- Mechanistic vs. Organic View of Society
- Problems in measuring the size of government
- The need for, and limits of, theory
- Empirical techniques
- Problems w/ various empirical techniques
- Indifference curves
- MRS
- Edgeworth Box diagram
- Pareto Efficiency
- Contract curve
- core
- PPF
- First and Second Fundamental Theorems of welfare economics
- Profit maximizing rule
- Utility maximizing rule
- efficiency condition for the provisioning of private goods (how this
is linked to the above)
- Efficiency vs Equity Concerns
- UPF
- Social Welfare Function
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- Market failures, why they happen, how they interfere w/ the First
Fundamental Theorem
- Public Goods
- Free rider problem
- Public vs. Private Provision
- Competitive vs. Noncompetitive provision
- fixed price, cost plus, and incentive contracts
- Externalities, definition and characteristics of
- Positive vs. negative
- Optimal level of pollution
- mergers & social convention
- Pigouvian tax, Pigouvian subsidy
- Pollution Permits
- Direct Regulation
- Coase Theorem
- Limits to Coase theorem
- Advantages and disadvantages of each means of addressing externalities
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