This book covers the main topics of welfare economics general equilibrium models of exchange and production, Pareto optimality, un certainty, externalities and public goods and some of the major topics of social choice theory compensation criteria, fairness, voting. Arrow's Theorem, and the theory of implementation. The underlying question is this: "Is a particular economic or voting mechanism good or bad for society?" Welfare economics is mainly about whether the market mechanism is good or bad; social choice is largely about whether voting mechanisms, or other more abstract mechanisms, can...