2 ideas from Kenneth J. Arrow, each explained in a minute and credited to the original work. Free on Savvy.
Once a cost is covered by someone else, behavior shifts — drivers with full insurance take fewer precautions, banks make riskier bets when they expect a bailout. Economists call th…
— Kenneth J. Arrow, Uncertainty and the Welfare Economics of Medical Care
Kenneth Arrow proved that no ranked-voting rule can simultaneously satisfy a short list of reasonable fairness conditions once there are three or more options. Every electoral or c…
— Kenneth Arrow, Social Choice and Individual Values