First Fundamental Theorem of Welfare Economics
GPTKB entity
Statements (21)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:mathematical_concept
|
| gptkbp:appliesTo |
general equilibrium theory
|
| gptkbp:assumes |
perfect competition
perfect information complete markets no externalities |
| gptkbp:category |
gptkb:economic_policy
microeconomics |
| gptkbp:field |
economics
welfare economics |
| https://www.w3.org/2000/01/rdf-schema#label |
First Fundamental Theorem of Welfare Economics
|
| gptkbp:implies |
market efficiency under certain conditions
|
| gptkbp:introduced |
gptkb:Kenneth_Arrow
gptkb:Gerard_Debreu gptkb:Abba_Lerner |
| gptkbp:introducedIn |
1951
|
| gptkbp:publishedIn |
gptkb:Econometrica
|
| gptkbp:relatedTo |
gptkb:Second_Fundamental_Theorem_of_Welfare_Economics
|
| gptkbp:state |
any competitive equilibrium leads to a Pareto efficient allocation of resources
|
| gptkbp:bfsParent |
gptkb:Stiglitz–Greenwald_theorem
|
| gptkbp:bfsLayer |
6
|