The Baker cube is a useful tool in this field of study, which has given ris
The Baker cube is a useful tool in this field of study, which has given rise to problems like Gorman intransitivity and the so-called Scitovsky Reversal Paradox. Scitovsky introduced a double criteria to account for that paradox in this field, described by its namesake Bergson-Samuelson Functions. The first fundamental theorem of it holds that price-taking trade will always result in a point on the contract curve, while the second theorem says that any point on the contract curve can be reached by competitive trading from some given initial allocation. The LSE approach to the new form of it was spearheaded by Nicholas Kaldor and John Hicks. FTP, name this field most notably studied by Amartya Sen, earning him his Nobel, a branch of microeconomics that deals with human behavior and the allocation of resources to promote the namesake social goal.
The Baker cube is a useful tool in this field of study, which has given rise to problems like Gorman intransitivity and the so-called Scitovsky Reversal Paradox.
{Welfare} Economics (prompt economics of course)