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Economic Efficiency and Income Differentials

In: The Relevance of Economic Theories

Author

Listed:
  • Wiktor Herer

    (Institute of Planning)

  • Władysław Sadowski

    (Institute of Planning)

Abstract

In recent years the relevance and achievements of economic theory have been severely criticised. Some aspects of this criticism certainly deserve great attention. It is said with some justification that economists waste energy on solving technical issues of little or no social importance and that it is the perfection of the increasingly sophisticated and refined tools of mathematical analysis, which takes a growing proportion of their time and energy. It is also true that economics turned its back on the major economic problems and contemporary social conflicts, escaping into the safety of an imaginary world of perfect competition, perfect central planning, etc. Economics does not take up the problems which are relevant and socially painful, but prefers those which promise technically interesting and formally elegant solutions.

Suggested Citation

  • Wiktor Herer & Władysław Sadowski, 1980. "Economic Efficiency and Income Differentials," International Economic Association Series, in: Jozef Pajestka & C. H. Feinstein (ed.), The Relevance of Economic Theories, chapter 5, pages 67-78, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-16443-1_5
    DOI: 10.1007/978-1-349-16443-1_5
    as

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