Welfare economics is associated with two main theorems. The first is that competitive markets yield Pareto efficient outcomes. The second is that social welfare can be maximized at an equilibrium ...

Much of welfare economics has been concerned with this connection. Indeed, the content of the so-called first theorem of welfare economics is precisely that under certain well-defined conditions ...

I like laissez faire. AndI think the first and second fundamental theorems of welfare economics are true, that we get efficient resource allocation when we allow the interplay of self-interest.

Many of those in prominent policy roles today learned their economics from textbooks and courses based on that relatively orderly economy. In particular, the framework for evaluating policies relied ...

It was lauded as a major breakthrough and went on to be widely used for analyzing problems in welfare economics. Example of Arrow's Impossibility Theorem Let’s look at an example illustrating ...

In more advanced economics courses, that lesson is called the first fundamental theorem of welfare economics ... many nations remain mired in poverty. Second, while free markets yield a large ...

Weinzierl, Matthew C., and Robert Scherf. "The First Fundamental Theorem of Welfare Economics and Market Failures." Harvard Business School Technical Note 719-027, December 2018.

Following a consistently similar writing structure, Hotelling’s articles dealt with subjects as disparate as taxation, non-renewable resources, geographical economics and social welfare.