Market efficiency is the great benefit of capitalism, but capitalists hate it because it means low profits. Capitalists battle market efficiency through monopoly, marketing and other assaults on the assumptions of Free Market Theory. Except, of course, when they are arguing for free trade.
- Efficiency, inequality, and the costs of redistribution [More...]
- "Under the Kaldor-Hicks principle an outcome is efficient if the winners could compensate the losers. They don’t actually have to do it for the new outcome to qualify as efficient. So the winners of newly opened markets don’t have to compensate the workers who have lost jobs."
No quotations found in this category.