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KALDOR-HICKS EFFICIENCY: A type of efficiency that results if the monetary value of society's resources are maximized. This is achieved if the marginal willingness to pay by those who benefit from an action is equal to the marginal willingness to accept of those harmed. If this condition is not achieved, then a Kaldor-Hicks improvement is possible. Kaldor-Hicks efficiency, named after Nicholas Kaldor and John Hicks, is the theoretical basis of benefit-cost analysis, a technique commonly used to evaluate the desirability of producing public goods (such as parks, highways, or reservoirs). This is one of two noted efficiency criteria used in economics. The other is Pareto efficiency.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for rusty deck screws.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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