Arrow's Impossibility Theorem shows that there exist no transitive social preferences in nonoligarchic societies for all possible profiles of individual preference orderings. Similarly, a generalization of Sen's Theorem of the Impossibility of a Paretian Liberal implies under the same conditions...

Citizens are strongly interested not to suffer from the damages wrought by inflation. With the development of inconvertible fiat paper money and the creation of the monopoly of central banks to issue unlimited amounts of banknotes the restrictions formerly existing because of the convertibility...