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Emphasizing Distributional Impacts in Teaching Solutions to Market Failures

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  • Sarah L. Stafford

Abstract

This paper argues for incorporating distributional impacts into research and classroom discussions that focus on potential solutions to market failures. Many economists were taught to focus on the efficiency associated with such solutions and to assume that other means would be used to achieve the appropriate distribution of wealth within an economy. The paper briefly enumerates both theoretical and practical reasons why emphasizing distributional impacts is important. The paper offers a number of methods that can be used to identify distributional impacts in applied research such as Kaldor–Hick Tableaus, Lorenz Curves, Gini Coefficients, and weighted benefit–cost analysis and provides sample assignments that can be used in a wide range of classes.

Suggested Citation

  • Sarah L. Stafford, 2021. "Emphasizing Distributional Impacts in Teaching Solutions to Market Failures," International Review of Environmental and Resource Economics, now publishers, vol. 15(3), pages 175-202, September.
    • Handle: RePEc:now:jirere:101.00000141
    DOI: 10.1561/101.00000141
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    Cited by:

    1. Depro, Brooks, 2022. "Making introductory economics more relevant: Using personalized connections to introduce environmental economics," International Review of Economics Education, Elsevier, vol. 39(C).

    More about this item

    Keywords

    Equity; benefit-cost analysis; Kaldor-Hicks Tableau; Lorenz Curve; intergenerational analysis;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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