3 ms·
The magnitude doesn't matter, it is a qualitatively different phenomenon. This provides a definition of a market distortions: https://en.wikipedia.org/wiki/Ma
by LudwigNagasena 5y ago
The magnitude doesn't matter, it is a qualitatively different phenomenon.
This provides a definition of a market distortions:
https://en.wikipedia.org/wiki/Market_distortion https://en.wikipedia.org/wiki/Market_distortion
This may help understand why it is defined this particular way and why it excludes inheritance and other wealth transfers:
https://en.wikipedia.org/wiki/Fundamental_theorems_of_welfare_economics https://en.wikipedia.org/wiki/Fundamental_theorems_of_welfar...
https://en.wikipedia.org/wiki/Pareto_efficiency https://en.wikipedia.org/wiki/Pareto_efficiency