paradox

(noun)

A counter-intuitive conclusion or outcome.

Related Terms

Examples of paradox in the following topics:

  • Public Choice: Median Voters and Inefficient Voting Outcomes

    • The Condorcet paradox is a voting paradox where collective preferences can be cyclical.
    • It is a paradox because the wishes of the majority can conflict with one another.
    • For example, the Condorcet paradox can be compared to the game rock/paper/scissors.
    • An example of a voting paradox can be seen in a simple voting scenario.
    • The Condorcet paradox is used to evaluate voting systems.

  • Is Economic Growth a Good Goal?

    • Jevon's Paradox:Interestingly, increases in efficiency which drive increased economic growth often result in higher consumption.

  • Economic Growth as a Measuring Stick

    • Energy Growth Theory: There has been a consistent correlation between economic growth and energy increase, alongside a paradox that increased energy and resource utilization efficiency actually increases consumption of that resource (similar to the Salter Cycle concept).

  • Consumer Choice and Utility

    • Adam Smith recognized this phenomenon when he posed this diamond-water paradox."