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Kenneth J. Arrow was an American economist known for his contributions to welfare economics and to general economic equilibrium theory. He was cowinner (with Sir John R. Hicks) of the Nobel Prize for Economics in 1972. Perhaps his most startling thesis (built on elementary mathematics) was the
Feb 21, 2017 · Kenneth Arrow made a major contribution to the general equilibrium theory, which describes how the whole economy is connected. Using new mathematical methods, he renewed the equilibrium theory and put it on a stable theoretical basis. Arrow also contributed strongly to the welfare economy, where he proved theorem about its optimality.
His most significant works are his contributions to social choice theory, notably "Arrow's impossibility theorem", and his work on general equilibrium analysis. He has also provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information .
Apr 8, 2017 · Steven Durlauf. / 8 Apr 2017. Kenneth Arrow, co-recipient of the 1972 Nobel Memorial Prize in Economic Sciences, passed away in February. This column outlines the ideas of one of the transcendent minds in the history of economics.
Sep 12, 2023 · Arrow's major contributions to economic theory include the advances in social choice theory, most notably Arrow's impossibility theorem. Understanding Kenneth Arrow. Born in...
- Will Kenton
- 2 min
Mar 30, 2017 · Kenneth Arrow was the doyen of economic theory during the second half of the twentieth century. His fundamental and diverse contributions — to fields including welfare economics, which...
Financial Literacy, Financial Education, and Economic Outcomes. This article reviews Kenneth Arrow's seminal work in economics, giving special emphasis to his contributions to social choice theory and general equilibrium theory.
