when goverment redistributes income with taxes and welfare, does the economy become more efficient or not?
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Expert's answer
2017-02-23T11:19:05-0500
If we are talking about “efficient” as maximizing production of goods using standard economic theory, then this statement is false. This is because economist deny the possibility to measure utility and so use the standard of maximizing production. However, people's instinct is to use the first. Such a difference in point of view lies at the heart of the political debate about economic policy.
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