pt. I. The definition of economic efficiency. The correct definition of the impact of a choice on economic (allocative) efficiency ; A critique of the definitions of and tests for economic efficiency that economists and law and economics scholars use -- pt. II. The assessment of economic efficiency. The distortion-analysis approach to economic-efficiency assessment ; Some second-best-theory critiques of canonical allocative-efficiency analyses and of the standard justifications for ignoring second best -- pt. III. The relevance of allocative-efficiency conclusions. The prescriptive-moral and legal relevance of allocative-efficiency conclusions ; A critique of various relevance arguments made by economists and law and economics scholars
Summary
Is economic efficiency a sound basis upon which to make public policy or legal decisions? In this analysis, Richard Markovits considers the way in which scholars and public decision-makers define, predict, and assess the moral and legal relevance of economic efficiency
