When can we not improve upon market outcomes? Coase Theorem: Efficiency and Bargaining -- closely related to value maximization. First Welfare Theorem: Efficiency and the Price Mechanism -- using ...

Market failure occurs when internal and external factors prevent an economy from reaching ... of a resource may be efficient, it may not maximize overall social welfare or leave certain negatively ...

Last month, Department of Government Efficiency (DOGE ... and tax breaks that fall under the umbrella of corporate welfare.

In an interconnected world, national economic policies regularly lead to ... This paper presents a first welfare theorem for open economies that defines an efficient benchmark and spells out the ...

Topa (2008): “Place of Work and Place of Residence: Informal Hiring Networks and Labor Market Outcomes,” Journal of Political Economy, 116(6), 1150-1196. Bertrand, M., E. F. P. Luttmer, and S.