Microeconomics – Consumers, Producers & Efficiency of Markets

WELFARE ECONOMICS Welfare economics is the study of how the allocation of resources affects economic well-being. Participation in market leads to buyers receiving benefit consumer surplus and sellers receiving benefit producer surplus. Equilibrium maximises total welfare. CONSUMER SURPLUS Willingness to pay measures the buyers’ value of a good or service as the maximum amount that … Continue reading Microeconomics – Consumers, Producers & Efficiency of Markets

Jason Brennan – Political Philosophy

Jason Brennan discusses the intersection of political philosophy and political economy, this series of videos explains some of the main issues from property rights to market failure. See the playlist here, Source: (Brennan, 2016). Such topics discused include, What Makes Institutions Just or Unjust?, Liberty: Who Needs It?, What Are Rights?, Why Property Rights?, Rawls’s … Continue reading Jason Brennan – Political Philosophy