Source: Khalil Bendib
MOST ECONOMISTS FOCUS on the efficiency of market outcomes—how to deliver the most goods and services using the fewest resources. And in fact, previous chapters looked at a number of hot-button fears relating to the breakdown of market efficiency—concentration, externalities, risks, and imbalances. But efficiency isn't everything. Most people care about fairness or equity, and many think globalization is at best unfair and at worst blatantly exploitative. So we need to consider how the benefits and costs of cross-border integration are distributed across people instead of looking at just ...