S E13: Economic Surplus - Getting the Most out of Life
Think Like An Economist
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Economists Are Obsessed With Efficiency and Equity
Economists do seem a bit obsessed with efficiency and equity. It's like deciding whether to have the biggest pie possible or the most equal slices. Maximizing economic surplus is a little bit like maximizing incentives. But at some point the cost in terms of giving up equity, is just too much. Sometimes policies that prioritize equity also help grow the pie. They enhance economic efficiency.
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