Must-Read: I had always thought that we had a mixed economy and the social safety net in large part to counter and correct the market's judgment as to who deserved to have resources used for their benefit. And I had always thought that this was an obvious and well-understood part of benefit-cost analysis. Have I in fact been wrong? Is this not well-understood? Do the younger economists--the kids these days!--Really think that the rights function for assessing societal well-being roughly multiplies each person's utility by their individual income?
Valuing Medicaid: "Finkelstein and her colleagues placed a very low value...: