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This comment by Judge Posner is both interesting and puzzling. Suppose, for the sake of argument, that most Americans prefer more leisure to more stuff. I certainly do, but I have no idea how typical I am. How would I know how efficient the American economy is in satisfying this preference? More French people have this preference than Americans. Don't ask me to document the fact that this is a fact, but I believe it is a fact. Suppose it is the fact. Is the French economy more efficient than ours in satisfying this preference? I do not know. More importantly, I do not know how to answer the question. I do not think Judge Posner gives us any clue about how to answer the question of economic efficiency. But I do believe he has touched uppon an exceedingly interesting question .
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Oct 7, 2012