Economic Efficiency and Income Differentials

Wiktor Herer and Władysław Sadowski
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Wiktor Herer: Institute of Planning
Władysław Sadowski: Institute of Planning

Chapter 5 in The Relevance of Economic Theories, 1980, pp 67-78 from Palgrave Macmillan

Abstract: Abstract In recent years the relevance and achievements of economic theory have been severely criticised. Some aspects of this criticism certainly deserve great attention. It is said with some justification that economists waste energy on solving technical issues of little or no social importance and that it is the perfection of the increasingly sophisticated and refined tools of mathematical analysis, which takes a growing proportion of their time and energy. It is also true that economics turned its back on the major economic problems and contemporary social conflicts, escaping into the safety of an imaginary world of perfect competition, perfect central planning, etc. Economics does not take up the problems which are relevant and socially painful, but prefers those which promise technically interesting and formally elegant solutions.

Keywords: Consumer Good; Economic Efficiency; Wage Differential; Equitable Distribution; Social Equity (search for similar items in EconPapers)
Date: 1980
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DOI: 10.1007/978-1-349-16443-1_5

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