ABSTRACT
Every social problem has an economic dimension, but there are also noneconomic considerations in every policy choice. Both need attention. Can efficiency and equity be reconciled? How can the common interest prevail over the special interest? How can social costs be minimized? Indeed, what are the opportunity costs, the trade-offs in every relevant dimension, of doing something? Can employment or productivity be increased in doing it? The analytical approach of economics should consider such things, as well as comparing short and long runs. It needs to embody both marginal analysis and globalism. Consider how well economics is doing the job and what could be done better.
