"To conclude, then, we must in a general theory take as our unit a social action, that is, an action involving a large proportion or the entire domain of society. At the most basic axiomatic level, individual actions play little role. The need for a system of public values then becomes evident; actions being collective or interpersonal in nature, so must the choice among them. A public or social value system is essentially a logical necessity."
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Academics from the United StatesPeople from New York CityMathematicians from the United StatesEconomists from the United StatesNobel laureates in Economics
Original Language: English
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"Values and Collective Decision Making", in Peter Laslett and W. G. Runciman (ed.), Philosophy, Politics and Society third Series (1967)
https://en.wikiquote.org/wiki/Kenneth_Arrow
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Kenneth Arrow
Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, who was Professor Emeritus of Economics in Stanford, and joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972.
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