ECON 802: Microeconomics II (3)

The study of the operation of the economic system taking into account the diversity of goods and services. Primary attention is centered upon the competitive economy. A study is made of the existence, uniqueness, stability, and comparative statics of equilibrium positions. In addition, a study is made of ways of evaluating alternative states of the economy in terms of systems of value judgments. This includes a discussion of the Arrow Impossibility Theorem; the notion of a Pareto-satisfactory process is introduced and the relationship between Pareto-optimal states and competitive equilibrium positions is studied. Prerequisite: ECON 801. LEC
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