Welfare And Efficiency

Audio:

"Foundations of Welfare Economics"
Hulsmann, Mises University (2003)
http://www.youtube.com/watch?v=AcMxQAXrd18

Readings:

"The Third Way: On Government Interference in the Market Process"
Callahan, Economics for Real People, chapter 11
mises.org/books/econforrealpeople.pdf

Study Questions:

1. What is the problem with all government efforts to improve on the market?

2. How does a mainstream economist use "efficiency" as a criterion for settling disputes?

3. What is the efficiency objection to the free market?

4. Why are secure property rights important to society?

5. What is the relevance of Callahan's example of swimmers reaching the Olympics?

6. What is a problem with the Pareto criterion?

7. If there were at least one person in society who despised all government interventions, could the State ever effect a Pareto improvement?

8. If at least one person will always object to any change from the status quo, is society always or never at a Pareto optimum?

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