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| Author: | Mirrlees, J. |
| Title: | Nobel Prize Lecture: Information and incentives: the economics of carrots and sticks |
| Journal: | Economic Journal
1997 : SEP, VOL. 107:444, p. 1311-1329 |
| Index terms: | INFORMATION ECONOMICS INCENTIVES |
| Language: | eng |
| Abstract: | As taught to generations of economists, there are two parts to the doctrine of the invisible hand. The first is that an economic equilibrium is Pareto-optimal: it is an allocation of commodities and activities to people with the property that no other allocation could make everyone better off. The second part says that any Pareto-optimal allocation can be an economic equilibrium. For that to be, the initial distribution of assets among people has to be set right. |
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