A Closed System of Production Possibility and Social Welfare
AbstractWe 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.
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Bibliographic InfoArticle provided by Economics Network, University of Bristol in its journal Computers in Higher Education Economics Review.
Volume (Year): 18 (2006)
Issue (Month): 1 ()
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Postal: University of Bristol, BS8 1HH, United Kingdom
Fax: +44(0)117 331 4396
Web page: http://www.economicsnetwork.ac.uk/cheer
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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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