General Equilibrium and Welfare Economics An Introduction
A good basic understanding of general equilibrium theory is a fundamental and indispensable background for advanced work in virtually any sub-field of economics; and a thorough understanding of the methods of welfare economics, particularly in a general e
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James C. Moore
General Equilibrium and Welfare Economics An Introduction
With 40 Figures and 11 Tables
12
Professor James C. Moore Purdue University Department of Economics 100 S. Grant Street West Lafayette, IN 47907-2076 USA [email protected]
ISBN-10 3-540-31407-5 Springer Berlin Heidelberg New York ISBN-13 978-3-540-31407-3 Springer Berlin Heidelberg New York Cataloging-in-Publication Data Library of Congress Control Number: 2006932262 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. Springer is a part of Springer Science+Business Media springeronline.com ° Springer Berlin ´ Heidelberg 2007 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Hardcover-Design: WMXDesign GmbH, Heidelberg SPIN 11660033
42/3153-5 4 3 2 1 0 ± Printed on acid-free paper
To Donna, Donovan, Brian, Jerry, Linda, Ted, Julie, and Bradley, . . . and to the University of Minnesota Faculty who taught me General Equilibrium and Welfare Economics: John Chipman, Leo Hurwicz, Ket Richter, and Hugo Sonnenschein, this book is most affectionately, and respectfully, dedicated.
Preface This book is intended as a graduate- (or perhaps, advanced undergraduate-) level textbook in general equilibrium and welfare economics. General equilibrium theory is, of course, at the very heart of our fledgling science of economics, and welfare economics provides the normative basis for all professional policy recommendations, as well as most applied work. In developing this text, I hope that I have not slighted the needs of the aspiring economic theorist, but at the same time, I have tried to take account of the fact that most of the students who have studied or will study this text will not go on to specialize in advanced theory. Consequently, I have attempted to include and concentrate upon that material which I believe would be most useful to students who will go on to specialize in, for example, international economics, public economics, or economic development. How well I have succeeded in this endeavor only time will tell. This book has been developed from lecture notes and hand-outs which I have used over the past several years in the course, ‘General Equilibrium and Welfare Economics,’ (Economics 609) which I have taught at Purdue University. Before going further, however, let me quickly confess that I h
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