A Closed System of Production Possibility and Social Welfare

Bill Hamlen () and Kevin Hamlen ()
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Bill Hamlen: State University of New York at Buffalo
Kevin Hamlen: University of Texas at Dallas

Computers in Higher Education Economics Review, 2006, vol. 18, issue 1, 15-18

Abstract: We offer a closed system production possibility and social welfare system that can be modelled using virtually any available software package. It has the attribute that social welfare is not independent of production possibilities. The closure is made using the famous result by Negishi (1960) for a purely competitive economy. The goal is to help students to understand the interaction, through experimentation, between production and social choice in a competitive economy.

Date: 2006
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