Social Choice and Individual Values

"Social Choice and Individual Values" is a foundational work by Kenneth Arrow that examines how collective decisions are made based on individual preferences. It explores the challenges in aggregating diverse preferences into a fair and consistent social outcome. Arrow’s key contribution is the "Impossibility Theorem," which shows that no voting system can perfectly translate individual choices into a group decision without some flaws, such as bias or inconsistency. Essentially, the book highlights the complexities and limitations involved in designing fair voting systems that accurately reflect the preferences of all individuals in society.