When1: 1951
Who: Kenneth Arrow [Arrow, Kenneth]
What: economist
Where: USA
works\ Social Choice and Individual Values [1951]
Detail: He lived 1921 to ? and invented Arrow social welfare theorem. All markets balance supply and demand if in competitive equilibrium {general equilibrium theory}.
Individuals typically have preference orders among candidates when voting or among products and services when buying. Similarly, groups have preference orders among candidates or products and services. Individuals cannot significantly affect group preferences, because no person has significantly greater wealth, power, or influence than other people. Group preferences typically are sums of individual preferences, because votes or purchases add. Preferences can be independent. If these conditions are true, no method exists that guarantees that group preference order is consistent with sum of individual preference orders {voting paradox, Arrow} {Arrow paradox}.
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Date Modified: 2022.0224