Values and Objectives

Peter Dorman

Chapter 4 in Microeconomics, 2014, pp 55-68 from Springer

Abstract: Abstract In the previous chapter we looked at several key elements of the framework used by economists to do positive analysis—explanation of the past and prediction of the future. Now we will sketch the framework for normative analysis. The central concept is economic efficiency. We will begin by taking a bird’s-eye view of the topic and then move up close to study in some detail its underlying components, economic costs and benefits. These ideas are not complicated, but they differ subtly but significantly from the everyday use of the same words. It’s important to remove any potential sources of confusion before moving to the model-building that lies ahead.

Keywords: Opportunity Cost; Economic Benefit; Economic Cost; Rice Production; Free Lunch (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-642-37434-0_4

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DOI: 10.1007/978-3-642-37434-0_4

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