Tag Archives: arrow impossibility theorem

Tradeoffs Are Everywhere, Even in Recording Studios

Early in his career as a mixing engineer, Dave Pensado discovered a version of Nobel laureate economist Kenneth Arrow’s impossibility theorem. As he puts it in his co-authored book with his Pensado’s Place co-host Herb Trawick, The Pensado Papers: The Rise of the Visionary Sensation:

“I learned very early on, even before I came to L.A., that no one ever hired me again because I did something cheap or fast. That doesn’t happen in my profession. The triangle has cheap at the top, fast on one corner, and good on the other. pick two. That’s pretty much what you have to do.”

Yet another example that good economic thinking doesn’t always come from economists.