Impossibility & Social Choice - Intro to Political Economy

Explore the complexities of social choice and decision-making in this 57-minute lecture from Duke University's Introduction to Political Economy course. Delve into the three stages of social choice, examining how groups form identities, establish constitutions, and make decisions. Learn about access rules, decision rules, and the process of changing rules within organizations. Investigate Arrow's Theorem and its implications for group decision-making. Analyze real-world examples, including the National Rifle Association, to understand interest group dynamics. Examine the theories of Rousseau and Buchanan-Tullock on optimal majority, and explore alternative voting methods like the Borda Count. This lecture provides a comprehensive overview of the ethical and practical challenges in political economy, offering insights into how markets and societies address moral dilemmas.