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9 Jul 2023: Arguments in favour of the ‘free trade’ position can be stated in a compact manner by referring back to the two ‘fundamental theorems’ of welfare economics. ... According to this ‘converse theorem’, otherwise known as the ‘second theorem of

9 Jul 2023: According to this ‘Converse theorem’, otherwise known as the ‘second theorem of welfare economics’, Pareto-optimum can be realized as a competitive equilibrium in the presence of all round ‘Convexity’, provided ... as in terms of

9 Jul 2023: Working Paper No. 421. by. Ajit Singh. Emeritus Professor of Economics, University of Cambridge Life Fellow Queens College Cambridge. ... Chakravarty and Singh (1988) suggest such a case for free trade is best put in terms of the two fundamental theorems

9 Jul 2023: All of these involve what economists call the theory of the ‘second best.’ The latter asserts that, if any one of the assumptions required for the validity of the fundamental theorems ... of welfare economics cannot be met, restricted rather than

9 Jul 2023: two fundamental theorems of welfare economics. ... As in the case of short-term flows, FDI also requires appropriate regulation by these countries to enhance social welfare.

9 Jul 2023: 11 . market participants would thereby be maximised. It was a short step from these ‘fundamental theorems’65 to the conclusion that competitive markets represented the optimal design mode for the economy ... Since the laws of economics were ‘like