Entscheidungstheoretische Grundlagen - Wohlfahrtsökonomie und Public Choice Theory

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