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Lecture notes

Public Economics Week 2 LT Notes
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In-depth annotated notes for Week 2 lecture slides. Written by someone who attained a first class in this subject. Content that is not necessarily written down but important from information from lecturer.

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  • October 15, 2024
  • 42
  • 2022/2023
  • Lecture notes
  • Kate smith
  • Lent term week 2

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WELFARE IN MARKETS

EC 325
London School of Economics

, Motivation


• Our end goal is a deep understanding of when and how governments
should intervene in the economy

• Our first lecture considered individual welfare in isolation

• In the real world, public policies do not affect individuals in isolation,
they affect entire markets

• → we need to understand the welfarist properties of markets.

, Outline of the lecture

1. Models of markets
2. Incidence
3. Efficiency
4. Equity

, Recall from the previous lecture:

We can use the income-substitution effect decomposition to construct wel-
fare measures like EV and CV.
• We can then compare these money metric welfare comparisons across
contexts
• Without income effects, these are equivalent and equal to the change
in consumer surplus

Revealed preference lets us use positive models and empirical analysis to
study normative questions non-paternalistically...but tread carefully!

Social welfare functions let us analyze problems with winners and losers,
but normative judgments are inherent in the choice of SWF.

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