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Explore welfare economics, the study of how resource and goods allocation affects social welfare, in this 45-minute lecture from MIT's Principles of Microeconomics course taught by Prof. Jonathan Gruber. Delve into key topics including government interventions and their effects on perfectly competitive markets. Gain insights into how economists evaluate market outcomes from a social perspective and understand the theoretical frameworks used to assess economic efficiency and equity. Part of MIT OpenCourseWare's Fall 2023 microeconomics series available under Creative Commons licensing.
