December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Welfare economics
KEY THINKER
Kenneth Arrow (1921–)
BEFORE
1770 French mathematician Jean-Charles de Borda devises a preferential voting system.
1780s English philosopher and social reformer Jeremy Bentham proposes a system of utilitarianism—aiming for the greatest happiness of the greatest number.
1785 Nicolas de Condorcet publishes Essay on the Application of Analysis to the Probability of Majority Decisions, in which he sets out the original voting paradox.
AFTER
1998 Indian economist Amartya Sen is awarded the Nobel Prize for his work on welfare economics and social choice theory.
At a first glance, the mathematics of voting may seem ...
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