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Results tagged with welfare-economics
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user 10376
A branch of economics that focuses on the optimal allocation of resources and goods and how this affects social welfare. Welfare economics analyzes the total good or welfare that is achieve at a current state as well as how it is distributed. This relates to the study of income distribution and how it affects the common good.
3
votes
3
answers
816
views
Interpretation of the growth rate of consumption in a simple one-good model
In Perman et al. "The efficient and optimal use of natural resources" it is presented a simple single-good model of welfare dynamic optimisation with non-renewable natural resource where:
Obj:
$$
max …
2
votes
Interpretation of the growth rate of consumption in a simple one-good model
I got stock with this problem for days.
The fact is that in a statical analysis, increasing $Q_K$ reduces consumption. But in a dynamic analysis, increasing $Q_K$ means more capital is saved and henc …
- 307
3
votes
1
answer
114
views
If Y=K+C, why the value of a marginal unit of capital is the same of the value of a marginal...
In a simple model of welfare dynamic optimisation with non-renewable natural resource where:
$$
\dot S_t = -R_t
$$
$$
\dot K_t = Q(K_t,R_t)-C_t
$$
one of the first order condition is that $P_t=\omeg …
- 8,773