Kenneth Arrow
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Kenneth Arrow was an American economist who made fundamental contributions to understanding how societies make collective decisions and allocate resources. His work, including the development of "Arrow's impossibility theorem," shaped modern economic theory and policy by revealing both the possibilities and limitations of democratic voting systems and free markets.
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Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, mathematician and political theorist. He received the John Bates Clark Medal in 1957, and the Nobel Memorial Prize in Economic Sciences in 1972, along with John Hicks.
In economics, Arrow was a major figure in postwar neoclassical economic theory. Four of his students (Roger Myerson, Eric Maskin, John Harsanyi, and Michael Spence) went on to become Nobel laureates themselves. His contributions to social choice theory, notably his "impossibility theorem", and his work on general equilibrium analysis are significant. His work in many other areas of economics, including endogenous growth theory and the economics of information, was also foundational.
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1921 births2017 deaths20th-century American economists21st-century American economists21st-century American male writers21st-century American non-fiction writersAmerican economics writersAmerican fellows of the Royal SocietyAmerican game theoristsAmerican male non-fiction writersAmerican Nobel laureatesAmerican people of Romanian-Jewish descent