Information Package / Course Catalogue
General Equilibrium and Welfare Economics
Course Code: ECON411
Course Type: Area Elective
Couse Group: First Cycle (Bachelor's Degree)
Education Language: Turkish
Work Placement: N/A
Theory: 3
Prt.: 0
Credit: 3
Lab: 0
ECTS: 5
Objectives of the Course

The aim of this course is to examine general equilibrium models and to evaluate the impact of general equilibrium models on economic growth or economic performance in national economies and in Turkey in particular.

Course Content

General equilibrium, the relationship between general equilibrium and Pareto optimum, general equilibrium and social preferences, the bases of Pareto optimum, second best theory and optimality concepts form the content of this course.

Name of Lecturer(s)
Prof. Funda ÇONDUR
Learning Outcomes
1.Students understand the general equilibrium models.
2.Students are able to analyze the effects of general equilibrium models on economic performance.
3.Students are able to examine the general equilibrium models in Turkish economy.
4.Students will be able to gain a critical perspective on general equilibrium models.
5.Students have knowledge about welfare economics.
Recommended or Required Reading
1.Ölmezoğulları, N., (1998). Bölüşüm, Genel Denge ve Refah Ekonomisi. Ezgi Kitabevi.
2.Önalan, G. O. (2010). Ekonomide Genel Dengel: Politikalar ve Mu¨dahale Yöntemleri. Filiz Kitabevi.
3.Çolak, Ö. F., Özalp, L. F. A. (2022). Refah Ekonomisi ve Eşitsizlik. Efil Yayınevi.
Weekly Detailed Course Contents
Week 1 - Theoretical
Introduction to General Equilibrium and History of General Equilibrium Models
Week 2 - Theoretical
Proving the Existence of General Equilibrium
Week 3 - Theoretical
Assumptions Underlying General Equilibrium Models
Week 4 - Theoretical
General Equilibrium and Pareto Optimum
Week 5 - Theoretical
General Equilibrium and Social Preferences
Week 6 - Theoretical
Value Judgments and Pareto Optimum
Week 7 - Theoretical
Basic Properties and Conditions of the Pareto Optimum
Week 8 - Theoretical
Parameter Estimation in Walras' General Equilibrium Model
Week 9 - Theoretical
Competitive Equilibrium and Pareto Optimum
Week 10 - Theoretical
The Second-best Theory
Week 11 - Theoretical
Analysis of Social Preferences
Week 12 - Theoretical
Optimality Concept
Week 13 - Theoretical
Welfare Economics and its Limits
Week 14 - Theoretical
Edgeworth Box
Assessment Methods and Criteria
Type of AssessmentCountPercent
Midterm Examination1%40
Final Examination1%60
Workload Calculation
ActivitiesCountPreparationTimeTotal Work Load (hours)
Lecture - Theory142370
Midterm Examination120121
Final Examination130131
TOTAL WORKLOAD (hours)122
Contribution of Learning Outcomes to Programme Outcomes
PÇ-1
PÇ-2
PÇ-3
PÇ-4
PÇ-5
PÇ-6
PÇ-7
PÇ-8
PÇ-9
PÇ-10
PÇ-11
PÇ-12
OÇ-1
5
4
3
2
3
3
2
3
2
3
4
4
OÇ-2
5
4
4
3
4
4
3
4
2
4
5
5
OÇ-3
5
4
5
3
4
4
3
4
2
4
5
5
OÇ-4
5
4
4
3
4
3
3
4
2
4
5
5
OÇ-5
5
4
4
3
4
3
3
4
2
4
5
5
Adnan Menderes University - Information Package / Course Catalogue
2026