W HEN a decision is reached by voting or is arrived at by a group all of whose members are
not in complete accord, there is no part of economic theory which applies. This paper is …

SUMMARY AT many points in economic affairs decisions are taken not by single individuals
but by people acting as a group, and there is no theory which examines how such decisions …

deal of thought to problems of governmental policy and, in particular, to the question of
proper allocation of resources between the public and private sectors.'On the other hand …

! THE primary tool of analysis in economics is the market. But I Walker has expressed the
opinion that an economics adequate for prediction and policy must include a theory of extra …

IN A recent article entitled" Problems of Majority Voting," Gordon Tullock presented an
ingenious model to illustrate certain problems which he believes arise from the use of simple …

This paper constitutes an attempt to extend a style of theoretical activity in sociology which is
quite new to their domain. It is theory which rests upon the central postulate of economic …

I. The Coordination and Efficiency of the Economic System From the time of Adam Smith's
Wealth of Nations in 1776, one recurrent theme of economic analysis has been the …

2 Kenneth J. Arrow, Social Choice and Individual Values, Cowles Commission Monograph
No. 12, New York: John Wiley and Sons, 1951. Under very mild restrictions Arrow shows that …

TTIIS paper will compare individual choice in the political voting process and in the market
process, with both considered as ideal types. A substantial portion of the analysis will be …

Had it merely called to our attention the existence and exact nature of certain fundamental
gaps in economic theory, the Theory of Games and Economic Behavior by von Neumann …