economics writing, ec
write the answer for those 2 questions please in a hurry!!!
1. Explain the relevance of Arrow’s Theorem for following
individuals: a social scientist trying to predict how a legislature
will vote to divide up some new tax revenue; a committee
trying to identify the perfect voting rule to avoid committee
cycling and deadlock; a political theorist who defends democracy
on the grounds that it is the only way to determine society’s
true preferences; and a jurist attempting to interpret the
“legislative intent” of the coalition which passed a particular
bill in Congress.
2. Arrow’s Theorem suggests there is a trade-off between
the concentration of power and collective rationality. Explain
this trade-off, and then provide a brief example using three individuals
voting over three outcomes to illustrate. An alternative
formulation is that Arrow’s Theorem suggests a trade-off
between fairness and consistency. Explain this trade-off, carefully
describing the meaning of fairness and consistency under
these circumstances.
