PKT
mailing list archive
[ Other Periods  | Other mailing lists  | Search  ]
Date:  [ Previous  | Next  ]      Thread:  [ Previous  | Next  ]      Index:  [ Author  | Date  | Thread  ]

Re:Efficiency

Re: the discussion between Gintis and Mitchell on the meaning of capitalist
efficiency, or any other kind.  Is the following relevant?
Efficiency is a relationship between input and output.  The relevant input
and output categories are determined by institutions (property rights) and
thus there are as many different efficient outcomes as there are systems of
institutions.  The dichotomy between efficiency and equity is troublesome:
since different prices emerge from different distributions of income and
other rights, unless the distribution is legitimated, any particular
efficiency calculation from a particular price set has no legitimacy
either.  It might be more useful if we contrasted efficiency # 1 and
efficiency # 2, rather than efficiency vs. equity.
Allan Schmid                      Phone (517) 355-2266
Dept. of Agr. Economics           FAX   (517) 432-1800
Michigan State University
East Lansing MI 48824  USA        E-Mail 00549aas@xxxxxxx
[ Other Periods  | Other mailing lists  | Search  ]