View source for If you are a progressive, you've got to love neoclassical economics/fundamental theorem
From Critiques Of Libertarianism
Jump to:
navigation
,
search
<!-- you can have any number of categories here --> [[Category:Dani Rodrik]] [[Category:Pareto Optimality]] {{Quote | text = Every first-year graduate student learns the First Fundamental Theorem of Welfare Economics, which says essentially that provided a long list of conditions are satisfied, a market equilibrium is efficient in a particular way--that is, you cannot make someone better off without making someone else worse off. Now you can read the theorem in two, radically different ways. One is to say: "There you have it! We knew Adam Smith was right all along, but here it is stated in mathematically precise way and proved to everyone's satisfaction. Now let the government get out of the way and have the markets work their magic." The other is to say: "Wow, hold on! You mean we need so many conditions for markets to produce efficient outcomes? No externalities, no returns to scale, no market power, markets for everything and for every point in time... I better get my theorems of the second-best straight!" | cite = [[Dani Rodrik]], "[http://rodrik.typepad.com/dani_rodriks_weblog/2007/05/if_you_are_a_pr.html If you are a progressive, you've got to love neoclassical economics]" }}
Template:Quote
(
view source
)
Return to
If you are a progressive, you've got to love neoclassical economics/fundamental theorem
.
Navigation menu
Views
Page
Discussion
View source
History
Personal tools
Log in
Search
Search For Page Title
in Wikipedia
with Google
Translate This Page
Google Translate
Navigation
Main Page (fast)
Main Page (long)
Blog
Original Critiques site
What's new
Current events
Recent changes
Bibliography
List of all indexes
All indexed pages
All unindexed pages
All external links
Random page
Under Construction
To Be Added
Site Information
About This Site
About The Author
How You Can Help
Support us at Patreon!
Site Features
Site Status
Credits
Notes
Help
Toolbox
What links here
Related changes
Special pages
Page information
Guidelines To Create
Indexable Page/Quote
Indexable Book/Quote
Indexable Quote
Unindexed
Templates
Edit Sidebar
Purge cache this page