III. Perfect Competition and the Attainment of Maximum Welfare

Chapters in this book

1. Frontmatter 1
2. Preface 7
3. Table of Contents 9
4. Part I. The Static Theory of Welfare Economics
5. I. The Welfare Concept 13
6. II. The Marginal Conditions of Maximum Welfare 21
7. III. Perfect Competition and the Attainment of Maximum Welfare 39
8. IV. An Obstacle to the Attainment of Maximum Welfare: Monopoly 47
9. V. Further Obstacles to the Attainment of Maximum Welfare 62
10. VI. Another Obstacle: Ignorance 68
11. VII. Risk, Uncertainty and Maximum Welfare: Socialism vs. Capitalism 77
12. VIII. Maximum Welfare and the Compensation Question 94
13. Part II. A Framework for the Theory of Economic Dynamics
14. IX. The Characteristics of Dynamic Systems 103
15. X. Some Implications of Dynamic Theory 129
16. XI. Monopolistic Competition in a Dynamic Setting 140
17. XII. Instability in a Dynamic System: The Role of Money 155
18. XIII. The Theory of Welfare in a Dynamic Setting 167
19. Part III. Welfare Economics and Full Employment
20. XIV. Full Employment and Economic Welfare 181
21. XV. Stumbling Blocks on the Road to Full Employment 195
22. XVI. Conclusion: A Philosophic Reflection on Waste and Welfare 205
23. Index 207