1. They argued that traditional welfare economic theory was in an intractable crisis. 2. This overfocusing on macroeconomic aggregates, also led to an ignoring of welfare economics . 3. Pareto optimality is widely used in welfare economics and game theory. 4. The Kaldor Hicks criterion is widely applied in welfare economics and managerial economics. 5. Worland's specialties include the history of economic thought, social economics, and welfare economics . 6. The theorem has implications for welfare economics and theories of justice. 7. This insight is formalized in the First Theorem of Welfare Economics . 8. Sets of allocations could then be treated as first fundamental theorem of welfare economics . 9. Welfare economics on the other hand tries to determine allocations depending on fairness criteria.10. The externality concept remains central to modern welfare economics and particularly to environmental economics.
