Truth or Economics: On the Definition, Prediction, and Relevance of Economic Efficiency [Hardcover]

Prof. Richard S. Markovits (Author)

Book Description

ISBN-10: 0300114591 | ISBN-13: 978-0300114591 | Publication Date: February 28, 2008

Is economic efficiency a sound basis upon which to make public policy or legal decisions? In this sophisticated analysis, Richard S. Markovits considers the way in which scholars and public decision-makers define, predict, and assess the moral and legal relevance of economic efficiency.

 

The author begins by identifying imperfections in the traditional definition of economic efficiency. He then develops and illustrates an appropriate response to Second-Best Theory and investigates the moral and legal relevance of economic-efficiency analyses. Not only do virtually all economic, legal, and public policy thinkers misdefine economic efficiency, the author concludes, they also ignore or respond inadequately to Second-Best Theory when analyzing the economic efficiency of public choices and misassess the relevance of economic-efficiency conclusions both for moral evaluations and for the answer to legal-rights questions that is correct as a matter of law.

 

Editorial Reviews

About the Author

Richard S. Markovits is the holder of the John B. Connally Chair in Law at The University of Texas Law School. He teaches and writes in the areas of antitrust, law and economics, constitutional law, and jurisprudence.

Product Details

• Hardcover: 520 pages
• Publisher: Yale University Press (February 28, 2008)
• Language: English
• ISBN-10: 0300114591
• ISBN-13: 978-0300114591
• Product Dimensions: 9.3 x 6.3 x 1.6 inches
• Shipping Weight: 2 pounds (View shipping rates and policies)
• Average Customer Review: 1.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #2,379,107 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

1 of 1 people found the following review helpful:

1.0 out of 5 stars Confusing, confused and utterly incomprehensible, February 27, 2009

By 

Peter Buisseret (Princeton, NJ) - See all my reviews
(REAL NAME)   

This review is from: Truth or Economics: On the Definition, Prediction, and Relevance of Economic Efficiency (Hardcover)

With such an intriguing and ambitious title, I had high expectations for this treatise. Less than five pages in, however, it became apparent that the sole achievement of its author lies in the magnitude of his abuse both of economic theory and the English language.

The author's primary aim is to criticise and "offer an appropriate response" to the flawed efficiency claims made by economists, legal scholars, and policymakers. I infer that this is what he was attempting to convey, for the first chapter was so poorly constructed and displayed such a complete disregard for grammar and syntax as to require two or three wearisome and labored readings before I could understand adequately what the author was trying to say. Where the writing was not utterly baffling, it served only to demonstrate the author's ignorance of the finer points of the relevant theory.

Prospective readers who have yet to be deterred are encouraged to make liberal use of the 'Look Inside' feature of Amazon and obtain first-hand experience of these observations. To those who continue in spite of these warnings, I wish you the very best of luck. This book will certainly keep you occupied for a good while.