Arrow’s Theorem
Kenneth Joseph Arrow · The New Palgrave Dictionary of Economics · 1987
Economic or any other social policy has consequences for the many and diverse individuals who make up the society or economy. It has been taken for granted in virtually all economic policy discussions since the time of Adam Smith, if not before, that alternative policies should be judged on the basis of their consequences for individuals; political discussions are less uniform in this respect, the welfare of an abstract entity, the state or nation, playing a role occasionally even in economic policy. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.