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A Closed System of Production Possibility and Social Welfare

Author

Listed:
  • Bill Hamlen

    (State University of New York at Buffalo)

  • Kevin Hamlen

    (University of Texas at Dallas)

Abstract

We offer a closed system production possibility and social welfare system that can be modelled using virtually any available software package. It has the attribute that social welfare is not independent of production possibilities. The closure is made using the famous result by Negishi (1960) for a purely competitive economy. The goal is to help students to understand the interaction, through experimentation, between production and social choice in a competitive economy.

Suggested Citation

  • Bill Hamlen & Kevin Hamlen, 2006. "A Closed System of Production Possibility and Social Welfare," Computers in Higher Education Economics Review, Economics Network, University of Bristol, vol. 18(1), pages 15-18.
    • Handle: RePEc:che:chepap:v:18:y:2006:i:1:p:15-18
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    File URL: https://www.economicsnetwork.ac.uk/cheer/ch18/hamlen.pdf
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    References listed on IDEAS

    as
    1. Alejandro Hazera, 2005. "Using the Mathcad Solver to Teach Portfolio Optimisation," Computers in Higher Education Economics Review, Economics Network, University of Bristol, vol. 17(1), pages 25-30.
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    Cited by:

    1. William Hamlen & Kevin Hamlen, 2012. "An Interactive Computer Model of Two-Country Trade," International Review of Economic Education, Economics Network, University of Bristol, vol. 11(2), pages 91-101.

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