Dr. Caplan - what do you think of the usual way welfare economics is taught? That is, do you think that Consumer and Producer surplus calculations for various regulations and policies are legitimate tools to compare policies? Do they rely on interpersonal utility comparisons, or can they successfully aggregate benefits across people?
MichaelTontchev20 karma
Dr. Caplan - what do you think of the usual way welfare economics is taught? That is, do you think that Consumer and Producer surplus calculations for various regulations and policies are legitimate tools to compare policies? Do they rely on interpersonal utility comparisons, or can they successfully aggregate benefits across people?
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