Kenneth Joseph Arrow Quotes

A collection of quotes by Kenneth Joseph Arrow.

Kenneth Joseph Arrow (1921-2017) was an influential American economist who made significant contributions to economic theory and social choice theory. He was awarded the Nobel Memorial Prize in Economic Sciences in 1972, alongside John Hicks, for his pioneering work on general equilibrium theory and welfare economics. Arrow's work explored the complexities of individual choice and collective decision-making, focusing on the challenges of achieving social welfare in a world of diverse preferences. His research continues to shape modern economic thought and policy-making, emphasizing the importance of considering ethical values, individual freedoms, and the limitations of market mechanisms.

In 1963 and later papers, I pointed out that the special mar

In 1963 and later papers, I pointed out that the special market characteristics of medical care and medical insurance could be explained by reference to differences in information among the parties involved.

Kenneth Joseph Arrow

Medical