An Invisible Hand Theorem for Collectivists
Although cloistered away for almost two decades now, out of communication with almost all of my old friends, I find no difficulty in recalling the lively, penetrating, and unique mind of Jim Buchanan. What most distinguished Jim to me was his appreciation for sensible novelty. The Jim I remember was quick to recognize the oppressive power of intellectual tradition and rebelled against it whenever it became clear that the tradition posed a substantial barrier to a rational understanding of the world around us. Along with this basic iconoclasm came an unusual appreciation for seeing old things in a new light. No matter how much an idea grated against his basic instincts, he appreciated an idea if it amounted to a logical and empirically meaningful attack on a traditional belief.
KeywordsReaction Function Perfect Information Prior Mover Optimality Theorem Perfect Information Game
Unable to display preview. Download preview PDF.
- Apostol, T.M.: Mathematical Analysis, Reading MA (Addison Wesley) 1957. Berge, C.: Topological Spaces, Including a Treatment of Multi-valued Functions, Vector Spaces and Convexity, Edinburgh (Oliver and Boyd) 1963.Google Scholar
- Blackorby, C., D. Nissen, D. Primont, And R.R. Russell: “Consistent Intertemporal Decision Making,” Review of Economic Studies, Apr. 1972, pp. 239–48.Google Scholar
- Buchanan, James M.: Freedom in Constitutional Conact: Perspectives of a Political Economist, College Station, TX and London (Texas A and M University Press) 1977, pp. 4–5.Google Scholar
- Marschak, J. And Radner, R.: Economic Theory of Teams, New Haven (Yale University Press) 1972.Google Scholar
- Nikaido, H.: Convex Structure and Economic Theory, New York (Academic Press) 1968.Google Scholar
- Peleg, B., AND M.E. Yaaiu: “On the Existence of a Consistent Course of ActionGoogle Scholar
- When Tastes are Changing“, Review of Economic Studies,July 1973, pp. 391–402.Google Scholar
- Pollak, R.A.: “Consistent Planning”, Review of Economic Studies, 102 (Apr. 1968), pp. 202–08.Google Scholar
- Thompson, E.A., AND R.L. Faith: “A Pure Theory of Strategic Behavior and Social Institutions”, American Economic Review, 71 (June 1981), pp. 366–81.Google Scholar
- Von Neumann, J., And O. Morgenstern: Theory of Games and Economic Behavior, 3rd ed., Princeton (Princeton University Press) 1953.Google Scholar