Can We Make Economics More Fair? Social Welfare Functions and The Edgeworth Box
Автор: In Case of Econ Struggles
Загружено: 2025-06-21
Просмотров: 137
📝 Description:
What should a social planner do? In this video, I explore social welfare functions—Rawlsian, utilitarian, and weighted utilitarian—using a classic Edgeworth Box setup. I start with a review of the contract curve and how it relates to the utility possibility frontier (UPF). Then, I discuss the social planner’s problem: how to choose the optimal allocation of goods between two individuals. Along the way, you’ll see why the solution lies where the social welfare indifference curve is tangent to the UPF.
Ideal for students in intermediate microeconomics, welfare economics, or general equilibrium theory.
Timestamps:
00:00 Introduction
00:47 Review of the Edgeworth Box and Contract Curve
01:50 Social Planner Problem Review
03:26 Rawlsian vs Utilitarian vs Weighted Utilitarian Welfare
04:05 Utility Possibility Frontier
05:09 The Graphical Solution to the Social Planner Problem
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