Arrow's Impossibility Theorem is commonly understood to invoke a dictatorship that is somehow lurking within our voting arrangements. A well-recognized statement of the theorem is that "any constitution that respects transitivity, independence of irrelevant alternatives and unanimity is a...

Abstract: Since the 18th century, doubt has been raised concerning “rational” majoritarian public choice: the “voting paradox” holds, in a simple calculation made famous by the Marquis de Condorcet, that rational resolution of divergent preferences by voting is impossible. The economist...