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Invention is here interpreted broadly as the production of knowledge. From the viewpoint of welfare economics, the determination of optimal resource allocation for invention will depend on the technological characteristics of the invention process and the nature of the market for knowledge.

— Kenneth Arrow

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More quotes by Kenneth Arrow

Perhaps as important is the relation between the existence of solutions to a competitive equilibrium and the problems of normative or welfare economics.

Collective action is a means of power, a means by which individuals can more fully realize their individual values.

The Limits Of Organization (1974)

As is by now well known, attempts to form social judgments by aggregating individual expressed preferences always lead to the possibility of paradox.

The Limits Of Organization (1974)

The aim of achieving an equal distribution of political power requires a restriction on the inequalities of wealth and income.

The purpose of organizations is to exploit the fact that many (virtually all) decisions require the participation of many individuals for their effectiveness.

The Limits Of Organization (1974)

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Quote text and notes from Wikiquote: Kenneth Arrow (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.