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Describe three conditions required for the two welfare theorems to hold. Are these conditions reasonable with...

Describe three conditions required for the two welfare theorems to hold. Are these conditions reasonable with respect to the markets for health insurance and health care?

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Answer #1

Two welfare theorems are:-

1) pareto efficient allocation of resources is attained by competitive equilibrium.

2) competitive equilibrium leads to efficient allocation of resources, given the market mechanisms leading to redistribution.

Conditions:-

1) no government intervention

2) adoption of laissez faire theory.

3) adoption of wealth redistribution policies.

No these conditions are not reasonable as, government intervention is necessary for health care so as to insure welfare of all.

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