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WELFARE ECONOMICS: A branch of economics that studies efficiency and the overall well-being of society based on alternative allocations of scarce resources. Welfare economics extends the microeconomic analysis of indifference curves to society as a whole. It is concerned with broad efficiency questions and criteria (Pareto efficiency and Kaldor-Hicks efficiency) as well as more specific efficiency issues (market failures, externalities, public goods).
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MARKET FAILURES Imperfections in the exchange process between buyers and sellers that prevent markets from efficiently allocating scarce resources. Market failures come in four varieties -- public goods, market control, externalities, and imperfect information. Market efficiency is achieved if the value of goods produced is equal to the value of foregone production. Markets fail when this efficiency condition is not achieved. Such failures can only be corrected by government intervention.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for cardboard boxes.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"We may affirm absolutely that nothing great in the world has been accomplished without passion." -- Hegel
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SSRN
Social Science Research Network
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