**The First Welfare Theorem of Economics / The First Theorem of Welfare Economics**

**Definition of The First Welfare Theorem of Economics / The First Theorem of Welfare Economics:**
The first welfare theorem is the statement that a Walrasian equilibrium
is weakly Pareto optimal.
Such a theorem is true in a large and important class of general
equilibrium models (usually static ones). The standard case is if
every agent has a positive quantity of every good, and every agent has a
utility function that is convex, continuous, and strictly increasing, the then
the First Welfare Theorem holds.
(Econterms)

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