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: An Inclination to Criticize

Thinking about Pareto

Say there are two parties, the SWs and the PIs, who always know the exact outcome of their legislation: The SWs subscribe to the ideology that legislative action should be taken anytime it will improve aggregate social welfare. The PIs will only act when it will result in a Pareto improvement. The SWs take power and begin doing what they do, enacting legislation that makes some better and, at times, others worse. 2 (or 4, or 10, or 50) years later the PIs take power. Given their beliefs about when to act, can the PIs pass laws to reverse the consequences of the SWs' actions? Won't... (more)

Full post as published by An Inclination to Criticize on March 21, 2007 (boomark / email).