Chapter 10Economic Policy:II Microeconomics
We have considered, in the last chapter, problems of macroeconomic policy. It is the turn of microeconomics and we now deal with policy issues relating to the allocation of resources. Some of these have already received attention in earlier parts of this book and we shall be referring back to them. The reader is also advised to refresh his memory of the concluding sections in Chapters 3 and 4 before reading further.
The Goals of Microeconomic Policy
Two microeconomic policy goals may be distinguished, equity and efficiency.
(1) Equity
It is important to emphasise, at the outset, that microeconomic policy is no less controversial a subject than is macroeconomic policy. It is obvious that this is so when ...
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