This paper seeks to emphasize the convenience of transactional efficiency, proposed by new institutional economics, in relation to Pareto equilibrium, proposed by neoclassic economics. It argues that transactional efficiency is more appropriate than the neoclassical criteria of efficiency when it is about conception and evaluation of economic policies. The synthesis of theoretical foundation of public intervention and transactional efficiency, and the analysis of three empirical studies, show the convenience of transactional efficiency.
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Volume (Year): 10 (2008) Issue (Month): 18 (January-June) Pages: 149-178 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (includes Austrian, Marshallian, Walrasian) B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
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