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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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