According to Kenneth Arrow, there are minimum conditions to which a social choice rule (constitution) needs to conform to in order to be ethically acceptable. Explain these conditions. Does majority decisions rule conform to Arrows conditions?

According to Kenneth Arrow, there are minimum conditions to which a social choice rule (constitution) needs to conform to in order to be ethically acceptable. Explain these conditions. Does majority decisions rule conform to Arrows conditions?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter19: Externalities And Public Goods

Section: Chapter Questions

Problem 19.10P

See similar textbooks

Related questions

Q: Explain the role that is played by the three decision makers in the economy

A: The firm, the household, and the government are the three basic economic units that carry out…

Q: (i) Discuss the Lucas Critique.

A: "Since you have asked multiple questions ,we will solve first question for you.If you want specific…

Q: Define horizontal communication with example ?

A: Communication: It is the medium or the process of sharing information, thought, ideas between two or…

Q: Question 3 Determine if the following statement is true or false and explain your answer. "Arrow's…

A: Arrow's impossibility theorem is a social choice paradox that shows that having an optimal voting…

Q: Does the economic model or socioeconomic model of social responsibility make more profits? And why?

A: ANS The economic model assumes that society will receive the most benefit when producers are left…

Q: List two types of utilitarianism?

A: In economics, Utilitarianism refers to the ideology of making activities that result in happiness or…

Q: Which of the following correctly defines utilitarianism? a. The difference between what a consumer…

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: What did mercantilism see as the economic goal for society? Why was poverty seen as essential?…

A: Mercantilism was an economic theory and practise popular in Europe from the 16th to the 18th…

Q: Would it be more profitable for a business to follow the economic model or the socioeconomic model…

A: An economic model is a condensed representation of the truth that helps one to analyze economic…

Q: What are the different effects of MARKET FAILURE on humans, society, and the economy? Give at least…

A: defination: Market failure happens when the value component neglects to represent the entirety of…

Q: Which one of the following occurs in capitalistic economy? a. Means of production are owned by the…

A: Capitalism is defined as an economic system which is characterized by private ownership of the means…

Q: What are some of the problems with using utilitarianism for conducting a stakeholder analysis

A: Utilitarianism is a moral philosophy that promotes activities that bring happiness or pleasure while…

Q: Krugman argues that: a.Today, accepting what the evidence says about an economic question will be…

A: A number of economic policies are being called “zombie theories” by Paul Krugman as they, in turn,…

Q: Which one of the following models emphasizes on liberty and free choice? The American model…

A: There are different models to be used to explain the specfiic situation of the economy in terms of…

Q: There are various approaches to deal with ecological illness, and we can all place them on a…

A: Given the two approaches for ecological illness ie liberatianism and authoritarianism, it is better…

Q: What role, if any, will marginalism, incentives, and disinterestedness play in the questions you ask…

A: Marginalism refers to the study of marginal relationships and theories within the economics. The…

Q: which one of two would be more profitable economic model or the socio eonomic model of social…

A: Socioeconomic model: Social-monetary model" alludes to the citizenry's abilities to appreciate…

Q: What is the list of all Henry Hazlitt's cost-benefit analysis lessons learned as it relates to…

A: According to Henry Hazlitt's lesson of cost-benefit analysis: Actions that are advantageous in the…

Q: Is “fairness” the economic basis for government laws and regulations designed to remedy market…

A: Market Failure: The market failure is a situation when the price mechanism leads to an inefficient…

Q: Do you think Pareto Efficiency is enough to explain welfare economics?

A: According to Pareto efficiency, it is not possible to increase one person utility or welfare of one…

Q: When looking at the economics of marriage, how would a functionalist theorist and a social exchange…

A: The structural functionalist point of view, marriage and family are an essential structure square of…

Q: In which type of economy does only the government make economic decisions?

A: The economy in which the only government make or take the economics decisions are the CENTRALLY…

Q: Is it better to have a high or low dependency ratio?

A: A dependency ratio is a ratio that measures the age-population aged between 0-14 and above 65 that…

Q: According to the invisible hand concept, the best way for a society to encourage the creation of…

A: As wants and desires of the individuals in the economy are unlimited but resources available to…

Q: Economics is the social science that studies the choices that individuals, businesses, governments,…

A: Scarcity: - it is very basic problem of economics which is related to the limited availability of…

Q: Are there any circumstances under which society could exist without law?

A: ANSWER A Society rarely survives without some formed code of conduct. Thus it cannot exist without…

Q: What does rationalism mean within the context of political economy?

A: Political economy refers to the branch of social sciences that studies the interrelationships among…

Q: Analyse the role of market failure as a justification for government intervention.

A: Market failure is a situation when the free market fails to optimally allocate resources. In order…

Q: Through economic reasoning, explain the interrelationship with markets and government.

A: There is a general law that determines the market's allocation of resources which reduces the…

Q: Write the two views of the basis for determining the social discount rate?

A: The social discount rate is the wider term used to define the discount rate at which investment made…

Q: Define fairness and give examples of how it affects behavior in the economy and in the dictator and…

A: The ultimatum game has grown to be a popular instrument in experimental economics. The use of this…

Q: The Condorcet paradox illustrates Arrow’simpossibility theorem by showing that pairwisemajority…

A: Arrow’s impossibility theorem explain the social choice paradox people of voting system. This…

Q: Which of the following predictions is consistent with public choice theory? a. Voters always…

A: Public choice refers to the use of economic tools to deal with traditional problems of political…

Q: How does the historical institutionalist approach of political economy differ from rational choice…

A: Old Institutionalism, an approach to the analysis of politics that centre on forma institutions of…

Q: Choices that are the best for the society as a whole are choices in the pursuit of…

A: When everyone acts to maximize their own self-interest, social interest is maximized. So, when…

Q: In the Supreme Court case involving Charles Schenck, which tested the constitutionality of the…

A: Option C Schneck vs the United States case Words that used which can create clear and present danger…

Q: According to public choice theory, policymakers Group of answer choices place the interests of the…

A: Public choice theory is related to public welfare and the choices government make for the…

Q: Apart from society's laws, according to Hobbes, a person's rights are based on ) the laws of God.…

A: Natural rights are the rights that are not dependent on the laws and customs or beliefs of any…

Q: Do you believe that education serves primarily to increase human capital, or to serve as a signaling…

A: Most people are aware that the "college wage premium," or the additional income one might expect…

Q: Explain Economic and Social Disorder

A: In general, the term disorder is used to explain the situation of confusion when there is not a…

Q: Complete the following table by selecting the redistributive philosophy that matches each statement.…

A: Utility refers to the satisfaction that a consumer derives from consuming a good. Redistribution of…

Question

100%

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

According to public choice theory, policymakers Group of answer choices place the interests of the public above their own self-interest. are likely to pursue their own self-interest, even if their self-interest conflicts with the public interest. act in ways to maximize economic efficiency. act in ways to bring about an equitable distribution of society's wealth.
Which of the following predictions is consistent with public choice theory? a. Voters always cast votes based on hard facts, not based on whether they like a candidate's personality. b. Legislation enacted is rarely a result of special interest legislation. c. Many voters will be uninformed on political and government issues. d. Voters always cast votes based on whether they like a candidate's personality, not on hard facts.
Explain why majority rule respects the preferencesof the median voter rather than those of the averagevoter.
"Government failure" is a prominent topic in: public choice theory. Keynesian economics. socialist theory. behavioral economics.
How do economic incentives interact with pro-social behavior?
How Bergson-Samuelson Social Welfare Function used in a model that considers a society's desire for both Pareto optimality and fairness, Mention all necessary assumptions and specify the conditions that ensure a general equilibrium and social welfare
Regarding the distributive justice hypothesis, I thought utilitarianism was the most persuasive. Utilitarianism holds that when resources and advantages are divided, it is ideal for society's overall enjoyment or well-being to be maximized. This theory contends that resources should be allocated to maximize overall utility while concentrating on the greatest good for the greatest number of people. The fact that it can have a beneficial impact on those around you makes this the most persuasive to me. According to utilitarianism, the best course of action is that which reduces pain or suffering while maximizing overall utility, which is typically associated with happiness, pleasure, or well-being. The focus on enhancing well-being to reach as many people as possible creates a change for more people Although there can be some conflicts and critics that come with it. I found it to be one of the most convincing theories. please help reply to this discussion post
Is “fairness” the economic basis for government laws and regulations designed to remedy market failures? If so, why; if not, what is the economic basis?
A __________ system is a method of making economic decisions that allows individuals and firms to decide who gets what and how using a voluntary exchange.
A well educated society can be considered which of the following, as it pertains to economics? Negative Externality Positive Externality Economic Relief Social Welfare
Rational choice theory is an economic principle that assumes individuals always make prudent and logical decisions to maximize net benefit. True or false
Explain Economic and Social Disorder