Lec 4 - Lecture 4 (Turbo) - Perfect Competition. ECON 20100: The Elements of Economic Analysis E. Glen Weyl, Assistant Professor of Economics and the College "Perfect Competition." The first part of this course discusses markets with one or a few suppliers. The second part focuses on demand and supply for factors of production and the distribution of income in the economy. This course also includes some elementary general equilibrium theory and welfare economics. This lecture is something of an (anti-) climax to the course so far, discussion the central idea of perfect competition. We cover some basic ideas in international trade and comparative advantage, the existence and comparative statics of equilibrium and the fundamental theorems of welfare economics and their appropriate interpretation. We then consider whether the welfare theorems really justify the pro-market spin usually put on them, considering Hayek's emphasis on the market's informational role as a framing of the themes for the rest of the course. For readings associated with this lecture and slides, visit: http://www.glenweyl.com/teaching
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