How Valid Is Arrow’s Impossibility Theorem?

By Chandrashekar (Chandra) Tamirisa, (On Twitter) @c_tamirisa

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Kenneth Arrow, one of the founders of Social Choice Theory and a Nobel Economics Laureate, had founded the theory on the proposition that there is no social choice. In an earlier article in these pages I had discounted that claim by Kenneth Arrow by arguing that, albeit the impossibility of determining group preference being theoretically true given human nature, in practice it is not so because of the dictatorship of the law, religious, secular or other.

The law is social choice or the ‘social more’ or culture. In the absence of any rule of law – religious, cultural, secular, monarchic, meritocratic, republican, or tyrannic – Arrow is indeed correct.

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About Chandrashekar (Chandra) Tamirisa

http://www.thecommonera.com/Common_Era/Me.html
This entry was posted in Economics, Political Strategy, Politics, Transformations LLC and tagged , . Bookmark the permalink.

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