Entscheidungstheoretische Grundlagen - Wohlfahrtsökonomie und Public Choice Theory

[Machine translation] The first law of welfare economics states that under certain, Requirements (in particular perfect competition) of the market for a, leads to an efficient (but not necessarily fair) allocation of resources., The latter requires a social consensus, which, however, only if there is unanimity, It certainly exists. Arrow's Impossibility Theorem, shows that majority voting often does not lead to a clear solution, leads to societal preferences., In addition to the dilemma of decision-making, there can be state failure, come because the public sector often acts as a monopolist (act, must), and public sector actors (politicians, parties, officials,, lobbyists,...) may not be the interest of public society, but, pursue their own interest.