THE BENEVOLENT SOCIAL PLANNER

THE BENEVOLENT SOCIAL PLANNER benevolent social planner. The benevolent social planner is an all-knowing, all-powerful, well intentioned dictator The planner wants to maximize the economic well-being of everyone in society. What do you suppose this planner should do...

MARKET EFFICIENCY

MARKET EFFICIENCY Consumer surplus and producer surplus are the basic tools that economists use to study the welfare of buyers and sellers in a market. These tools can help us address a fundamental economic question Is the allocation of resources determined by free...