Rai points out the great limitations of some conventional measures of efficiency and cites quality-adjusted life years (QALY), an alternative measure that is actually used in making health-care decisions, as an example. the ability to pay. Quantifying benefits in terms of QALY does not give us a neutral measure of worth, of course but it does expose the value judgments being made and give us a yardstick other than intuition or anecdote for measuring effects. Thus, she argues that rather than giving up on economic analysis, other ways to broaden its scope should be sought.
Arti K. Rai,
The Ends of Intellectual Property: Health as a Case Study,
70 Law and Contemporary Problems
Available at: http://scholarship.law.duke.edu/lcp/vol70/iss2/7