ECON 4070

ECON 4070

Course information provided by the Courses of Study 2014-2015.

An introduction to the theory of competitive equilibrium and economic efficiency. It will start with a review of the Walrasian model and identify conditions under which a price-guided decentralized competitive economy achieves an optimal allocation of resources. It will present a number of celebrated examples and applications: the standard 2x2x2 model of international trade, Leontief's input-output model, Morishima's interpretation of labor theory of value, Arrow's analysis of uncertainty and Amartya Sen's analysis of famines. Finally, problems of market failure will be reviewed.  NOTE: Formerly ECON 3370.

When Offered Fall.

Prerequisites/Corequisites Prerequisites: ECON 3030, ECON 3040, MATH 1120, and ECON 3130 or ECON 3125.

Distribution Category (SBA-AS)

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Enrollment Information
Syllabi: none
  •   Regular Academic Session. 

  • 4 Credits Stdnt Opt

  •  8180ECON 4070  LEC 001

  • Instruction Mode: