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Compensation and Political Feasibility: Facilitating Welfare Improving Policies

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  • Richard E. Just
  • Gordon C. Rausser
  • David Zilberman

Abstract

There is a broad consensus among economists, policymakers, and informed citizens that free-market economics do not preclude many inefficiencies in resource allocation. There are many circumstances where policy interventions have the potential to achieve a "Pareto improvement" in the sense of making some people better off without making others worse off. The challenge to any particular market-oriented society is to design those mechanisms, organizations and institutions that identify the limitations of free-markets and result in those reforms that seek Pareto-improved outcomes.

Suggested Citation

  • Richard E. Just & Gordon C. Rausser & David Zilberman, 1992. "Compensation and Political Feasibility: Facilitating Welfare Improving Policies," Food and Agricultural Policy Research Institute (FAPRI) Publications 90-gatt19, Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University.
  • Handle: RePEc:ias:fpaper:90-gatt19
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    References listed on IDEAS

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    1. Cote, Agathe, 1987. "The Link between the U.S. Dollar Real Exchange Rate, Real Primary Commodity Prices, and LDCs' Terms of Trade," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 547-551, August.
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    3. Rudiger Dornbusch, 1985. "Policy and Performance Links between LDC Debtors and Industrial Nations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 16(2), pages 303-368.
    4. Gilbert, Christopher L, 1989. "The Impact of Exchange Rates and Developing Country Debt on Commodity Prices," Economic Journal, Royal Economic Society, vol. 99(397), pages 773-784, September.
    5. Valdés, Alberto & Zietz, Joachim A., 1980. "Agricultural protection in OECD countries: its cost to less-developed countries," Research reports 21, International Food Policy Research Institute (IFPRI).
    6. E. C. Hwa, 1979. "Price Determination in Several International Primary Commodity Markets: A Structural Analysis (La détermination des prix sur plusieurs marchés internationaux de produits primaires de base: Analyse s," IMF Staff Papers, Palgrave Macmillan, vol. 26(1), pages 157-188, March.
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