Students need to study:
- Theory of Public Choice and Policy Implications of Public Choice Theory
- Divergence between Private and Social Costs
- Problems of Non-market Interdependence
- Externalities of Production and Consumption
- External Economies and Diseconomies
- Problem of Public Goods
- Piguvian Welfare Economics
- Second Best Optima
- Marginal Cost Pricing
- Cost Benefit Analysis
- Interdependent Utilities
- Attempts to Develop Dynamic Welfare Analysis
- Sen's Contributions to Welfare Economics
- Collective Choice and Social Welfare
- Social Choice and Political Decision Making
