Redistribution of wealth when knowledge is dispersed (Q1106711)
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scientific article
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Redistribution of wealth when knowledge is dispersed |
scientific article |
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Redistribution of wealth when knowledge is dispersed (English)
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1988
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The second theorem of welfare economics is generalized so that ethical redistribution of wealth can be carried out by the centre by means of an adjustment rule that depends only on prices and an exogenously given feasible allocation x. When equilibrium is achieved each household i will have at least as much utility as it would derive from its component of x.
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second theorem of welfare economics
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redistribution of wealth
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adjustment rule
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equilibrium
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