There is a broad consensus among economists, policymakers, and informed citizens that free-market economics do not preclude many inefficiencies in resource allocation. There are many circumstances where policy interventions have the potential to achieve a "Pareto improvement" in the sense of...

The agricultural sectors of the United States and other developed countries have been subjected to a myriad of policies and regulations that have contributed to unsatisfactory production patterns and resource allocations both within and between countries. Furthermore, such policies have imposed...