Kenneth Arrow

Kenneth Arrow, Stanford University

Kenneth Arrow

Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist and mathematician, and a joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972. He is considered one of the most influential economists of the 20th century.

Early Life and Education

Arrow was born in New York City, to parents of Romanian Jewish descent. He attended Townsend Harris High School and then went on to earn a bachelor's degree from the City College of New York in 1940. He later received a master's degree in mathematics from Columbia University in 1941.

Academic Career

Arrow served as a weather officer in the United States Army Air Forces during World War II. After the war, he returned to academia and completed his Ph.D. at Columbia University in 1951. His dissertation, "Social Choice and Individual Values," introduced what is now known as Arrow's impossibility theorem.

He held faculty positions at the University of Chicago, Harvard University, and Stanford University. At Stanford, he was a professor of economics and operations research.

Contributions to Economics

Arrow made significant contributions to various fields within economics, including general equilibrium theory, welfare economics, and social choice theory. His work laid the foundation for much of modern economic theory.

Arrow's Impossibility Theorem

One of Arrow's most famous contributions is the Arrow's impossibility theorem, which states that no rank-order voting system can be designed that always satisfies a set of fairness criteria. This theorem has profound implications for social choice theory and political science.

General Equilibrium Theory

Arrow, along with Gérard Debreu, developed the Arrow-Debreu model of general equilibrium, which provides a comprehensive framework for understanding how supply and demand interact in multiple markets simultaneously.

Welfare Economics

Arrow also made significant contributions to welfare economics, particularly in the areas of market failure and public goods. His work in this field has influenced public policy and the design of economic systems.

Awards and Honors

In addition to the Nobel Memorial Prize in Economic Sciences, Arrow received numerous other awards and honors throughout his career. He was a member of the National Academy of Sciences, a fellow of the American Academy of Arts and Sciences, and a recipient of the John Bates Clark Medal.

Personal Life

Arrow was married to Selma Schweitzer, and they had two children. He was the brother of economist Anita Summers and the uncle of economist Larry Summers.

Legacy

Kenneth Arrow's work continues to influence economists, policymakers, and researchers. His contributions to economic theory have left a lasting impact on the field.

See Also

• Arrow's impossibility theorem
• Arrow-Debreu model
• General equilibrium theory
• Welfare economics
• Social choice theory