Arrow's impossibility theorem was intended to show how the Soviets had an advantage over the "democracies" because of their "collective" decision-making.
On Tue, Feb 26, 2013 at 5:17 PM, Jim Devine <[email protected]> wrote: >> According to Haering and Douglas, the RAND Corporation, a privately >> financed American think-tank, played a pivotal role. Using funds >> provided by the Ford Foundation, RAND funded research projects of >> subsequent Nobel laureates Kenneth Arrow and James Buchanan, who >> persuasively questioned the legitimacy and efficiency of collective >> decision-making. > > Correct me if I'm wrong, but didn't Arrow argue that collective > decision-making didn't work well even if done via markets? Buchanan is > a different animal altogether. > > > -- > Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your > own way and let people talk.) -- Karl, paraphrasing Dante. > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l -- Michael Perelman Economics Department California State University Chico, CA 95929 530 898 5321 fax 530 898 5901 http://michaelperelman.wordpress.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
