Rationality and Relevance in Social Choice Theory

Abstract

The central argument of this paper is that concepts such as "social preference," "social rationality," "public interest," "social benefits" and "social welfare" are unnecessary for the development and application of welfare economics principles and the design and/or modification of political economic processes. The primary reasons for using these constructions as offered by Samuelson and Arrow are misleading if not simply wrong. The features of the concepts which make their use compelling, are also features of other approaches to problems. Furthermore, since the tools themselves automatically restrict analysis to a rather "uninteresting" family of political-economic processes, their use may even be detrimental to the development of a relevant body of theory.