Market Equilibrium and Welfare

About the lecture

In this module, we look at the market equilibrium and how this links to the idea of welfare. In particular, we focus on: (i) the idea of market equilibrium; (ii) consumer surplus and how this looks on a graph; (iii) producer surplus and how this looks on a graph; and (iv) how this links to the idea of welfare.

About the lecturer

Patrick Gaule is an Associate Professor in Economics at the University of Bristol. He specialises in research that seeks to understand how we can scale up and accelerate science and innovation. With this in mind, he has published widely, including ‘Invisible Geniuses: Could the Knowledge Frontier Advance Faster?’ (American Economic Review: Insights. 2020) and ‘Chinese Graduate Students and U.S. Scientific Productivity’ (Review of Economics and Statistics, 2013).