Why Income and Wealth Equality Cannot End Wage Stagation
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Authors
Epstein, Richard D.
Issue Date
2014
Volume
48
Issue
1
Type
Journal Article
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Abstract
INTRODUCTION|It is a great honor and privilege for me to return to Creighton Law School. I was last here in 1979 when I talked about automobile no fault insurance, a lecture that formed the basis of my 1980 article for the Creighton Law Review. There is in fact a common theme between that article and this topic: beware of the Nirvana fallacy in evaluating proposals for major institutional reforms. This proposition was first stated by Harold Demsetz, who put the point bluntly, "The view that now pervades much public policy economics implicitly presents the relevant choice as between an ideal norm and an existing 'imperfect' institutional arrangement. This nirvana approach differs considerably from a comparative institution approach in which the relevant choice is between alternative real institutional arrangements."...
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Creighton University School of Law