What are the two general theorems of welfare economics

Reference no: EM13695993

What are the Two General Theorems of Welfare Economics? What implications do they have for the “welfare state”? What are the ‘first best’ assumptions necessary for these theorems to hold? How realistic are these assumptions?

Reference no: EM13695993

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What are the two general theorems of welfare economics : What are the Two General Theorems of Welfare Economics? What implications do they have for the “welfare state”? What are the ‘first best’ assumptions necessary for these theorems to hold? How realistic are these assumptions?

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