Jules Coleman, ‘Markets, methods, morals and the law’

Introduction:
This Essay develops four distinct but related themes about markets. The first concerns the relationship between Pareto optimality and human welfare. The First Fundamental Theorem of Welfare Economics (FFT) holds that under conditions of perfect competition, rational agents pursuing their interests will yield a Pareto optimal allocation of resources in the core. The concept of Pareto optimality is then interpreted in terms of human welfare, yielding the conclusion that perfect competition optimizes human welfare. The question posed in the first section is whether the relationship between Pareto optimality and human welfare supports this inference … (more)

Jules Coleman, ‘Markets, methods, morals and the law’. Alabama Law Review Vol 66(1) 169 (2014).

First posted 2015-01-07 13:44:58

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