Week 12-13: Compensation Principle. The Theory of Social Choice: Social welfare function
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Course Material
- Week 1-2: The nature of general equilibrium analysis, General Equilibrium Theory Multi market equilibrium in a competitive setting;
- Week 3-4: Walras Law; Existence of equilibrium; Stability of equilibrium; Money in a general equilibrium setting.
- Week 5-6: Technical and allocative efficiency and case of exchange economy Linear programming technique to general equilibrium theory (Activity Analysis).
- Week 7-8: The Von-Neuman Model of a expanding economy, The input-output Model.
- Week 9: Mid Term Exam
- Week 10-11: Pareto principle, optional, production and resource allocation and efficiency of Perfect Competition. Measurement of Changes in Welfare
- Week 12-13: Compensation Principle. The Theory of Social Choice: Social welfare function
- Week 14-15 Consumer Surplus, , Marginal cost pricing, Joint Products
- Week 16-17: Externalities, Arrow’s Impossibility Theorem
- Week 18: Final Term Exam
- Chapters 10
- Department Economics
- Teacher
Dr. Ahmad Raza Cheema
