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fundamental theorem of welfare economics. The game is Keynesian in that 1) markets needn't clear at equilibrium so there can be …
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In Fairness versus Welfare (2003), Louis Kaplow and Steven Shavell provide a manifesto for normative law and economics …. Therein, they spell out the foundations for contemporary law and economics based on a Paretian consequentialist welfarism and … focus for law and economics that borrows from Robert Sugden's (2018) opportunity criterion, which holds that individuals …
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The paper argues that, from a dynamic efficiency perspective, intersections of factor price frontiers are irrelevant to the choice of techniques. Because every change in technique involves a temporary loss or gain in both profit and per capita consumption within the transition period, its...
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