The principle of economic efficiency is a rather complicated principle, because it refers ultimately to economic welfare. It is another to ask whether there effects will be “good”, “bad”, “satisfactory”, or “unsatisfactory”. Here we come to policy questions that pose an enormous challenge to the economist—and to other citizens—yet which must be answered in one way or another. “Good” and “bad” are obviously terms that require us to make value judgments. When asked to compare two economic situations, A and B, one individual may judge A to be “better” than B while another chooses B above A. Furthermore, there may be different aspects of situation A and B, some of which are considered “better” in one situation, some of which are deemed to be “better” in the other. That is to say, there may be different objectives, and these may conflict within the mind of a single individual, quite apart from the fact that his judgment may differ from that of another citizen.