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14.01 Principles of Microeconomics

14.01 Principles of Microeconomics (Fall 2018, MIT OCW). Instructor: Prof. Jonathan Gruber. This introductory undergraduate course covers the fundamentals of microeconomics. Topics include supply and demand, market equilibrium, consumer theory, production and the behavior of firms, monopoly, oligopoly, welfare economics, public goods, and externalities. (from ocw.mit.edu)

Lecture 21 - Efficiency and Equity

In this lecture, Prof. Gruber introduces the idea of equity and efficiency, including choosing the socially optimal allocation, inequality, and sources of leakage.


Go to the Course Home or watch other lectures:

Lecture 01 - Introduction and Supply and Demand
Lecture 02 - Preference and Utility Functions
Lecture 03 - Budget Constraints and Constrained Choice
Lecture 04 - Demand Curves and Income/Substitution Effects
Lecture 05 - Production Theory
Lecture 06 - Costs
Lecture 07 - Competition I
Lecture 08 - Competition II
Lecture 09 - Supply and Demand and Consumer/Producer Surplus
Lecture 10 - Welfare Economics
Lecture 11 - Monopoly I
Lecture 12 - Monopoly II
Lecture 13 - Oligopoly I
Lecture 14 - Oligopoly II
Lecture 15 - Input Markets I: Labor Market
Lecture 16 - Input Markets II: Labor and Capital
Lecture 17 - Making Choices Over Time
Lecture 18 - Increasing Savings and Introduction to Trade
Lecture 19 - International Trade: Welfare and Policy
Lecture 20 - Uncertainty
Lecture 21 - Efficiency and Equity
Lecture 22 - Government Redistribution and Taxation
Lecture 23 - Market Failures I: Externalities
Lecture 24 - Market Failures II: Informational Asymmetry
Lecture 25 - Health Economics