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Lecture 4 - Efficiency, Assets, and Time

Lecture 4 - Efficiency, Assets, and Time

This video was recorded at YALE - ECON 251 - Financial Theory. Over time, economists' justifications for why free markets are a good thing have changed. In the first few classes, we saw how under some conditions, the competitive allocation maximizes the sum of agents' utilities. When it was found that this property didn't hold generally, the idea of Pareto efficiency was developed. This class reviews two proofs that equilibrium is Pareto...

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