2025:) can be obtained from the outer envelope of all these utility functions. Each point on a social utility frontier represents an efficient allocation of an economy's resources; that is, it is a Pareto optimum in factor allocation, in production, in consumption, and in the interaction of production and consumption (supply and demand). In the diagram below, the curve MN is a social utility frontier. Point D corresponds with point C from the earlier diagram. Point D is on the social utility frontier because the marginal rate of substitution at point C is equal to the marginal rate of transformation at point A. Point E corresponds with point B in the previous diagram, and lies inside the social utility frontier (indicating inefficiency) because the MRS at point C is not equal to the MRT at point A.
1333:'s seminal paper in 1938, "A Reformulation of Certain Aspects of Welfare Economics." Bergson demonstrated that economic efficiency conditions could be precisely formulated without fully specifying the underlying social welfare function. By postulating W as W(UA, UB) and assuming W to be a positive function of each individual's utility, it was shown that maximum welfare occurred when allocative efficiency was achieved, and the marginal contribution to welfare of each individual was equalized. But this decision did not last long. In 1951,
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1882:, the change is desirable if the maximum the losers would be willing to offer the winners to prevent the change is less than the minimum the winners would accept as a bribe to give up the change. The Hicks compensation test is from the losers' point of view; the Kaldor compensation test is from the winners'. If both conditions are satisfied, the proposed change will move the economy toward Pareto optimality. This idea is known as
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1239:. The second theorem states that with further restrictions, any Pareto efficient outcome can be achieved through a competitive market equilibrium, provided that a social planner uses a social welfare function to choose the most equitable efficient outcome and then uses lump sum transfers followed by competitive trade to achieve it.
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especially those that exist because of neutrality, presented a challenge to reconcile conflicting interests in revenue sharing. The neutral results, avoiding special utility issues, restricted the social analyzes to structural utility issues. This restriction did not exclude important information about an individual’s
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could use a system of lump sum transfers to ensure that the "best" Pareto efficient allocation was supported as a competitive equilibrium for some set of prices. More generally, it suggests that redistribution should, if possible, be achieved without affecting prices (which should continue to reflect
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so that they can be used in the same graphic space as the other functions that they interact with. A utilitarian social indifference curve is linear and downward sloping to the right. The Max-Min social indifference curve takes the shape of two straight lines joined so as they form a 90-degree angle.
1914:
welfare function) sums the utility of each individual in order to obtain society's overall welfare. All people are treated the same, regardless of their initial level of utility. One extra unit of utility for a starving person is not seen to be of any greater value than an extra unit of utility for a
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Note that if one of these conditions leads to inefficiency, another condition might help by counteracting it. For example, if a pollution externality leads to overproduction of tires, a tax on tires might restore the efficient level of production. A condition inefficient in the "first-best" might be
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is an efficiency goal that is standard in economics. A situation is Pareto-efficient only if no individual can be made better off without making someone else worse off. An example of an inefficient situation would be if Smith owns an apple but would prefer to consume an orange while Jones owns an
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utility function. According to the Max-Min criterion, welfare is maximized when the utility of those society members that have the least is the greatest. No economic activity will increase social welfare unless it improves the position of the society member that is the worst off. Most economists
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later emphasized the nature of the sequential gain approach, and Arrow's theory emphasized it. Sen said collective action often arises in social decision-making, because Arrow's theory is delivered through the aggregate of individual preferences rather than the formation of government or income,
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Until 1951, the objective of welfare economics remained largely uncontested. Economists viewed welfare economics as the branch of the discipline concerned with delineating the actions a governing body should undertake. It was commonly accepted that the term "maximizing welfare" held a specific
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There are many combinations of consumer utility, production mixes, and factor input combinations consistent with efficiency. In fact, there are an infinity of consumption and production equilibria that yield Pareto optimal results. There are as many optima as there are points on the aggregate
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Although all the points on the grand social utility frontier are Pareto efficient, only one point identifies where social welfare is maximized. Such point is called "the point of bliss". This point is Z where the social utility frontier MN is tangent to the highest possible social
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To determine whether an activity is moving the economy towards Pareto efficiency, two compensation tests have been developed. Policy changes usually help some people while hurting others, so these tests ask what would happen if the winners were to compensate the losers. Using the
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The intermediate form of social indifference curve can be interpreted as showing that as inequality increases, a larger improvement in the utility of relatively rich individuals is needed to compensate for the loss in utility of relatively poor individuals.
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Utility functions can be derived from the points on a contract curve. Numerous utility functions can be derived, one for each point on the production possibility frontier (PQ in the diagram above). A social utility frontier (also called a
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The second fundamental theorem states that given further restrictions, any Pareto efficient outcome can be supported as a competitive market equilibrium. These restrictions are stronger than for the first fundamental theorem, with
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or position needed to make an income allocation decision. Sen recommended expanding the scope of data used in welfare research and emphasized the need for explicit discussion of ethics and morality in welfare economics.
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meaning rooted in the philosophical framework of utilitarianism. Within the profession, there was ongoing debate regarding whether utility was an ordinal or cardinal concept. This debate seemed to have been addressed by
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The marginal rates of substitution in consumption equal the marginal rates of transformation in production for any pair of goods. Producers cannot make consumers happier by producing more of one good and less of the
1591:. It explicitly recognizes the differences between the efficiency aspect of the discipline and the distribution aspect and treats them differently. Questions of efficiency are assessed with criteria such as
1980:, though in general there is no reason to suppose that the "best" Pareto efficient point (of which there are a set) will be selected by the market without intervention, only that some such point will be.
1349:, and free will Arrow concluded that there is no rational way to articulate individual preferences forms together resulting in a harmonious social status of the various social societies.
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The field of welfare economics is associated with two fundamental theorems. The first states that given certain assumptions, competitive markets (price equilibria with transfers, e.g.
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1907:. This function embodies value judgements about interpersonal utility. The social welfare function shows the relative importance of the individuals that comprise society.
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in production for any two goods is identical for all producers of those two goods. We cannot reallocate production between two producers and increase total output.
1976:– that consumers would like, at the margin, to have slightly more of any given good. The first fundamental theorem is said to capture the logic of Adam Smith's
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of a factor input (e.g. labor) must be the same for all producers of a good. We cannot reduce production cost by reallocating production between two producers.
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A crude social welfare function can be constructed by measuring the subjective dollar value of goods and services distributed to participants in the economy.
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outcomes. The assumptions required are generally characterised as "very weak". More specifically, the existence of competitive equilibrium implies both
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of preferences and production functions a sufficient but not necessary condition. A direct consequence of the second theorem is that a benevolent
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functions from individuals in preference to social states. He argued that rational law satisfies four conditions: partial universality, the
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simply by summing all the individual utility functions. Note that such a measure would still be concerned with the distribution of income (
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in consumption for any two goods are identical for all consumers. We cannot reallocate goods between two consumers and make both happier.
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Calsamiglia, Xavier, and Alan Kirman (1993). "A Unique
Informationally Efficient and Decentralized Mechanism with Fair Outcomes",
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A social indifference curve drawn from an intermediate social welfare function is a curve that slopes downward to the right.
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are associated with welfare economics. The first states that competitive markets, under certain assumptions, lead to
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_____ (1977). "Reaffirming the
Existence of 'Reasonable' Bergson-Samuelson Social Welfare Functions,"
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Suzumura, Kotaro (1980). "On
Distributional Value Judgments and Piecemeal Welfare Criteria,"
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orange but would be prefer to consume an apple. Both could be made better off by trading.
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Economic
Welfare and the Economics of Soviet Socialism: Essays in Honor of Abram Bergson
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2689:(1971) "Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay",
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Additional consumption provides smaller and smaller increases in utility (diminishing
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Chipman, John S., and James C. Moore (1978). "The New
Welfare Economics 1939–1974,"
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specify social welfare functions that are intermediate between these two extremes.
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Further, efficiency dispenses with cardinal measures of utility, replacing it with
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A Pareto-efficient state of affairs can only come about if four criteria are met:
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when goods are distributed to the people who can gain the most utility from them.
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There are a number of conditions that can lead to inefficiency. They include:
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27:
Use of microeconomic techniques to evaluate well-being at the aggregate level
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1972:, but the only additional assumption is the local non-satiation of agents'
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Bator, Francis M. (1957). "The Simple
Analytics of Welfare Maximization",
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1994:
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Landmark Papers in
General Equilibrium Theory, Social Choice and Welfare
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Welfare economics typically involves the derivation or assumption of a
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efficient outcomes. This idea is sometimes referred to as Adam Smith's
2796:
_____ (1981). "Bergsonian
Welfare Economics", in S. Rosefielde (ed.),
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2817:(1963). "Distribution, Transitivity and Little's Welfare Criteria",
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of the 1930s and 40s, has largely collapsed since the discovery of
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The social welfare function is typically translated into social
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tested whether rational collective selection rules could derive
1224:
has given rise to the subfield of behavioral welfare economics.
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125:
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The principles of welfare economics are often used to inform
2624:(1980). "The New Welfare Economics: An Alternative View",
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The ordinal-behaviorist approach, originally called the
2831:, MIT Press. Description and scroll to chapter-preview
2351:
2257:
2240:
1527:, that is, scale-measurable by observation or judgment,
248:
2775:, Harvard University Press, ch. VIII, pp. 203–53.
1541:
With these assumptions, it is possible to construct a
2582:
Optimum population, welfare economics, and inequality
1915:
millionaire. At the other extreme is the Max-Min, or
1618:
The consensus in favor of such approaches, pushed by
2806:
The
Collected Scientific Papers of Paul A. Samuelson
2788:
The
Collected Scientific Papers of Paul A. Samuelson
2012:
is sometimes listed as a third fundamental theorem.
3449:
3328:
2885:
2710:, Wiley. Description and scroll to chapter-preview
1886:. If the two conditions disagree, that yields the
243:
may be too technical for most readers to understand
156:. Unsourced material may be challenged and removed.
2804:, Cambridge, pp. 223–66. Reprinted in (1986)
2284:O'Shea, Eamon, Kennelly, Brendan (November 1995).
2769:(1947, Enlarged ed. 1983). "Welfare Economics",
2446:, vol. 4 (online ed.), pp. 889–95
1611:, which merely ranks commodity bundles (with an
2643:Feldman, Allan M., and Roberto Serrano, 2006.
2425:Deardorffs' Glossary of International Economics
2509:Intermediate Microeconomics: A Modern Approach
2331:. London: Penguin Books Limited. p. 464.
2268:
2266:
1910:A utilitarian welfare function (also called a
1809:Imperfect market structures such as monopoly,
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2708:Readings in Social Welfare: Theory and Policy
2221:
1530:Preferences are exogenously given and stable,
1175:
8:
2312:: CS1 maint: multiple names: authors list (
2004:Because of welfare economics' close ties to
1220:. The intersection of welfare economics and
2637:The New Palgrave: A Dictionary of Economics
2512:(7th ed.), W.W. Norton & Company,
2444:The New Palgrave: A Dictionary of Economics
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2352:Mas-Colell, Whinston & Green 1995
2258:Mas-Colell, Whinston & Green 1995
2241:Mas-Colell, Whinston & Green 1995
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2209:
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1630:have shown them to be mathematically
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1519:. It assumes the following:
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2568:The Economics of Inequality
2557:. Description and table of
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2419:Deardorff, Alan V. (2014),
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1205:(welfare) of a society.
3541:
3006:Price elasticity of supply
3001:Price elasticity of demand
2991:Cross elasticity of demand
2802:Cambridge University Press
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2759:O'Connell, John F. (1982)
2703:, Edward Elgar Publishing.
2671:, (1957; rev. ed., 1968).
2438:Feldman, Allan M. (2008),
1949:
1575:, is based on the work of
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1489:
1368:
3482:
2222:Hindriks & Myles 2013
2109:Income inequality metrics
1795:marginal physical product
1243:which is closely related
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2752:(1979; rev. ed., 1983).
2640:, v. 2, pp. 183–84.
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1854:Taxes and tariffs.
1632:self-contradictory
1613:indifference-curve
475:Industrial complex
470:Middle income trap
3525:Welfare economics
3512:
3511:
3474:Political economy
3273:Supply and demand
3153:Pareto efficiency
2754:Welfare economics
2681:978-0-521-09446-7
2661:978-0-387-29367-7
2555:978-1-84064-569-9
2519:978-0-393-92702-3
2378:, pp. 586–89
2243:, pp. 549–50
2149:Social safety net
2139:Pareto efficiency
1888:Scitovsky paradox
1866:desirable in the
1769:Pareto efficiency
1754:
1753:
1746:
1728:
1593:Pareto efficiency
1503:was developed by
1483:
1482:
1475:
1457:
1326:
1325:
1318:
1195:Welfare economics
1192:
1191:
299:
298:
291:
281:
280:
273:
226:
225:
218:
200:
124:
123:
116:
88:encyclopedic tone
68:
16:(Redirected from
3532:
3502:
3501:
3492:
3491:
3234:Returns to scale
3092:Market structure
2872:
2865:
2858:
2849:
2819:Economic Journal
2732:Little, I. M. D.
2522:
2499:
2476:
2460:Myles, Gareth D.
2458:Hindriks, Jean;
2454:
2453:
2451:
2434:
2433:
2431:
2415:
2414:
2412:
2407:
2379:
2373:
2367:
2361:
2355:
2349:
2343:
2342:
2329:The Great Divide
2324:
2318:
2317:
2311:
2303:
2301:
2299:
2290:
2281:
2275:
2270:
2261:
2255:
2244:
2238:
2225:
2224:, pp. 33–43
2219:
2202:
2197:
2191:
2186:
2094:Gini coefficient
2079:Economic surplus
2064:Consumer surplus
2032:
1970:complete markets
1962:Pareto efficient
1935:
1876:Kaldor criterion
1849:natural monopoly
1749:
1742:
1738:
1735:
1729:
1727:
1686:
1654:
1646:
1535:marginal utility
1492:cardinal utility
1486:Cardinal utility
1478:
1471:
1467:
1464:
1458:
1456:
1415:
1383:
1375:
1343:Pareto principle
1321:
1314:
1310:
1307:
1301:
1270:
1262:
1210:public economics
1184:
1177:
1170:
1156:Money portal
1154:
1153:
1152:
1142:
1141:
638:Natural resource
430:Economic systems
326:
303:
294:
287:
276:
269:
265:
262:
256:
236:
235:
228:
221:
214:
210:
207:
201:
199:
158:
134:
126:
119:
112:
108:
105:
99:
98:for suggestions.
79:
78:
71:
60:
38:
37:
30:
21:
18:Consumer welfare
3540:
3539:
3535:
3534:
3533:
3531:
3530:
3529:
3515:
3514:
3513:
3508:
3486:
3478:
3445:
3324:
2966:Deadweight loss
2903:Consumer choice
2881:
2876:
2827:_____ (1982).
2815:Sen, Amartya K.
2529:
2527:Further reading
2520:
2502:
2497:
2479:
2474:
2457:
2449:
2447:
2437:
2429:
2427:
2418:
2410:
2408:
2391:
2388:
2383:
2382:
2374:
2370:
2362:
2358:
2350:
2346:
2339:
2326:
2325:
2321:
2304:
2297:
2295:
2288:
2283:
2282:
2278:
2271:
2264:
2256:
2247:
2239:
2228:
2220:
2205:
2198:
2194:
2187:
2183:
2178:
2173:
2144:Public interest
2069:Deadweight loss
2049:
2033:
2018:
1999:predistribution
1954:
1948:
1936:
1896:
1880:Hicks criterion
1759:
1750:
1739:
1733:
1730:
1687:
1685:
1671:
1655:
1644:
1609:ordinal utility
1569:
1563:Ordinal utility
1559:
1494:
1488:
1479:
1468:
1462:
1459:
1416:
1414:
1400:
1384:
1373:
1367:
1347:totalitarianism
1322:
1311:
1305:
1302:
1287:
1271:
1260:
1188:
1150:
1148:
1136:
1129:
1128:
1099:
1089:
1088:
1087:
1086:
850:von Böhm-Bawerk
738:
727:
726:
488:
480:
479:
435:Economic growth
425:
417:
416:
358:
356:classifications
295:
284:
283:
282:
277:
266:
260:
257:
249:help improve it
246:
237:
233:
222:
211:
205:
202:
159:
157:
147:
135:
120:
109:
103:
100:
93:
84:This article's
80:
76:
39:
35:
28:
23:
22:
15:
12:
11:
5:
3538:
3536:
3528:
3527:
3517:
3516:
3510:
3509:
3507:
3506:
3496:
3483:
3480:
3479:
3477:
3476:
3471:
3469:Macroeconomics
3466:
3465:
3464:
3453:
3451:
3447:
3446:
3444:
3443:
3438:
3433:
3428:
3423:
3418:
3413:
3408:
3403:
3398:
3393:
3388:
3383:
3378:
3373:
3368:
3363:
3358:
3353:
3348:
3343:
3338:
3332:
3330:
3326:
3325:
3323:
3322:
3317:
3316:
3315:
3310:
3300:
3295:
3294:
3293:
3284:
3270:
3265:
3260:
3255:
3246:
3241:
3236:
3231:
3226:
3221:
3216:
3211:
3206:
3205:
3204:
3199:
3190:
3185:
3180:
3175:
3170:
3168:Price controls
3160:
3155:
3150:
3149:
3148:
3143:
3138:
3133:
3132:
3131:
3126:
3116:
3111:
3110:
3109:
3104:
3089:
3087:Market failure
3084:
3079:
3074:
3069:
3064:
3059:
3054:
3053:
3052:
3047:
3037:
3032:
3027:
3022:
3021:
3020:
3010:
3009:
3008:
3003:
2998:
2993:
2983:
2978:
2973:
2968:
2963:
2958:
2957:
2956:
2951:
2946:
2941:
2940:
2939:
2929:
2924:
2914:
2905:
2900:
2895:
2889:
2887:
2883:
2882:
2879:Microeconomics
2877:
2875:
2874:
2867:
2860:
2852:
2846:
2845:
2835:
2825:
2812:
2794:
2776:
2764:
2757:
2747:
2734:(1950; 2002).
2729:
2728:(3/4): 215–228
2714:
2704:
2697:
2684:
2666:
2641:
2632:
2619:
2609:
2599:
2589:
2575:
2561:
2539:
2528:
2525:
2524:
2523:
2518:
2504:Varian, Hal R.
2500:
2495:
2477:
2473:978-0262018692
2472:
2455:
2435:
2416:
2405:10.3386/w14622
2387:
2384:
2381:
2380:
2368:
2356:
2344:
2337:
2319:
2276:
2262:
2245:
2226:
2203:
2192:
2189:Deardorff 2014
2180:
2179:
2177:
2174:
2172:
2171:
2166:
2161:
2156:
2151:
2146:
2141:
2136:
2131:
2126:
2121:
2116:
2111:
2106:
2101:
2096:
2091:
2086:
2081:
2076:
2071:
2066:
2061:
2056:
2050:
2048:
2045:
2027:
2017:
2014:
1990:social planner
1978:invisible hand
1968:behaviour and
1950:Main article:
1947:
1944:
1930:
1895:
1892:
1863:
1862:
1855:
1852:
1842:
1835:
1829:
1822:
1803:
1802:
1798:
1791:
1784:
1758:
1755:
1752:
1751:
1734:September 2024
1658:
1656:
1649:
1643:
1640:
1620:behavioralists
1558:
1555:
1539:
1538:
1531:
1528:
1487:
1484:
1481:
1480:
1463:September 2024
1387:
1385:
1378:
1369:Main article:
1366:
1363:
1339:social welfare
1324:
1323:
1306:September 2024
1274:
1272:
1265:
1259:
1256:
1237:invisible hand
1214:social welfare
1190:
1189:
1187:
1186:
1179:
1172:
1164:
1161:
1160:
1159:
1158:
1146:
1131:
1130:
1127:
1126:
1121:
1111:
1106:
1100:
1095:
1094:
1091:
1090:
1085:
1084:
1077:
1072:
1067:
1062:
1057:
1052:
1047:
1042:
1037:
1032:
1027:
1022:
1017:
1012:
1007:
1002:
997:
992:
987:
982:
977:
972:
967:
962:
957:
952:
947:
942:
937:
932:
927:
922:
917:
912:
907:
902:
897:
892:
887:
882:
877:
872:
867:
862:
857:
852:
847:
842:
837:
832:
827:
822:
817:
812:
807:
802:
797:
792:
787:
782:
777:
772:
767:
762:
757:
752:
747:
741:
740:
739:
733:
732:
729:
728:
725:
724:
719:
714:
709:
704:
699:
694:
689:
684:
679:
670:
665:
660:
655:
650:
645:
643:Organizational
640:
635:
630:
625:
620:
615:
610:
605:
600:
595:
590:
585:
580:
575:
570:
565:
560:
555:
550:
545:
540:
535:
530:
525:
520:
515:
510:
505:
500:
495:
489:
487:By application
486:
485:
482:
481:
478:
477:
472:
467:
462:
457:
452:
447:
442:
437:
432:
426:
423:
422:
419:
418:
415:
414:
409:
404:
399:
394:
389:
380:
375:
370:
365:
359:
353:
352:
349:
348:
347:
346:
341:
336:
328:
327:
319:
318:
312:
311:
297:
296:
279:
278:
261:September 2024
240:
238:
231:
224:
223:
138:
136:
129:
122:
121:
83:
81:
74:
69:
43:
42:
40:
33:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
3537:
3526:
3523:
3522:
3520:
3505:
3497:
3495:
3490:
3485:
3484:
3481:
3475:
3472:
3470:
3467:
3463:
3460:
3459:
3458:
3455:
3454:
3452:
3448:
3442:
3439:
3437:
3434:
3432:
3429:
3427:
3424:
3422:
3419:
3417:
3414:
3412:
3409:
3407:
3404:
3402:
3401:Institutional
3399:
3397:
3394:
3392:
3389:
3387:
3384:
3382:
3379:
3377:
3374:
3372:
3369:
3367:
3364:
3362:
3359:
3357:
3354:
3352:
3349:
3347:
3346:Computational
3344:
3342:
3339:
3337:
3334:
3333:
3331:
3327:
3321:
3318:
3314:
3311:
3309:
3306:
3305:
3304:
3301:
3299:
3296:
3292:
3291:Law of supply
3288:
3285:
3283:
3282:Law of demand
3279:
3276:
3275:
3274:
3271:
3269:
3268:Social choice
3266:
3264:
3261:
3259:
3256:
3254:
3253:Excess supply
3250:
3247:
3245:
3242:
3240:
3239:Risk aversion
3237:
3235:
3232:
3230:
3227:
3225:
3222:
3220:
3217:
3215:
3212:
3210:
3207:
3203:
3200:
3198:
3194:
3191:
3189:
3186:
3184:
3181:
3179:
3176:
3174:
3173:Price ceiling
3171:
3169:
3166:
3165:
3164:
3161:
3159:
3156:
3154:
3151:
3147:
3144:
3142:
3139:
3137:
3134:
3130:
3129:Complementary
3127:
3125:
3122:
3121:
3120:
3117:
3115:
3112:
3108:
3105:
3103:
3100:
3099:
3098:
3095:
3094:
3093:
3090:
3088:
3085:
3083:
3080:
3078:
3075:
3073:
3070:
3068:
3065:
3063:
3060:
3058:
3055:
3051:
3048:
3046:
3043:
3042:
3041:
3038:
3036:
3033:
3031:
3028:
3026:
3023:
3019:
3016:
3015:
3014:
3011:
3007:
3004:
3002:
2999:
2997:
2994:
2992:
2989:
2988:
2987:
2984:
2982:
2979:
2977:
2974:
2972:
2969:
2967:
2964:
2962:
2959:
2955:
2952:
2950:
2947:
2945:
2942:
2938:
2935:
2934:
2933:
2930:
2928:
2925:
2923:
2920:
2919:
2918:
2915:
2913:
2912:non-convexity
2909:
2906:
2904:
2901:
2899:
2896:
2894:
2891:
2890:
2888:
2884:
2880:
2873:
2868:
2866:
2861:
2859:
2854:
2853:
2850:
2844:
2840:
2836:
2834:
2830:
2826:
2824:
2820:
2816:
2813:
2811:
2807:
2803:
2799:
2795:
2793:
2789:
2785:
2781:
2777:
2774:
2773:
2768:
2765:
2762:
2758:
2755:
2751:
2750:Ng, Yew-Kwang
2748:
2745:
2744:0-19-828119-6
2741:
2737:
2733:
2730:
2727:
2723:
2719:
2715:
2713:
2709:
2705:
2702:
2698:
2696:
2692:
2688:
2685:
2682:
2678:
2674:
2670:
2667:
2665:
2662:
2658:
2654:
2653:0-387-29367-1
2650:
2646:
2642:
2639:
2638:
2633:
2631:
2627:
2623:
2622:Mishan, E. J.
2620:
2618:
2614:
2610:
2608:
2604:
2600:
2598:
2594:
2590:
2587:
2583:
2579:
2576:
2573:
2569:
2565:
2562:
2560:
2556:
2552:
2548:
2544:
2543:GĂ©rard Debreu
2540:
2537:
2536:
2531:
2530:
2526:
2521:
2515:
2511:
2510:
2505:
2501:
2498:
2496:0-19-510268-1
2492:
2488:
2487:
2482:
2478:
2475:
2469:
2465:
2461:
2456:
2445:
2441:
2436:
2426:
2422:
2417:
2406:
2401:
2397:
2396:
2390:
2389:
2385:
2377:
2372:
2369:
2366:, p. 600
2365:
2360:
2357:
2354:, p. 545
2353:
2348:
2345:
2340:
2338:9780241202913
2334:
2330:
2323:
2320:
2315:
2309:
2294:
2287:
2280:
2277:
2274:
2269:
2267:
2263:
2259:
2254:
2252:
2250:
2246:
2242:
2237:
2235:
2233:
2231:
2227:
2223:
2218:
2216:
2214:
2212:
2210:
2208:
2204:
2201:
2200:Bernheim 2008
2196:
2193:
2190:
2185:
2182:
2175:
2170:
2167:
2165:
2164:Welfare state
2162:
2160:
2157:
2155:
2152:
2150:
2147:
2145:
2142:
2140:
2137:
2135:
2132:
2130:
2127:
2125:
2122:
2120:
2117:
2115:
2112:
2110:
2107:
2105:
2102:
2100:
2097:
2095:
2092:
2090:
2087:
2085:
2082:
2080:
2077:
2075:
2072:
2070:
2067:
2065:
2062:
2060:
2057:
2055:
2052:
2051:
2046:
2044:
2041:
2040:labelled SI.
2039:
2031:
2026:
2024:
2015:
2013:
2011:
2007:
2002:
2000:
1996:
1991:
1987:
1981:
1979:
1975:
1971:
1967:
1963:
1959:
1953:
1945:
1943:
1940:
1934:
1929:
1926:
1921:
1918:
1913:
1908:
1906:
1902:
1893:
1891:
1889:
1885:
1881:
1877:
1871:
1869:
1860:
1856:
1853:
1850:
1846:
1843:
1840:
1836:
1833:
1832:Externalities
1830:
1827:
1823:
1820:
1816:
1813:, oligopoly,
1812:
1808:
1807:
1806:
1799:
1796:
1792:
1789:
1785:
1782:
1778:
1777:
1776:
1773:
1770:
1766:
1764:
1756:
1748:
1745:
1737:
1726:
1723:
1719:
1716:
1712:
1709:
1705:
1702:
1698:
1695: –
1694:
1690:
1689:Find sources:
1683:
1679:
1675:
1669:
1668:
1664:
1659:This section
1657:
1653:
1648:
1647:
1641:
1639:
1637:
1633:
1629:
1625:
1621:
1616:
1614:
1610:
1606:
1602:
1598:
1594:
1590:
1586:
1582:
1578:
1574:
1568:
1567:behavioralism
1564:
1556:
1554:
1552:
1548:
1544:
1536:
1532:
1529:
1526:
1522:
1521:
1520:
1518:
1514:
1510:
1506:
1502:
1500:
1493:
1485:
1477:
1474:
1466:
1455:
1452:
1448:
1445:
1441:
1438:
1434:
1431:
1427:
1424: –
1423:
1419:
1418:Find sources:
1412:
1408:
1404:
1398:
1397:
1393:
1388:This section
1386:
1382:
1377:
1376:
1372:
1364:
1362:
1359:
1358:social status
1354:
1350:
1348:
1344:
1340:
1336:
1335:Kenneth Arrow
1332:
1331:Abram Bergson
1320:
1317:
1309:
1299:
1295:
1291:
1285:
1284:
1280:
1275:This section
1273:
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1199:microeconomic
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745:de Mandeville
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673:Public choice
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648:Participation
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558:Expeditionary
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167: –
166:
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161:Find sources:
155:
151:
145:
144:
139:This article
137:
133:
128:
127:
118:
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107:
104:November 2017
97:
91:
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73:
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58:
57:
52:
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46:
41:
32:
31:
19:
3440:
3436:Optimization
3421:Mathematical
3381:Experimental
3376:Evolutionary
3361:Econometrics
3219:Public goods
3193:Price system
3188:Price signal
3102:Monopolistic
2971:Distribution
2886:Major topics
2841:, 47(186),
2838:
2828:
2818:
2805:
2797:
2787:
2779:
2770:
2760:
2756:. Macmillan.
2753:
2735:
2725:
2722:Econometrica
2721:
2707:
2700:
2690:
2672:
2644:
2635:
2625:
2612:
2603:Econometrica
2602:
2592:
2581:
2567:
2546:
2533:
2508:
2485:
2463:
2448:, retrieved
2443:
2428:, retrieved
2424:
2409:, retrieved
2394:
2371:
2359:
2347:
2328:
2322:
2296:. Retrieved
2293:ARAN.library
2292:
2279:
2273:Feldman 2008
2195:
2184:
2129:Lorenz curve
2042:
2034:
2019:
2003:
1982:
1966:price-taking
1955:
1941:
1937:
1922:
1909:
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1804:
1774:
1767:
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1707:
1700:
1688:
1672:Please help
1660:
1617:
1572:
1570:
1540:
1499:Neoclassical
1497:
1495:
1469:
1460:
1450:
1443:
1436:
1429:
1417:
1401:Please help
1389:
1351:
1327:
1312:
1303:
1288:Please help
1276:
1249:
1226:
1207:
1194:
1193:
1114:Publications
1079:
721:
702:Sociological
675: /
573:Geographical
553:Evolutionary
528:Digitization
493:Agricultural
397:Mathematical
368:Econometrics
300:
285:
267:
258:
242:
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203:
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186:
179:
172:
160:
148:Please help
143:verification
140:
110:
101:
85:
61:
54:
48:
47:Please help
44:
3386:Game theory
3351:Development
3298:Uncertainty
3178:Price floor
3158:Preferences
3097:Competition
3067:Information
3030:Externality
3013:Equilibrium
2954:Transaction
2932:Opportunity
2893:Aggregation
2821:, 73(292),
2630:pp. 691–705
2607:pp. 1147–72
2545:ed., 2002.
2376:Varian 2006
2364:Varian 2006
1974:preferences
1868:second-best
1553:tradition.
1523:Utility is
1353:Amartya Sen
950:von Neumann
603:Information
543:Engineering
523:Development
518:Demographic
460:Game theory
402:Methodology
3416:Managerial
3336:Behavioral
3209:Production
3146:Oligopsony
2986:Elasticity
2898:Budget set
2843:pp. 125–39
2823:pp. 771–78
2695:pp. 785–97
2647:, 2nd ed.
2617:pp. 547–84
2615:, 19(3),
2605:, 61(5),
2595:, 47(1),
2386:References
1960:) produce
1912:Benthamite
1815:oligopsony
1757:Efficiency
1704:newspapers
1561:See also:
1551:Benthamite
1496:The early
1490:See also:
1433:newspapers
1365:Approaches
1203:well-being
1109:Economists
980:Schumacher
885:Schumpeter
855:von Wieser
775:von ThĂĽnen
736:economists
712:Statistics
707:Solidarity
628:Managerial
593:Humanistic
588:Historical
533:Ecological
498:Behavioral
392:Mainstream
206:April 2020
176:newspapers
50:improve it
3457:Economics
3329:Subfields
3224:Rationing
3141:Oligopoly
3136:Monopsony
3124:Bilateral
3057:Household
2908:Convexity
2839:Economica
2784:pp. 81–88
2780:Economica
2693:, 9(3),
2628:, 21(3),
2597:pp. 22–59
2559:contents.
1993:relative
1986:convexity
1811:monopsony
1661:does not
1589:Scitovsky
1505:Edgeworth
1390:does not
1277:does not
1025:Greenspan
990:Samuelson
970:Galbraith
940:Tinbergen
880:von Mises
875:Heckscher
835:Edgeworth
653:Personnel
613:Knowledge
578:Happiness
568:Financial
538:Education
513:Democracy
407:Political
373:Heterodox
316:Economics
56:talk page
3519:Category
3504:Category
3450:See also
3341:Business
3313:Marginal
3308:Expected
3249:Shortage
3244:Scarcity
3119:Monopoly
3025:Exchange
2937:Implicit
2927:Marginal
2810:pp. 3–46
2580:(2012).
2566:(1975).
2506:(2006),
2462:(2013),
2398:, NBER,
2308:cite web
2298:26 April
2047:See also
1995:scarcity
1917:Rawlsian
1845:Long run
1642:Criteria
1525:cardinal
1513:Marshall
1509:Sidgwick
1501:approach
1118:journals
1104:Glossary
1055:Stiglitz
1020:Rothbard
1000:Buchanan
985:Friedman
975:Koopmans
965:Leontief
945:Robinson
830:Marshall
734:Notable
682:Regional
658:Planning
633:Monetary
563:Feminist
508:Cultural
503:Business
308:a series
306:Part of
3462:Applied
3441:Welfare
3303:Utility
3263:Surplus
3202:Pricing
3114:Duopoly
3107:Perfect
3050:Service
3018:General
2922:Average
1718:scholar
1682:removed
1667:sources
1447:scholar
1411:removed
1396:sources
1298:removed
1283:sources
1258:History
1124:Schools
1116: (
1075:Piketty
1070:Krugman
935:Kuznets
925:Kalecki
900:Polanyi
790:Cournot
785:Bastiat
770:Ricardo
760:Malthus
750:Quesnay
722:Welfare
692:Service
363:Applied
339:Outline
334:History
247:Please
190:scholar
3287:Supply
3278:Demand
3214:Profit
3082:Market
2944:Social
2833:links.
2790:, pp.
2742:
2712:links.
2679:
2659:
2651:
2553:
2516:
2493:
2470:
2450:9 June
2430:9 June
2411:8 June
2335:
1894:Equity
1817:, and
1801:other.
1720:
1713:
1706:
1699:
1691:
1587:, and
1581:Kaldor
1577:Pareto
1515:, and
1449:
1442:
1435:
1428:
1420:
1233:Pareto
1060:Thaler
1040:Ostrom
1035:Becker
1030:Sowell
1010:Baumol
915:Myrdal
910:Sraffa
905:Frisch
895:Knight
890:Keynes
865:Fisher
860:Veblen
845:Pareto
825:Menger
820:George
815:Jevons
810:Walras
800:Gossen
668:Public
663:Policy
618:Labour
583:Health
440:Market
192:
185:
178:
171:
163:
3406:Labor
3391:Green
3163:Price
3045:Goods
3035:Firms
2792:47–54
2289:(PDF)
2176:Notes
1725:JSTOR
1711:books
1585:Hicks
1517:Pigou
1454:JSTOR
1440:books
1097:Lists
1065:Hoppe
1050:Lucas
1015:Solow
1005:Arrow
995:Simon
960:Lange
955:Hicks
930:Röpke
920:Hayek
870:Pigou
840:Clark
755:Smith
717:Urban
697:Socio
687:Rural
387:Macro
383:Micro
344:Index
197:JSTOR
183:books
3320:Wage
3229:Rent
3197:Free
2949:Sunk
2917:Cost
2910:and
2740:ISBN
2677:ISBN
2657:ISBN
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2551:ISBN
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2491:ISBN
2468:ISBN
2452:2014
2432:2014
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