WEEK 4 (DAY 3 TO 7) : THEORY OF VALUE AND WELFARE ECONOMICS : GENERAL ECONOMICS PAPER I : INDIAN ECONOMIC SERVICES
In the last week, days 3 to 7, I completed videos pertaining to Theory of Value and have started Welfare economics, simultaneously. Some topics like Marshallian and Walrasian stability, cross subsidy free pricing are left, that I will be covering this week and will go deeper into welfare economics.
Sometimes, when I read the syllabus, I have a feeling, that it could be more properly arranged, for example, before talking about externalities, we should discuss Pareto efficiency in detail; also before doing aggregation problem in welfare economics, Pareto efficient needs to be done more thoroughly.
There is part 4, of Paper 1, Theory of Distribution. That I will be doing in the last, once, I have completed Welfare economics and Public goods and externalities. Also, while doing theory of Value, I thought of recording ancillary topics like product differentiation, entry deterrence, collusion etc, but then they should be rather placed in Industrial economics, in Paper 3.
Following are snapshots of recordings done in these days
Natural Monopoly and Average Cost and Marginal Cost Pricing
Intertemporal Choice Part 1
Intertemporal Choice Part 2
Pareto Efficiency Meaning and Introductory Concepts