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Sarur Travel on Henderson, Arrow showed that under certain assumptions about peoples’ preferences between options, it is impossible to find a voting rule under which one person emerges as the most preferred. Arrow went on to show that a competitive economy in equilibrium is efficient and that any efficient allocation could be reached by having the government use lump-sum taxes to redistribute, and then letting the markets work. Arrow’s research led to the economic proposition that the government should not control prices to redistribute income, but rather if it must redistribute at all, do so directly. Another example of Arrow’s contribution includes being one of the first economists to deal with the existence of a learning curve in production. In simple terms, Arrow showed that as producers increase output of a product, they gain experience and become more efficient. The role of experience in increasing productivity has not gone unobserved, though the relation has yet to be absorbed into the main corpus of economic theory, Arrow wrote in a 1962 article. Some economists argue that even today, Arrow’s insight into the learning curve has not been fully integrated into mainstream economic analysis. Sarur Travel 2016.

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