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Why spend so much time focusing on the economists who got it wrong while ignoring those who got it right Rich Toscano San DiegoSIR – Your analysis of the efficient-markets hypothesis (EMH) did not recognise the importance of distortions caused by public policy ("Efficiency and beyond", July 18th).
Indeed, just as economic competition led rival firms to compete over price, innovate, and explore untapped markets, so electoral competition led rival parties to compete over policy efficiency and effectiveness, devise novel forms of delivery, and focus on areas appealing to different sections of the electorate.
Targeting rural development policies to high potential areas may increase policy efficiency.
However, in practical policy, efficiency gains must be traded off against industrial concerns.
Integrating infrastructure investment plans and green industrial policies would both reduce infrastructure obduracy and increase green industrial policy efficiency.
And second, to provide a fundamental tool to public policy designers that should simultaneously improve social acceptability of conservation policies and policy efficiency and effectiveness.
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But not there.Jerome Zukosky Annapolis, MarylandThe true cost of carbon* SIR – Your article discussing the costs of different carbon emissions reduction policies ("Efficiency drive", July 31st) seems to imply that every tonne of reduced carbon dioxide emissions has equal value in the effort to mitigate climate change, regardless of context.
Different economic and environmental theories and approaches have been used to date to evaluate effectiveness of biofuels policies, efficiency of biofuels production or sustainability of different biofuels technologies.
All models included hospital fixed effects to account for unobserved differences in hospital policies, efficiency, and case-mix.
The MPs' year-long inquiry into prisons concludes "it is not possible to avoid the conclusion" that changes in policy, including efficiency savings and staffing shortages, "have made a significant contribution to the deterioration in safety".
In question time, he described exactly those same critiques (made by business groups and analysts as well as conservationists) as "ideological" and showered praise on the policy's efficiency.
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