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First theorem of welfare economics |
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First theorem of welfare economicsThe proposition of welfare economics that a competitive general equilibrium is Pareto optimal. A corollary is that free trade is Pareto optimal among countries.Similar MatchesEconomicsEconomicsThe study of the economy. See also: Macroeconomics; microeconomics; Keynesian economics, monetarism, and supply-side economics. International macroeconomicsInternational macroeconomicsSame as international finance, but with more emphasis on the international determination of macroeconomic variables such as national income and the price level. Keynesian economicsKeynesian economicsAn economic theory of British economist, John Maynard Keynes that active government intervention is necessary to ensure economic growth and stability. Welfare economicsWelfare economicsThe branch of economic thought that deals with economic welfare, including especially various propositions relating competitive general equilibrium to the efficiency and desirability of an allocation. See the first and second theorems of welfare economics. Supply side economicsSupply side economicsA theory of economics that reductions in tax rates will stimulate investment and in turn will benefit the entire society. Further SuggestionsNeoclassical economicsSecond theorem of welfare economics International monetary economics macroeconomics microeconomics Microeconomics economics |
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