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PART IV
INFORMATION, MARKET FAILURE,
AND THE ROLE OF GOVERNMENT
CHAPTER 16
GENERAL EQUILIBRIUM AND ECONOMIC EFFICIENCY
TEACHING NOTES
This chapter brings together material from Chapters 1, 3, 6 - 10, and 14. Due to the amount of material and its theoretical nature, there are fewer examples than in previous chapters. The theme is the efficiency of competitive markets in general equilibrium.
The distinction between partial and general equilibrium is readily accepted by students, but they might find the geometry of Figure 16.1 intimidating. Exercise (6) offers students practice with the algebra underlying Figure 16.1. Although this is not a complete discussion of general equilibrium, students can learn to appreciate the limitations of a partial equilibrium analysis and the need to consider interactions among markets. Stress the importance of using a general equilibrium analysis for economy-wide policies, e.g., raising the minimum wage.
To provide a context for the discussion of exchange economies, you might start by discussing two children trading cookies and potato chips at lunchtime. For a more serious example, see Radford, “The Economic Organization of a POW Camp,” Economica (November 1945). Another application is provided in Exercise (4). Students find the definition of Pareto optimality (an allocation is Pareto-efficient if goods cannot be reallocated to make someone better off without making someone else worse off) confusing because of its “double negative” expression (i.e., “cannot” and “without” in the same sentence). Try to express the same idea in other ways, e.g., “An allocation is not Pareto-efficient if goods can be traded so that one person is better off and everyone else is just as well off.” Always ask your students whether a point is Pareto efficient. Define a Pareto-improving trade. Show why movements toward the contract curve are Pareto-improving, while movements along the contract curve are not Pareto-improving. Point out that all c
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