Reflection on Microeconomic Policy Frameworks in Australia, and a Suggestion about Fairness
Jonathan Pincus ()
Australian Economic Review, 2009, vol. 42, issue 2, pages 121-130
"For economists, the main test of a microeconomic policy change is its effect on efficiency: gains minus losses, equally weighted. However, it is standard economics that individuals value losses more than gains. Moreover, imposing large, uncompensated and uninsurable policy-induced losses would be widely regarded as unfair, when they are merely collateral damage from policy action. The article argues the case for adjusting the calculation of efficiency to take account of this 'unfairness' and discusses how it could be done. The context is the relatively recent acceptance in Australia of competition, if planned and regulated, as being generally socially beneficial." Copyright (c)2009 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research.
References: Add references at CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-8462.2009.00547.x link to full text (text/html)
Access to full text is restricted to subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:bla:ausecr:v:42:y:2009:i:2:p:121-130
Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0004-9018
Access Statistics for this article
Australian Economic Review is currently edited by Ross Williams, Ian McDonald and Mark Wooden
More articles in Australian Economic Review from The University of Melbourne, Melbourne Institute of Applied Economic and Social Research Contact information at EDIRC.
Series data maintained by Wiley-Blackwell Digital Licensing ().