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The paper tries to clarify the status of the market in Social Choice and Individual Values. It shows how Arrow at first intended to propose a third theorem of welfare economics (Feldman [1991]), which would show that the market achieves not only Pareto-optimality, but also equitable social...
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behaviour on the economy, it has not (yet) managed to fully develop a positively formulated "economic theory of politics" that …
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the more recent domains of happiness economics, the comparative approach by Amartya Sen, and the theory of fair allocation …
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