…was an intellectual giant, his numerous contributions to economics are awe-inspiring, on a par with those of John Hicks, with whom he shared the Nobel prize in 1972, and those of Paul Samuelson to whom this eminent distinction was awarded two years earlier. Professor Arrow began his celebrated monograph ‘Social Choice and Individual Values’ (1951) with the following words: ‘In a capitalist democracy there are essentially two methods by which soci…