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Second theorem of welfare economics |
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Second theorem of welfare economicsThe proposition of welfare economics that any Pareto optimal allocation can be attained by a competitive general equilibrium.Similar MatchesEconomicsEconomicsThe study of the economy. See also: Macroeconomics; microeconomics; Keynesian economics, monetarism, and supply-side economics. Neoclassical economicsNeoclassical economicsMost of modern, mainstream economics based on neoclassical assumptions. Tends to ascribe inevitability, if not necessarily desirability, to market outcomes. Keynesian economicsKeynesian economicsAn economic theory of British economist, John Maynard Keynes that active government intervention is necessary to ensure economic growth and stability. EconomicsEconomicsThe study of manufacturing, distribution and consumption of products and services in an economy.This is broadly divided into macroeconomics and microeconomicsMacroeconomics: The study of a country's economy using such elements as unemployment, price levels, government spending, interest rates, national productivity etc and the influence of government policy on them.Microeconomics: The study of economic elements at the level of the household or the company. People within a household are primarily concerned with employment prospects and how taxation affects their income. Companies are mainly concerned with product costs and operating expenses etc. 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. Further SuggestionsMicroeconomicsWelfare economics First theorem of welfare economics microeconomics macroeconomics Supply side economics International monetary economics |
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