On the definitions of Pareto efficiency and surplus maximization and their connection. I have also updated my slides for this lecture, presenting things in a different order in a way that I think makes a bigger impact. You can find them here.
[vimeo 50833662 w=500&h=280]
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October 8, 2012 at 2:01 pm
Aaron
Thanks for sharing your videos. Note: you have a typo at about 3:40 “utilitariamism”. Maybe that is your check to see who really watched the video closely?! Would you be willing to share your workflow for creating these videos? They are certainly more polished and professional than many videos put out these days. Thanks again!
October 10, 2012 at 3:08 pm
TuringTest
I know these lectures are designed for an undergrad econ class, but why is there no mention of Hayek’s critique of planning (or Coase’s critique of welfare economics)? Information is too disperse for “social welfare economics” to ever work in practice. After all, who has sufficient information at his disposal to maximize these social welfare functions? My own view is that (outside the classroom) welfare economics is a total waste of time, for the reasons given by Hayek and Coase