Course program
1. Fundamentals of welfare economics: economic efficiency.
2. Market failure.
3. Public goods and publicly provided private goods.
4. Externalities and the environment. Public and market-based solutions to externalities.
5. Efficiency and equity. Social choices in practice.
6. Public production of goods and services. Natural monopoly.
7. Bureaucratic behaviour.
8. Public choice. Majority voting. Arrow’s impossibility theorem.
9. Lindahl equilibrium.
10. Welfare programs and the redistribution of income.
