Welfare Economics and Second-Best Theory

Introduction to The General Theory of Second Best, Its Central Implications, and the Appropriate Way to Respond to It.- The Economics Profession's Responses to The General Theory of Second Descriptions and Critiques.- The Concept of "the Impact of a Choice (or Natural Event) on Economic Efficiency".- "First-Best," "Second-Best," and "Third-Best" Definitions, Elaborations, and Other Economists' Usages.- The Symbols for Various Pareto Imperfections, Private and Allocative Concepts, Categories of Resource-Uses, and Categories of Resource Allocations.- The Vocabulary and Symbols of Distortion Analysis.- Analyses of Various Step-Wise Monopoly Distortions.- The Various Non-Monopoly Step-Wise Private-Benefit, Private-Cost, and Profit Distortions.- Some Negative and Positive Implications of the TBLE Distortion-Analysis Protocol for Economic-Efficiency Prediction/Post-Diction.- The Approach That Would Be TBLE for a Government to Take to Economic-Efficiency Prediction/Post-diction-the Rest of the Story.- Conclusion.