The First Fundamental Theorem of Welfare Economics and Market Failures PDF Download
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Author: Matthew C. Weinzierl
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Matthew C. Weinzierl
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: John Eatwell
Publisher: Springer
ISBN: 1349202150
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.
Author: Karine Nyborg
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The perfectly competitive market - a hypothetical situation free of market failure - is the basis for the two fundamental welfare theorems, and an important benchmark for economic theory. The radical abstractions of this idea, however, make its full implications hard to grasp. I address this using literary fiction. Part I discusses fiction as a tool for economic theory. Part II is a story about a journey to the perfectly competitive market. Part III develops main theoretical insights based on the story: First, complete social isolation is needed to preclude market failure. Second, the requirements of symmetric information and no external effects are extremely hard to reconcile, leading to an impossibility theorem: if trade is permitted anytime, and deliberate, welfare-relevant learning is feasible, no perfectly competitive market can exist.
Author: Allan M. Feldman
Publisher: Springer Science & Business Media
ISBN: 038729368X
Category : Business & Economics
Languages : en
Pages : 401
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Book Description
This book covers the main topics of welfare economics — general equilibrium models of exchange and production, Pareto optimality, un certainty, externalities and public goods — and some of the major topics of social choice theory — compensation criteria, fairness, voting. Arrow's Theorem, and the theory of implementation. The underlying question is this: "Is a particular economic or voting mechanism good or bad for society?" Welfare economics is mainly about whether the market mechanism is good or bad; social choice is largely about whether voting mechanisms, or other more abstract mechanisms, can improve upon the results of the market. This second edition updates the material of the first, written by Allan Feldman. It incorporates new sections to existing first-edition chapters, and it includes several new ones. Chapters 4, 6, 11, 15 and 16 are new, added in this edition. The first edition of the book grew out of an undergraduate welfare economics course at Brown University. The book is intended for the undergraduate student who has some prior familiarity with microeconomics. However, the book is also useful for graduate students and professionals, economists and non-economists, who want an overview of welfare and social choice results unburdened by detail and mathematical complexity. Welfare economics and social choice both probably suffer from ex cessively technical treatments in professional journals and monographs.
Author: Herman R. J. Vollebergh
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Author: Diane Coyle
Publisher: Princeton University Press
ISBN: 0691189315
Category : Business & Economics
Languages : en
Pages : 372
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Book Description
A textbook that examines how societies reach decisions about the use and allocation of economic resources While economic research emphasizes the importance of governmental institutions for growth and progress, conventional public policy textbooks tend to focus on macroeconomic policies and on tax-and-spend decisions. Markets, State, and People stresses the basics of welfare economics and the interplay between individual and collective choices. It fills a gap by showing how economic theory relates to current policy questions, with a look at incentives, institutions, and efficiency. How should resources in society be allocated for the most economically efficient outcomes, and how does this sit with society’s sense of fairness? Diane Coyle illustrates the ways economic ideas are the product of their historical context, and how events in turn shape economic thought. She includes many real-world examples of policies, both good and bad. Readers will learn that there are no panaceas for policy problems, but there is a practical set of theories and empirical findings that can help policymakers navigate dilemmas and trade-offs. The decisions faced by officials or politicians are never easy, but economic insights can clarify the choices to be made and the evidence that informs those choices. Coyle covers issues such as digital markets and competition policy, environmental policy, regulatory assessments, public-private partnerships, nudge policies, universal basic income, and much more. Markets, State, and People offers a new way of approaching public economics. A focus on markets and institutions Policy ideas in historical context Real-world examples How economic theory helps policymakers tackle dilemmas and choices
Author: Steven G. Medema
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In a paper delivered at the December 1955 meeting of the Econometric Society, Paul Samuelson noted that though economists had done "work of high quality and great quantity in the field of taxation," the theory of public expenditure had been "relatively neglected" (1958, 332). Anglo-American treatments of the subject, which in the late 19th century began to take the form of the self-contained treatise, typically opened with a brief, almost obligatory statement of the proper functions of the state before launching into their extensive disquisitions on sundry aspects of taxation, public debt and, eventually, fiscal policy. The operative point here is that these roles assigned to the state were asserted, and typically briefly, rather than demonstrated, even if the tasks ascribed-e.g., national defense, a system of justice, public works-resonate with modern theoretical sensibilities. The last third of the twentieth century, though, saw a significant structural change in this pattern. While the analysis of taxation and other financing issues did not disappear (and, in the case of taxation, continue to expand in scope), the cursory treatment of the functions of the state slowly gave way to deeper and more systematic inquiries. Indeed, by the mid-1980s the 'public expenditure theory' lacuna lamented by Samuelson had largely been filled with the theories of public goods, externalities, marginal-cost cum peak-load pricing. This paper documents and attempts to explain this transformation, locating its origins in Richard Musgrave's normative theory of the public household and the adoption by subsequent thinkers of new developments in welfare theory, which was seen to offer a theoretically sophisticated a vision of the state's role as a response to the problem of market failure.
Author: John Eatwell
Publisher: Springer
ISBN: 1349213152
Category : Business & Economics
Languages : en
Pages : 766
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Book Description
What are the central questions of economics and how do economists tackle them? This book aims to answer these questions in 100 essays, written by economists and selected from "The New Palgrave: A Dictionary of Economics". It shows how economists deal with issues ranging from trade to taxation.
Author: A.M. Feldman
Publisher: Springer Science & Business Media
ISBN: 1461581419
Category : Business & Economics
Languages : en
Pages : 238
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Book Description
This book covers the main topics of welfare economics - general equilib rium models of exchange and production, Pareto optimality, externalities and public goods - and some of the major topic of social choice the ory - compensation criteria, fairness, voting, Arrow's Theorem, and stra tegic behavior. The underlying question is this: "Is a particular economic or voting mechanism good or bad for society?" Welfare economics is mainly about whether the market mechanism is good or bad; social choice is largely about whether voting mechanisms can improve upon the results of the market. The book grew out of my undergraduate welfare economics course at Brown University, and it is intended for the undergraduate student who has some prior familiarity with microeconomics. However the book is also use ful for graduate students and professionals, economists and non-econo mists, who want an overview of welfare and social choice results unbur dened by detail and mathematical complexity.
Author: Arthur Pigou
Publisher: Routledge
ISBN: 1351304348
Category : Political Science
Languages : en
Pages : 1033
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Book Description
The Economics of Welfare occupies a privileged position in economics. It contributed to the professionalization of economics, a goal aggressively and effectively pursued by Pigou's predecessor and teacher Alfred Marshall. The Economics of Welfare also may be credited with establishing welfare economics, by systematically analyzing market departures and their potential remedies. In writing The Economics of Welfare, Pigou built a bridge between the old and the new economics at Cambridge and in Britain. Much of the book remains relevant for contemporary economics. The list of his analyses that continues to play an important role in economics is impressive. Some of the more important include: public goods and externalities, welfare criteria, index number problems, price discrimination, the theory of the firm, the structure of relief programs for the poor, and public finance. Pigou's discussion of the institutional structure governing labor-market operations in his Wealth and Welfare prompted Schumpeter to call the work "the greatest venture in labor economics ever undertaken by a man who was primarily a theorist." The Economics of Welfare established welfare economics as a field of study. The first part analyzes the relationship between the national dividend and economic and total welfare. Parts II and III link the size of the dividend to the allocation of resources in the economy and the institutional structure governing labor-market operations. Part IV explores the relationship between the national dividend and its distribution. In her new introduction, Nahid Aslanbeigui discusses the life of Pigou and the history of The Economics of Welfare. She also discusses Pigou's theories as expressed in this volume and some of the criticisms those theories have met as well as the impact of those criticisms. The Economics of Welfare is a classic that repays careful study.
