J Lou@mastodon.social

J Lou@mastodon.social

J Lou@mastodon.social to

Neoliberal@lemmy.world · 2 months ago

On a fallacy in the Kaldor-Hicks efficiency-equity analysis

J Lou@mastodon.social to

Neoliberal@lemmy.world · 2 months ago

“This paper shows that implicit assumptions about the numeraire good in the Kaldor-Hicks efficiency-equity analysis involve a “same-yardstick” fallacy (a fallacy pointed out by Paul Samuelson in another context). These results have negative implications for cost-benefit analysis, the wealth-maximization (e.g., “Chicago”) approach to law and economics, and other parts of applied welfare economics”

https://www.ellerman.org/wp-content/uploads/2014/04/Kaldor-Hicks-FallacyReprint.pdf

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