A Difficulty in the Concept of Social Welfare

@article{Arrow1950ADI,
  title={A Difficulty in the Concept of Social Welfare},
  author={Kenneth J. Arrow},
  journal={Journal of Political Economy},
  year={1950},
  volume={58},
  pages={328 - 346}
}
  • K. Arrow
  • Published 1 August 1950
  • Economics
  • Journal of Political Economy
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 "economic" decisions. In the emerging democracies with mixed economic systems, Great Britain, France, and Scandinavia, the same two modes of making social choices prevail, though more scope is given to the method of voting and to decisions based directly or indirectly on it and less to the rule of… 

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