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Basic terms in economics
Basics of economics
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Economic evaluative criteria often rely on efficiency to measure outcomes and make decisions. Some important economic concepts that analysts and policy makers rely on are Pareto and Kaldor-Hicks efficacy criteria. Pareto efficiency criterion is defined as a trade of goods currency or services that makes at least one person better off and no one worse off. When there is a beginning distribution of goods between individuals, a change to a different distribution that makes at least one person better off without making someone worse off is a Pareto improvement. Kaldor–Hicks efficiency criteria, measures economic efficiency and has less rigorous criteria. Using Kaldor–Hicks efficiency criteria, an outcome is more efficient when individuals that are made better off could in principle pay compensation to individual that are adversely affected and made worse off, so that there is a Pareto improving outcome. Kaldor–Hicks critria does not require compensation in fact be paid, just that the possibility for compensation subsists, and therefore leave each at least as well off. The Kaldor-Hicks efficiency criteria connects the Pareto efficiency criteria with the compensation principle, allowing analyst and policy makers to compare two outcomes if one could be attained from the other through transfer of resources between individuals, through compensation. The Kaldor–Hicks efficiency criteria are used to determine whether an activity moves the economy toward Pareto efficiency. Slight change usually makes some people better off and others worse off. Pareto efficiency necessitates making every individual involved better off and no one worse off. In Kaldor–Hicks efficiency crtieria, it is possible that a more efficient outcome can make some Indiv...
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...-making, due to the fact that the criteria ignores consideration of seemingly relevant factors such as the interests of individuals or firms whose very existence is affected by the outcome of the decision-making process.
Pareto and Kaldor- Hicks efficiency criteria are important concepts of efficiency however they have no concern for equity. As Patton at el, points out efficiency economic criteria looks at the how can a policy or program benefit a group but it does not ask which group is benefiting and is it equitable and sustainable. Efficiency and equity are rarely both maximized in a policy or program leading to a trade-off. The public sector is unable to only factor in efficiency criteria because it has a duty to service its citizens and must strive for equity and efficiency. However questions of equity are hard to answer and there is no way to measure equity.
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