Nobel Lecture

The major purpose of the paper is a comparison of social-choice formulations of liberty with game-form formulations. The set of admissible strategies of different people cannot be considered independently of each other, and a person's "private sphere" has to be defined by identifying permissible...

This is the text of the first Morishima Lecture at the LSE, and it investigates in particular two distinct priorities that are both important for the discipline of economics. One priority is that of "separation" with a focus on segregating distinct questions sharply, and then analyzing them...