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

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

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About 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.

Also Known As

Birth Name: Kenneth Joseph Arrow
Alternative Names: Kenneth J. Arrow Ken Arrow

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Additional quotes by Kenneth Arrow

Among economic phenomena which have in some way been tied up with the existence of uncertainty, three classes may be distinguished: (1) those which by their very definition are concerned with uncertainty; (2) those which are not related to uncertainty by definition but nevertheless have no other conceivable explanation; (3) those whose relation to uncertainty is more remote and disputable.

The uncertainty of the future is inescapable, one must think about it and arrive at plans for action. A statement attributed to a number of thinkers is, "Prediction is very difficult, especially of the future." Postdiction, knowing what went on in the past, is also difficult. The past, however, is our basis for understanding the future.

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There are many other organizations beside the government and the firm. But all of them, whether political party or revolutionary movement, university or church, share the common characteristics of the need for collective action and the allocation of resources through nonmarket methods.

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