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Economic Welfare and the Allocation of Resources for Invention
Invention is here interpreted broadly as the production of knowledge. From the viewpoint of welfare economics, the determination of optimal resource allocation for invention will depend on the
The Economic Implications of Learning by Doing
It is by now incontrovertible that increases in per capita income cannot be explained simply by increases in the capital-labor ratio. Though doubtless no economist would ever have denied the role of
Social Choice and Individual Values
Originally published in 1951, Social Choice and Individual Values introduced "Arrow's Impossibility Theorem" and founded the field of social choice theory in economics and political science. This new
A. Wald has presented a model of production and a model of exchange and proofs of the existence of an equilibrium for each of them. Here proofs of the existence of an equilibrium are given for an
A Difficulty in the Concept of Social Welfare
  • K. Arrow
  • Economics
    Journal of Political Economy
  • 1 August 1950
IN A capitalist democracy there are essentially two methods by which social choices can be made: voting, typically used to make "political" decisions, and the market mechanism, typically used to make
The Role of Securities in the Optimal Allocation of Risk-bearing
The theory of the optimal allocation of resources under conditions of certainty is well-known. In the present note, an extension of the theory to conditions of subjective uncertainty is considered.