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The first theorem of welfare economics is the economic subject preferences are well defined conditions, with a redistribution of the equilibrium price is Pareto optimal. But as an example, any competition in the market equilibrium is Pareto optimal. Perfect competition market economy general equilibrium is Pareto optimal. The free market in equilibrium is Pareto efficient. The first theorem is if the enterprise is the pursuit of profit, each person to pursue their own maximum benefit, the market can achieve a social optimal allocation of resources. The first theorem guarantees competition market can make trade benefit maximum, i.e. a group of competitive market reach balanced allocation must be Pareto efficient allocation. Under conditions of perfect competition, market competition through price efficient coordination of economic activity, and the allocation of limited resources condition
123complete competition without external transaction cost4 incomplete information5 does not exist economies of scaleOn the Enlightenment of policy
In order to realize the fair market price of government intervention may lead to the low efficiency of market; government in order to achieve fairness on Trader's gift taxes does not change the Pareto efficient allocation. From any initial commercial endowment transaction will lead to a Pareto efficient allocation. Whether a person how to reallocate the endowment, with market forces determine the equilibrium configuration is still Pareto efficient allocation.The second fundamental theorem of welfare economics
The second fundamental theorem of welfare economics is defined in a perfectly competitive market conditions, the government should do is to vary between individuals endowment initial allocation state, all the rest can be determined by the market to solve. Each of which having a Pareto efficient resource allocation can be achieved through market mechanism.