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