Abstract: This chapter discusses the Theory of Second-Best, an alternative, non-ideal approach in policymaking. Given that "the real world" cannot guarantee ideal actions in ideal circumstances, the "first-best" or ideal option may be rendered moot. The Second-Best theory offers partial solutions and strategies to mitigate this lack of an ideal, thereby making the world a little more ideal. However, the theory is not perfect, as there will never be a guarantee that it will work for all eventualities.
Publication Year: 2012
Publication Date: 2012-02-29
Language: en
Type: book-chapter
Indexed In: ['crossref']
Access and Citation
Cited By Count: 7
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