Compensation and Political Feasibility: Facilitating Welfare Improving Policies

Richard Just, Gordon Rausser and David Zilberman

Food and Agricultural Policy Research Institute (FAPRI) Publications (archive only) from Center for Agricultural and Rural Development (CARD) at Iowa State University

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.

Date: 1992-10
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Related works:
Working Paper: Compensation and Political Feasibility: Facilitating Welfare Improving Policies (1992)
Working Paper: Compensation and Political Feasibility: Facilitating Welfare Improving Policies (1992)
Working Paper: Compensation and political feasibility: facilitating welfare improving policies (1990)
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Persistent link: https://EconPapers.repec.org/RePEc:ias:fpaper:90-gatt19

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