Lecture 16: Fundamental Welfare Theorems

Name: Lecture 16: Fundamental Welfare Theorems
Uploaded: 2022-08-31T20:12:59Z
Duration: 1 h 3 min 12 s
Description: An equilibrium with competitive markets implies a particular distribution of income, which some may not like. Nevertheless, there is a way to get to any Pareto efficient allocation if in addition to markets we allow lump sum transfers of wealth. Markets per se are not the problem.

1:03:12

An equilibrium with competitive markets implies a particular distribution of income, which some may not like. Nevertheless, there is a way to get to any Pareto efficient allocation if in addition to markets we allow lump sum transfers of wealth. Markets per se are not the problem.