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Lecture 20: Welfare Economics

Lecture 20: Welfare Economics

This video was recorded at 14.01SC Principles of Microeconomics, Fall 2011. Up until now, our analysis of consumers and firms alike has assumed that both have perfect knowledge of the future. However, the world is filled with uncertainty. We don't know if it will rain tomorrow, if the stock market will go up next year, or if a new business will succeed or fail. This lecture analyzes the implications of uncertainty for consumer decisions.... Show More

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