This collection investigates the complex relationship between economic efficiency and the broader implications for social welfare within modern market systems. E. J. Mishan, a prominent economist known for his work in cost-benefit analysis and welfare economics, compiles a series of essays that challenge standard neoclassical assumptions. He argues that the pursuit of Pareto efficiency often ignores critical externalities and the qualitative aspects of human well-being, necessitating a more nuanced framework for policy evaluation.

Economists and scholars frequently cite this collection as a significant contribution to the critique of traditional welfare economics. The text is noted for its rigorous academic tone and its focus on the ethical dimensions of economic decision-making.