Economic Efficiency Analysis

Course Information

Registration Information

Meeting Times

Day Time Location
WED, FRI 9:10 - 10:00 am TNH 3.127
THU 12:40 - 1:30 pm TNH 3.127

Evaluation Method

Type Date Time Location
Final exam (administered by Exam4 in Closed mode) December 9, 2022 1:30 pm A-Z in 2.124
Midterm exam (administered by Exam4 in Closed mode) October 13, 2022 12:40 pm A-Z in 3.127


This course will examine the correct (useful) way to define the concept "the impact of a choice on economic efficiency," the economically-efficient approach to take to predicting or postdicting the economic efficiency of any private or governmental choice, the relevance of the economic efficiency of a choice to its justness or moral desirability (rights-considerations aside), and the relevance of the economic efficiency of an interpretation or application of the law to its correctness as a matter of law. The course will also criticize canonical writings that articulate or manifest conclusions on these matters that differ from the Lecturer's. Although several weeks of the course will be devoted to the definitional and relevance issues, the majority of the course will address the economically efficient way to predict or postdict the economic efficiency of a choice in an economy that inevitably contains large numbers of Pareto imperfections of all types and uses resources in a large number of ways. More specifically, the course will consider in detail the negative implications of The General Theory of Second Best for the way in which economists approach economic-efficiency analysis and develop and apply a so-called distortion-analysis approach to economic-efficiency analysis that the Lecturer believes responds defensibly to the interconnections whose importance Second-Best Theory highlights. No background in economics, moral philosophy, or jurisprudence will be presupposed, though students without such backgrounds will have to work harder in the sections of the course to which these fields are relevant. There will be a mid-term as well as a final examination.

Textbooks ( * denotes required )

Truths Of Economics *
Markovits, Richard S.
ISBN: 978-0-300-11459-1
Welfare Economics and Second-Best Theory : A Distortion-Analysis Protocol for Economic-Efficiency Prediction *
Markovits, Richard S.
Springer International Publishing AG
ISBN: 978-3-030-43359-8


Log In to View Course Evaluations

Important Class Changes

Date Updated
10/28/2022 Meeting times changed
10/28/2022 Exam information updated
09/19/2022 Meeting times changed
09/19/2022 Meeting times changed
09/19/2022 Exam information updated
07/22/2022 Meeting changed