"I interpret moral obligation as the carrying out of agreements which may, however, be implicit. Thus, a society in which everyone immediately executed his aggressive impulses would be untenable. Therefore, there is an agreement that I will refrain from aggressive actions, which in themselves give me satisfaction, in return for your not taking aggressive action against me. However, conscious agreements to achieve these ends are much too costly in terms of information and bargaining. Therefore, as societies have evolved they have found it economical to make these agreements at an unconscious, implicit level. Internalized feelings of guilt and right are essentially unconscious equivalents of agreements that represent social decisions."
Kenneth Arrow

January 1, 1970