Welfare Economics and Second-Best Theory

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Focusing on the implications of The General Theory of Second Best, this book introduces a novel economic-efficiency-analysis protocol that emphasizes distinct categories of economic inefficiency often overlooked in traditional analyses. It evaluates how various policies and conduct affect these inefficiencies by assessing their impact on profitability versus economic efficiency. Additionally, it advocates for research projects only when their potential efficiency gains outweigh execution costs. The book illustrates its protocol through specific policy analyses, highlighting its unique conclusions compared to standard economic evaluations.