ECON 367 Lecture Notes - Lecture 6: Pareto Efficiency, William Rehnquist, Antonin Scalia
Document Summary
Econ 367 lecture 6: review of microeconomics, pareto efficiency revisited i. ii. iii. iv. i. Additional sources of mkt failure: differences in thinking. Levels of analysis -naming and framing: pennell case shall , must , denies , ordinance: a piece of legislation enacted by a municipal authority, 5th amendment: nor shall private property be taken for public use without just compensation ii. It was a taking because it forced a small group of private individuals to bear a burden that should have been borne by the public at large through social programmes iii. Positive vs normative: positive, 2 strands: i. ii. Analysis of the factors determining social welfare = welfare economics. Applying economic/econometric tools to estimate the impact of legal rules and property right: e. g. Property - does the law of nuisance (pollution) induce the optimal lvl of pollution abatement? i.
