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1、6thetheoreticalcritiqueofwalrasianwelfareeconomicsItisthefirstwelfaretheorem[assertingtheefficiencyofcompetitivemarkets]thatprovidestheintellectualfoundationforourbeliefinmarketeconomies.Likeanytheoremitsconclusionsdependonthevalidityofitsassumptions.Acloserlookat
2、thoseassumptions,however,suggeststhatthetheoremisoflittlerelevancetomodernindustrialeconomies.—JosephStiglitz,WhitherSocialism?(Cambridge,MA:MITPress,1994),28TheImportanceoftheFundamentalTheoremsThefoundationforWalrasianeconomictheoryisthetwowelfaretheoremsdiscuss
3、edinchapters4and5.TheFirstFundamentalTheoremstatesthatifallindividualsandfirmsareselfishpricetakers,thenacompetitiveequilib-riumisParetoefficient.TheSecondFundamentalTheoremstatesthatifallindividualsandproducersareselfishpricetakers,thenalmostanyParetoop-timalequi
4、libriumcanbesupportedviathecompetitivemechanism,pro-videdappropriatelump-sumtaxesandtransfersareimposedonindividualsandfirms.Thesetwotheoremshavebeenthebackboneofeconomicpolicyinthede-cadessinceWorldWarII.Lockwood(1987,811)writesofthesecondtheo-rem:“Itisnoexaggera
5、tiontosaythattheentiremodernmicroeconomictheoryofgovernmentpolicyinterventionintheeconomy(includingcost-benefitThischapterwasoriginallypublishedinasomewhatdifferentforminJohnM.Gowdy,“TheRevolu-tioninWelfareEconomicsandItsImplicationsforEnvironmentalValuationandPol
6、icy,”LandEconomics80(2)(2004),239–257.©2004bytheBoardofRegentsoftheUniversityofWisconsinSystem.ReproducedbythepermissionoftheUniversityofWisconsinPress.102modernwelfareeconomicsanalysis)ispredicatedonthisidea.”Likewise,Fisher(1983)writes:“Thecen-traltheoremsofwelf
7、areeconomics(i.e.thefirstandsecondfundamentaltheorems)maybethesinglemostimportantsetofideasthateconomistshavetoconveytolaypeople.”Thesecondtheoremimpliesthatifamovefromoneparticularstateoftheeconomytoanotherisjudgedtobedesirable,thismovemaybeachievedthroughtransfe
8、rringresourcesfromoneperson(oroneactivity)toanother.ReferringbacktoChapter1,anypointonthecontractcurveinFigure1.3canbereachedbychangingtheinitialdistrib
