Improving Policies

Date
1992-10-01
Authors
Just, Richard
Rausser, Gordon
Zilberman, David
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Altmetrics
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Abstract

There is a broad consensus among economists, policymakers, and informed citizens that free-market economics do not preclude many inefficiencies in resource allocation. There are many circumstances where policy interventions have the potential to achieve a "Pareto improvement" in the sense of making some people better off without making others worse off. The challenge to any particular market-oriented society is to design those mechanisms, organizations and institutions that identify the limitations of free-markets and result in those reforms that seek Pareto-improved outcomes.

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Agriculture, Policy, Welfare, Pareto improvement
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