Hal Varian quotes
Arrow's Impossibility Theorem is quite surprising. It shows that three very plausible and desirable features of a social decision mechanism are inconsistent with democracy: there is no "perfect” way to make social decisions. There is no perfect way to "aggregate” individual preferences to make one social preference. If we want to find a way to aggregate individual preferences to form social preferences, we will have to give up one of the properties of a social decision mechanism described in Arrow's theorem.
Hal Varian
Schumpeter emphasizes a "demand-side” explanation for such clustering of innovation. One might also consider a complemen tary "supply-side” explanation: since innovators are, in many cases, working with the same components, it is not surprising to see simultaneous innovation, with several innovators coming up with essentially the same invention at almost the same time. There are many well-known examples, including the electric light, the airplane, the automobile, and the telephone.
Hal Varian
Hal Varian
Occupation: American Economist
Born: March 18, 1947
Quotes count: 3
Wikipedia: Hal Varian
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