From paradoxes to social rules, or: How economics repeats itself
AbstractThere is an analogy of how the paradox of aggregation (Arrow impossibility theorem) and the paradoxa of individual behavior (people decide inconsistently) have been approached in mainstream research. In both cases it is disregarded that paradoxa are part of social reality. A constitutional approach focussing on rules and institutions promises to yield more fruitful insights. Copyright George Mason University 1990
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Bibliographic InfoArticle provided by Springer in its journal Constitutional Political Economy.
Volume (Year): 1 (1990)
Issue (Month): 2 (March)
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Web page: http://www.springerlink.com/link.asp?id=102866
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Levine's Working Paper Archive
7656, David K. Levine.
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- Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58, pages 328.
- James M. Buchanan, 1954. "Social Choice, Democracy, and Free Markets," Journal of Political Economy, University of Chicago Press, vol. 62, pages 114.
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