“Economic Welfare and the Allocation of Resources for Invention” by Arrow (1962) Flashcards
1
Q
What are the difficulties with achieving optimal allocation of information?
A
2
Q
What is Arrow’s Information Paradox?
A
3
Q
Why do we expect a free enterprise economy to underinvest in invention and research?
A
4
Q
What kind of research will especially be subject to underinvestment?
A
