WEEK 5 : WELFARE ECONOMICS : GENERAL ECONOMICS PAPER I : INDIAN ECONOMIC SERVICES
This week was my vacation time, my students have exams, so this time of the year, we have some time off, but in reality, I didn’t have much, just immediately after coming back, I sat with recording these videos. Particularly, I made videos on Pareto efficiency, I went deeper into the topic, covering Chapters 31, 32 and 33 from Varian. These still pertain to Topic 5, Welfare Economics, General Economics Paper I.
These are some of the most beautifully written chapters, with so much of information and concepts written in between the lines. When Varian writes, sometimes it is so crisp, that it will open up, only when you spend sometime with the text, trying to absorb it, slowly. You as a student and I as a teacher, should genuinely appreciate the amount of information given in these chapters and curiosity they build up, in us.
If we just cursorily look and read these topics, they will not make much sense, so my suggestion is, read them several times, slowly and write them alongside.
Pareto Efficiency Equation of a Contract Curve and Proof of a Walras Law
Existence of a Competitive Equilibrium Proof and Numerical Examples
First Welfare Theorem and Second Welfare Theorem
Simple Monopoly and Discriminating Monopoly in Edgeworth Box
Social Welfare functions and its Desirable properties and the statement of Arrow Impossibility theorem
Different types of Social Welfare Functions and Welfare Maximisation
Fair Allocations : Pareto efficient as well as Equitable
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