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" "The only rational defense of what may be termed a liberal position, or perhaps more precisely a principle of limited social preference, is that it is itself a value judgment. In other words, an individual may have as part of his value structure precisely that he does not think it proper to influence consequences outside a limited realm. This is a perfectly coherent position, but I find it difficult to insist that this judgment is of such overriding importance that it outweighs all other considerations. Personally, my values are such that I am willing to go very far indeed in the direction of respect for the means by which others choose to derive their satisfactions.
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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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.