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Arrow's theorem

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Three-way scales with a person on each plate

Which voting system is best?

With the day of the referendum on the UK voting system drawing nearer, Tony Crilly uses a toy example to compare the first past the post, AV and Condorcet voting systems, and revisits a famous mathematical theorem which shows that there is nothing obvious about voting.
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Adam Smith and the invisible hand

Adam Smith is often thought of as the father of modern economics. In his book "An Inquiry into the Nature and Causes of the Wealth of Nations" Smith decribed the "invisible hand" mechanism by which he felt economic society operated. Modern game theory has much to add to Smith's description.