"Traditional welfare economics shows that there are certain of these combinations that will be preferred by all the voters, which permits us to eliminate the others without too much discussion. However, there will always remain an irreducible kernel of possibilities among which the choice rests on a combination or aggregation of individual ethical attitudes about distribution."
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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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"The Principle of Rationality in Collective Decisions", originally published in French, Economie Appliquee, 5 (1952)
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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