Scandinavian Working Papers in Economics

Umeå Economic Studies,
Umeå University, Department of Economics

No 726: Welfare Theory: History and Modern Results

Thomas Aronsson () and Karl-Gustaf Löfgren ()
Additional contact information
Thomas Aronsson: Department of Economics, Umeå University, Postal: S 901 87 Umeå, Sweden
Karl-Gustaf Löfgren: Department of Economics, Umeå University, Postal: S 901 87 Umeå, Sweden

Abstract: This paper contains a fairly brief, but self-contained, version of the history of welfare economics, as well as the more modern welfare results. We introduce public goods and asymmetric information, and we hint at some of the modern mechanism design results. The paper also contains a section on welfare measures in a dynamic economy.

Keywords: Welfare Theory

JEL-codes: D60

66 pages, November 20, 2007

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