This week we completed our three-part series on efficiency. The three posts covered a lot of ground, but here were the major themes:
First, why we should care about efficiency.
Second, why the efficiency criterion is sometimes incoherent, why those episodes of incoherence are fortunately rare, and why efficiency therefore remains, in most cases, a good guide to policy.
Third, why our instinctive recoil from cold-blooded efficiency is often misplaced.
I am off in the woods and largely away from the Internet for the rest of the weekend, so I might be a little slow to see your comments, but rest assured that I’ll all get read—and that I’ll be back on Monday.