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]Top Posts
- How To Open A Bag of Charcoal
- What is the Recommended Serving Temperature for Guinness?
- Why Does the Fastest Swimmer Anchor a Relay?
- Why Is It A Crime To Park Facing The Wrong Way?
- Behavioral Economics Reading List
- Jeff's Intermediate Micro Course
- The Overtime Spike in NBA Basketball
- What is Boris Johnson's Strategy?
- Crumbs
- Pricing Bareback
Tags
art art of office politics banana seeds blog books boston california chicago coffee computers crime current events decision-making economics education evolution family financial crisis food and wine friends funny game theory incentives iPhone kludge language law marriage maths movies music obama politics psychology publishing sandeep has bad taste sanitation sport statistics suicide teaching terrorism the web tomatoes travel TV vapor mill war winter writingSubscribe via RSS
Jeff’s Twitter Feed
- RT @wyntonmarsalis: It's always a blessing to meet young minds hungry to learn and better themselves. I’m thankful to the students that cam… 11 hours ago
- RT @qlquanle: misread this as 1980s and felt really proud of my fellow vietnamese for a second 2 days ago
- RT @jacobgrier: If people aren't seeing your tweets, try locking your account, committing your tweets to memory, and whispering them to pas… 5 days ago
- RT @retsoor: [pounding podium] the right word is worth 10k pictures 1 week ago
- Who let the gods out? 1 week ago
Join 2,151 other subscribers
Cheap Talk 
2 comments
Comments feed for this article
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