25 July 2006

Arrow's "Impossibility Theorem" Still Applies: The Cases of China and India

The great American economist Kenneth Arrow won the Nobel Prize in Economics in the 1950's when he mathematically proved that you cannot have both democracy and efficiency. It's either one or the other. The Republic of Singapore comes immediately to mind.

Rupert Wingfield-Hayes of the BBC, who is not a fan of the Chinese government, recounts his experiences in both Beijing and New Delhi and basically affirms Arrow's "Impossibility Theorem."

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