Part IIa: Paper 1 General Equilibrium and  Welfare Economics  Dr Hamish Low Preloader

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2. Outline: Efficiency and Equity. Conditions for Pareto EfficiencyFirst Fundamental TheoremEfficiency vs Equity and the Second Fundamental TheoremFirst Best vs Second BestLump sum taxes. 3. Necessary Conditions for Pareto Efficiency. First Best:an allocation which is Pareto efficient subject only to overall resource constraints and technology constraintSecond Bestan allocation which is Pareto efficient subject to resource constraints and additional constraints (eg. imperfect informa9449

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