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What Is Arrow’s Impossibility Theorem?



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Arrow’s impossibility theorem is a result in social choice theory, showing that there is no way to construct a social welfare function that satisfies all of the reasonable criteria for such a function. The theorem is named after Kenneth Arrow, who proved it in his 1951 book, Social Choice and Individual Values. Where is arrow … Read more

What is an individual entrepreneur?



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The concept of the individual entrepreneur, also known as an autonomous individual company, is a person who is engaged in an economic or professional activity on their own account. By the definition of individual entrepreneur we understand that there is no fragmentation at either the legal or judicial level, of who the owner and the … Read more