Munich Personal RePEc Archive

Pareto-Efficiency, Hayek’s Marvel, and the Invisible Executor

Kakarot-Handtke, Egmont (2014): Pareto-Efficiency, Hayek’s Marvel, and the Invisible Executor.

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Abstract

This non-technical contribution to the RWER-Blog deals with the interrelations of market clearing, efficient information processing through the price system, and distribution. The point of entry is a transparent example of Pareto-efficiency taken from the popular book How Markets Fail.

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