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general properties, e.g. that it should be responsive to the wishes of every member of the group and that no member of the group plays the role of dictator, that if everyone in the group prefers alternative A to B then A should exceed B in the social ranking, and a number of other technical properties. Is it then possible to design a constitution with these properties which will produce a complete, consistent ranking of the alternative social states? Arrow’s famous impossibility theorem shows that no such constitution is possible. It is in this sense that Arrow proved the impossibility of a social welfare function. An entire area of research has developed from this fundamental contribution, and most attention has been directed at the reasonableness of the properties which must be possessed by the constitution. On further analysis, some are less reasonable than might at first be supposed, and a weakening of the requirements can reverse the impossibility result. The area has become a fruitful field for mathematical logicians. Bergson’s and Arrow’s concepts of the social welfare function are related, in that Arrow’s social welfare function is the process by which Bergson’s social welfare function would be generated. Thus, Arrow’s analysis could be viewed as more fundamental than and logically prior to that of Bergson. However, it has been argued that Arrow’s work is of more significance for political theory than for economics, since in the economic analysis of public policy economists are concerned with the nature of the given social welfare function in Bergson’s sense, rather than with the properties of the political process which brings it about. paradox of voting.

Soft currency. A currency whose exchange rate is tending to fall because of persistent balance-of-payments deficits or because of the building up of speculative selling of the currency in expectation of a change in its exchange rate. Governments are unwilling to hold a soft currency in their foreign exchange reserves. The softness’ of sterling in 1976 and the consequent unwillingness of governments to hold sterling balances led to sterling crises and the need for the currency to be supported by borrowing from the international monetary fund.

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