Optimal Policy

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August 31, 2024 5 min read Definitions
Second-Best: Optimal Policy Decisions under Constraints
Economics Public Policy Economic Theory Optimal Policy Market Distortion Efficiency Lipsey-Lancaster Theory
The concept of second-best pertains to situations where policy-makers encounter constraints beyond technology and endowments, preventing the achievement of a first-best outcome. This article explores the Lipsey-Lancaster theory of second-best and its implications for economic policy.
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