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What is dead weight loss?
Deadweight loss is a cost to the society that results from the market inefficiency. Mostly in Economics, deadweight loss applies to any deficiency resulting from the misallocation or incompetent allocation of resources.
Methods such as price ceilings, which include price controls, rent controls and price floors such as living wage laws, minimum wage, and taxation, create deadweight losses in the economy.
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Causes of deadweight losses
Reasons for deadweight losses may include-
- Monopoly pricing
- Binding price ceiling
- Binding price Flooring
- Taxes and subsidies
The very term “deadweight losses” is also expressed as “excess burden” of taxation or monopoly.
For instance, Deadweight losses that result from binding price ceiling, producer excess can or cannot increase, however, the deduction in the producer surplus must be higher than the increase in the consumer surplus.
Harberger’s Triangle commonly attributes to Arnold Harberger, refers to Deadweight loss that is associated with government interference in the perfect market. This happens because of the caps, price floors, taxes, quotas or tariffs.
Hicks vs. Marshall
One significant bifurcation should be made between Marshallian and Hicksian deadweight loss. The former’s concept of the consumer surplus in such a way that it can display that the Marshallian deadweight is zero. The demand and supply are perfectly elastic.
However, Hicks analysed the situations through the indifference curves and notes that when the Marshallian Demand Curve displays complete inelasticity. The economic condition and policy that causes distortion in the price will have substitution effect and this effect is the deadweight loss.
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