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Efficiency in consumption consists of distributing the given amount of produced goods and services among millions of the people for consumption in such a way as to maximize the total satisfaction of the society.
When such efficiency is achieved it is no longer possible by any redistribution of goods among the people to make some people better off without making some other ones worse off. Allocative economic efficiency or optimum direction of production consists of producing those goods which are most desired by the people, that is, when the direction of production is such that maximizes social welfare. In other words, allocative economic efficiency implies that pattern of production i.
Even if efficiencies in consumption and production of goods are present, it may be that the goods which are produced and distributed for consumption may not be those preferred by the people.
There may be some goods which are more preferred by the people but which have not been produced and vice versa. To sum up, allocative efficiency optimum direction of production is achieved when the resources are so allocated to the production of various goods that the maximum possible satisfaction of the people is obtained. Once this is achieved, then by producing some goods more and others less by any rearrangement of the resources will mean loss of satisfaction or efficiency.
The question of economic efficiency is the subject-matter of theoretical welfare economics which is an important branch of microeconomic theory. That microeconomic theory is intimately concerned with the question of efficiency and welfare is better understood from the following remarks of A.
Lerner, a noted American economist. Such inefficiency means that it is possible, by rearranging the different ways in which products are being produced and consumed, to get more of something that is scarce without giving up any part of any other scarce item, or to replace something by something else that is preferred. Microeconomic theory spells out the conditions of efficiency i. These conditions called Pareto-optimal conditions can be of the greatest help in raising the standard of living of the population.
It is generally understood that microeconomics does not concern itself with the economy as a whole and an impression is created that microeconomics differs from macroeconomics in that whereas the latter examines the economy as a whole; the former is not concerned with it.
But this is not fully correct. That microeconomics is concerned with the economy as a whole is quite evident from its discussion of the problem of allocation of resources in the society and judging the efficiency of the same. Both microeconomics and macroeconomics analyse the economy but with two different ways or approaches. Microeconomics examines the economy, so to say, microscopically, that is, it analyses the behaviour of individual economic units of the economy, their inter-relationships and equilibrium adjustment to each other which determine the allocation of resources in the society.
This is known as general equilibrium analysis. No doubt, microeconomic theory mainly makes particular or partial equilibrium analysis, that is, the analysis of the equilibrium of the individual economic units, taking other things remaining the same. But microeconomic theory, as stated above, also concerns itself with general equilibrium analysis of the economy wherein it is explained how all the economic units, various product markets, various factor markets, money and capital markets are interrelated and interdependent to each other and how through various adjustments and readjustments to the changes in them, they reach a general equilibrium, that is, equilibrium of each of them individually as well as collectively to each other.
Each cell is then said to be in equilibrium. This means that the adjusted cells then have to readjust themselves. This in turn upsets the adjustment of others again and so on.
An important part of microeconomics is examining whether and how all the different cells get adjusted at the same time. This is called general equilibrium analysis in contrast with particular equilibrium or partial equilibrium analysis.
General equilibrium analysis is the microscopic examination of the inter-relationships of parts within the economy as a whole.
Overall economic efficiency is only a special aspect of this analysis. Microeconomics occupies a vital place in economics and it has both theoretical and practical importance. It is highly helpful in the formulation of economic policies that will promote the welfare of the masses.
Until recently, especially before Keynesian Revolution, the body of economics consisted mainly of microeconomics. In spite of the popularity of macroeconomics these days, microeconomics retains its importance, theoretical as well as practical. Economists have theorized that the cost of production should include the cost of pollution, which is: To reduce or completely exterminate the production of pollution, all of the microeconomic firms have to take an anti-pollution step, which would equalize the costs of the production, globally.
Now you have almost exhaustive list of topics, along with a sample essay that can help you start writing immediately. We are ready to present you our choice of Microeconomics topics: The Modern Ecological Problems that U. The Impact of a Local Industry on the Society and the Environment Finally, now you have 20 relevant microeconomic topics from which you can choose whichever suits you best. But still, other problematic environmental issues are left untouched. So the reality is that this negative externality exists in economics.
David Besanko, Ronald R.
Microeconomics Essay Topics You will learn that microeconomics essay topics can be used to generate ideas that can change the world and make it a better place as well as to educate. If you are looking to come up with the good essay on microeconomics topics .
Free Essays words | ( pages) | Preview What´s Microeconomics? - Microeconimcs is the branch of economics that studies and analyzes the market behavior of both individual firms and consumers to help understand the decision-making process of companies and households.
Assuming the variety of issues covered by this economic science microeconomics essay topics gathered here will help you choose your paper's key idea. Just pick the one you like from the list. Understanding Microeconomics is almost as daunting as composing an argumentative essay on it. Microeconomics examines the economy, so to say, microscopically, that is, it analyses the behaviour of individual economic units of the economy, their inter-relationships and equilibrium adjustment to each other which determine the allocation of resources in the society.
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