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Preconditions and Limitations of Efficiency: Considering the Distributive Dimension of Price

In: Globalization and Economic Ethics

Author

Listed:
  • Albino Barrera

Abstract

The price mechanism has an allocative dimension because it induces economic agents to put their scarce resources to their most valued uses. This lays the groundwork for sustainable long-term growth and, thus, economic efficiency is unavoidable as a criterion of distributive justice and as a proximate end of market operations. However, efficiency can be neither the only nor necessarily the primary goal of economic life. After all, the price mechanism also has a distributive dimension. The same price movements that lead to the most efficient disposition of resources have the collateral effect of redistributing burdens and benefits within the economy.

Suggested Citation

  • Albino Barrera, 2007. "Preconditions and Limitations of Efficiency: Considering the Distributive Dimension of Price," Palgrave Macmillan Books, in: Globalization and Economic Ethics, chapter 0, pages 119-141, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-60976-1_5
    DOI: 10.1057/9780230609761_5
    as

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