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Though Arrow Says It’s Impossible, It Happens Everyday

Listed author(s):
  • Mohammad Gani

    (Economic Science Institute, Dhaka, Bangladesh.)

Arrow’s Impossibility Theorem shows that transitive social preference is impossible. This note shows that in the general case of exchange, social preference need not be transitive. Indeed, it shows that social preference must be non-transitive to allow gainful exchange to maximize social welfare. Thus though Arrow says it is impossible, it actually happens everyday and everywhere.

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Paper provided by EconWPA in its series Microeconomics with number 0405008.

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Length: 2 pages
Date of creation: 26 May 2004
Handle: RePEc:wpa:wuwpmi:0405008
Note: Type of Document - pdf; pages: 2. An original concept of consistency of social preference to change social scineces in general. Dismisses Arrow.
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