Efficiency, Assets, and Time - Financial Theory - John Geanakoplos - Lecture 4 of 26 - Video-lecture

Video-lecture, Financial Theory

Description: Over time, economists' justifications for why free markets are a good thing have changed. In the first few classes, we saw how under some conditions, the competitive allocation maximizes the sum of agents' utilities. When it was found that this property didn't hold generally, the idea of Pareto efficiency was developed.
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