1. Education
The First Welfare Theorem of Economics / The First Theorem of Welfare Economics
<Back to Last Page>     <Full Glossary>

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)

Terms related to The First Welfare Theorem of Economics / The First Theorem of Welfare Economics:

About.Com Resources on The First Welfare Theorem of Economics / The First Theorem of Welfare Economics:
None

Writing a Term Paper? Here are a few starting points for research on The First Welfare Theorem of Economics / The First Theorem of Welfare Economics:

Books on The First Welfare Theorem of Economics / The First Theorem of Welfare Economics:
None

Journal Articles on The First Welfare Theorem of Economics / The First Theorem of Welfare Economics:
None

<Return to Main Page>

Related Video
Jason McKay discusses rich media and new advertising tools

©2014 About.com. All rights reserved.