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The Myth of “the Efficiency Criterion” in Economic Science

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magritte_2_bunEfficiency” is the marvellous concept based on which almost all economists build their judgements and theories since forever. But the way in which the efficiency argument has been used explains many of today’s bad aspects. Using “the efficiency criterion” on state policies has insurmountable scientific limitations. Ignoring them, due to lack of knowledge or rather out of interest, easily led

Cosmin Marinescu