Welcome to the third installment in our series of discussions of the Most Insightful Articles in economics. Today we are discussing Ken Arrows’s 1950 article A Difficulty in the Concept of Social Welfare. If you’re interested in politics, you may have done the following thought experiment. Suppose there are three voters—1, 2, and 3—and three [...]

Tags: Arrow, Coase, Difficulty in the Concept of Social Welfare, economics, impossibility theorem, Levine, Most Insightful Articles, Plott, Problem of Social Cost
2 Comments »