You are here

A fair world doesn't have to be an inefficient one

The more things we produce - including goods such as TVs and cars, but also services such as insurance - the fewer resources we are wasting.

ONE common criticism of economics is that it focuses too much on efficiency, and not enough on things such as equality, fairness and the welfare of future generations. In the extreme version of the criticism, the focus on efficiency is a deliberate plot to keep resources in the hands of the...