Social security is defined as the security that the society furnishes through appropriate organizations against certain risks to which its members are exposed. According to Lexicon Universal Encyclopaedia, the term social security has been defined as 'consisting of public programmes intended to protect workers and their families from income losses associated with the old age, illness, unemployment, or death. The [...]
The first theorem of welfare economics is based on the two assumptions: 1. In the economy, all commodities are competitive. The equilibrium in the economy is Pareto efficient. 2. There is market for all commodities. Each commodity is produced in the economy and consumption of commodity ads to utility function. In an economy, all markets are competitive. Consumers and producers [...]
The exchange theory is most vital and practical theory in Advanced Microeconomics. Such theory is firstly formulated by F.Y. Edgeworth. He has assumed that there are two individuals and they exchange two commodities with each other. In the market, there are many commodities supplied and many commodities are exchanged. Two individuals bargain with each other to exchange commodities. Every individual [...]