Kenneth Arrow


Kenneth Joseph “Ken” Arrow was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972.

Kenneth Arrow

What is ‘Kenneth Arrow’

An American neoclassical economist who won the Nobel Memorial Prize in Economics along with John Hicks in 1972 for his contributions to general equilibrium analysis and welfare economics. Arrow’s research has also explored social choice theory, endogenous growth theory, collective decision making, the economics of information and the economics of racial discrimination, among other topics.

Explaining ‘Kenneth Arrow’

Born in New York City in 1921, Arrow has taught at Stanford University, Harvard and the University of Chicago. Arrow earned his Ph.D. from Columbia University, with a dissertation that discussed his impossibility theorem. He later published a book on the same subject. Arrow is also known as one of the first economists to recognize the learning curve.

Kenneth Arrow FAQ

What is the main point of Kenneth Arrow’s Impossibility Theorem?

Arrow’s impossibility theorem is a social-choice paradox showing the flaws of ranked voting systems. It states that you cannot determine a clear order of preferences while adhering to mandatory principles of fair voting procedures.

What does Arrow’s Impossibility Theorem mean?

In social choice theory, Arrow’s impossibility theorem, the general possibility theorem or Arrow’s paradox is an impossibility theorem stating that when voters have three or more distinct alternatives (options), no ranked voting electoral system can convert the ranked preferences of individuals into a community-wide ranking while also meeting a specified set of criteria.

Who Wrote experience no value?

Adam Smith wrote it.

Further Reading