“In a capitalist democracy there are essentially two methods by which social choices can be made: voting, typically used to make ‘political’ decisions, and the market mechanism, typically used to make ‘economic’ decisions. In the emerging democracies with mixed economic systems Great Britain, France, and Scandinavia, the same two modes of making social choices prevail, though more scope is given to the method of voting and to decisions based directly or indirectly on it and less to the rule of the price mechanism. Elsewhere in the world, and even in smaller social units within the democracies, the social decisions are sometimes made by single individuals or small groups and sometimes (more and more rarely in this modern world) by a widely encompassing set of traditional rules for making the social choice in any given situation, for example, a religious code.”

— Kenneth Arrow

Source: 1950s-1960s, Social Choice and Individual Values (1951), p. 1: Opening pharagraph

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Kenneth Arrow 37

American economist 1921–2017

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“The choice of methods and weapons to be used by the champions of democracy will not depend upon our wishes but will be determined by political and social conditions. and especially by the methods and weapons of the enemy.”

Karl Kautsky (1854–1938) Czech-Austrian philosopher, journalist, and Marxist theoretician

Chap. V, The Period of Dictatorship
"Hitlerism and Social Democracy" (1934) https://www.marxists.org/archive/kautsky/1934/hitler/index.htm

“The capitalist system of production is an economic democracy in which every penny gives a right to vote.”

Ludwig von Mises book Bureaucracy

The consumers are the sovereign people. The capitalists, the entrepreneurs, and the farmers are the people’s mandatories. If they do not obey, if they fail to produce, at the lowest possible cost, what the consumers are asking for, they lose their office. Their task is service to the consumer. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities.
Source: Bureaucracy (1944), Chapter I: Profit Management, § 1: The Operation of The Market Mechanism

“Arrow’s Impossibility Theorem is quite surprising. It shows that three very plausible and desirable features of a social decision mechanism are inconsistent with democracy: there is no “perfect” way to make social decisions. There is no perfect way to “aggregate” individual preferences to make one social preference. If we want to find a way to aggregate individual preferences to form social preferences, we will have to give up one of the properties of a social decision mechanism described in Arrow’s theorem.”

Hal Varian (1947) American economist

Hal R. Varian, Microeconomics: A Modern Approach, Chapter 33. Welfare, 2002

“Democracy is a competitive political system in which competing leaders and organizations define the alternatives of public policy in such a way that the public can participate in the decision-making process.”

Elmer Eric Schattschneider (1892–1971) American political scientist

The Semisovereign People (1960)

“There is no way to divorce the decision determining the most sensible economic strategy from the personal values of those who make the choice.”

Kenneth R. Andrews (1916–2005) Business scholar

Source: Quote, The Concept of Strategy, 1971, p. 34

“Schumpeter’s work, his dynamic view of the entrepreneur and creative destruction has had a great impact on me. He indeed wrote a book, Capitalism, Socialism and Democracy, which intended to give a complex analysis of the two systems. But these two books, and a few others (e. g., some of Mises’s and Hayek’s works) are rather exceptional. A typical American textbook on economic systems is not written with the same ambition about capitalism with which I wrote about socialism. It doesn’t give you a general model of capitalism, including the characterization of the political, ideological, and social spheres.”

János Kornai (1928) Hungarian economist

János Kornai, in "An Interview with János Kornai : Interviewed by Olivier Blanchard", Macroeconomic Dynamics, 1999

“Local participation is the number one need. That is democracy. Politicians talk about democracy, but there really is not much democracy. They are the ones who make the decisions, and they are the government. In this way, your democracy is diminished. Democracy is democracy not only through voting but through participation. The more participation there is, the more democracy is a reality. Until that pertains we can only say there is a move towards democracy, no real democracy in the world.”

Benjamin Creme (1922–2016) artist, author, esotericist

The World Teacher for All Humanity (2007)

“Reinhold Niebuhr tells us that man’s capacity for justice makes democracy possible, but man’s inclination to injustice makes democracy necessary. Yet, democracy means different things to different people. It is more than the ballot box, more than just majority rule. It means participation in decision-making and the opportunity to choose policy.”

Alfred de Zayas (1947) American United Nations official

United Nations General Assembly - Promotion of a democratic and equitable international order http://www.ohchr.org/Documents/Issues/IntOrder/A-68-284_en.pdf.
2013

“You are given the free will, or choices in life; but you must be widely awake to make wise decisions.”

Mwanandeke Kindembo (1996) Congolese author

“The dictionary defines "economics" as "a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services." Here is another definition of economics which I think is more helpful in explaining how economics relates to software engineering.
Economics is the study of how people make decisions in resource-limited situations.
This definition of economics fits the major branches of classical economics very well.
Macroeconomics is the study of how people make decisions in resource-limited situations on a national or global scale. It deals with the effects of decisions that national leaders make on such issues as tax rates, interest rates, foreign and trade policy.
Microeconomics is the study of how people make decisions in resource-limited situations on a more personal scale. It deals with the decisions that individuals and organizations make on such issues such as how much insurance to buy, which word processor to buy, or what prices to charge for their products or services.”

Barry Boehm (1935) American software engineer

Source: Software engineering economics. (1984), p. 4

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Kenneth Arrow 37

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