In the 1950s, the theorists of the new welfare economics showed that the state cannot enhance economic efficiency (or, what is the same, increase societys income) without making a value judgment that favors some and harms others. But most of these economists would not accept their discoverys corollary that to minimize value judgments the state should refrain from meddling with social welfare policy.
|Other Independent Review articles by Pierre Lemieux|
|Winter 2016||From Lemonade Stands to 2065|
|Summer 2015||The State and Public Choice|
|Winter 2004||Smoke-Filled Rooms: A Postmortem on the Tobacco Deal|
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