Question: Read the article on institutions by Mancur Olson, cited in footnote 10. (You may be able to find it on the Web by typing the

Read the article on institutions by Mancur Olson, cited in footnote 10. (You may be able to find it on the Web by typing the author’s name and a few words from the title into Google Scholar.) The last sentence of that paper says that “individual rationality is very far indeed from being sufficient for social rationality.” What does Olson mean by this statement?

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Olson is referring to the fact that even if people are individually smart they may make poor or nonsensical group decisions The classic simple example ... View full answer

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