Microeconomics

1. Welfare Economics
   1. Pareto Efficiency
      1. Definition and Criteria
         1. Understanding Pareto Improvements
         2. Historical Development and Theoretical Underpinnings
      2. Applications
         1. Real-World Examples of Pareto Efficiency
         2. Limitations and Critiques
   2. Market Failure
      1. Externalities
         1. Positive and Negative Externalities
            1. Case Studies
               1. Education and Research
               2. Pollution and Environmental Impact
            2. Measuring Externalities
         2. Internalizing Externalities
            1. Pigovian Taxes and Subsidies
            2. Tradable Permits and Cap and Trade Systems
      2. Public Goods
         1. Characteristics of Public Goods
            1. Non-Excludability
            2. Non-Rivalrous Consumption
         2. Provision and Funding of Public Goods
            1. Free Rider Problem
            2. Government Provision and Collective Action
      3. Asymmetric Information
         1. Implications on Market Behavior
            1. Market for Lemons
            2. Principal-Agent Problems
         2. Solutions to Asymmetric Information
            1. Signaling and Screening Mechanisms
            2. Role of Intermediaries
   3. Government Intervention
      1. Corrective Taxes and Subsidies
         1. Types and Implementation
            1. Environmental Taxes
            2. Agricultural Subsidies
         2. Economic Implications
            1. Effects on Efficiency and Equity
            2. Case Studies of Successful Policies
      2. Regulation and Deregulation
         1. Rationale for Regulation
            1. Protecting Consumers and Workers
            2. Ensuring Market Stability
         2. Examples of Regulatory Bodies
            1. Financial Regulation (e.g., Central Banks)
            2. Industry-Specific Regulation (e.g., Telecommunications)
         3. Impact of Deregulation
            1. Benefits of Reducing Overregulation
            2. Potential Risks and Challenges
   4. Equity and Efficiency Trade-Off
      1. Balancing Equity and Efficiency
         1. Understanding the Equity-Efficiency Frontier
         2. Economic Trade-offs and Societal Preferences
      2. Income Redistribution
         1. Taxation Policies
            1. Progressive vs. Regressive Taxation
            2. Taxation and Incentive Structures
         2. Social Welfare Programs
            1. Unemployment Benefits and Social Security
            2. Universal Basic Income Debate
         3. Measuring Inequality
            1. Gini Coefficient and Other Indicators
            2. Trends in Income and Wealth Distribution
   5. Well-being and Welfare Measures
      1. Beyond GDP: Alternative Metrics
         1. Human Development Index
         2. Happiness and Subjective Well-being Indexes
      2. Capability Approach
         1. Foundations of the Capability Approach
         2. Policy Applications and Implications
      3. Evaluating Welfare Programs
         1. Cost-Benefit Analysis
         2. Impact Assessment Techniques
   6. Ethical Considerations in Welfare Economics
      1. The Role of Ethics in Economic Decision-Making
         1. Utilitarian vs. Rawlsian Perspectives
         2. Libertarian vs. Egalitarian Viewpoints
      2. Philosophical Debates
         1. Justice and Fairness in Resource Allocation
         2. Moral Obligations of Prosperous Economies