Arrow, Kenneth J.

Arrow, Kenneth J.

▪ American economist
in full  Kenneth Joseph Arrow 
born August 23, 1921, New York, New York, U.S.

      American economist known for his contributions to welfare economics and to general economic equilibrium theory. He was cowinner (with Sir John R. Hicks (Hicks, Sir John R.)) of the Nobel Prize for Economics in 1972. Perhaps his most startling thesis (built on elementary mathematics) was the “impossibility theorem” (or “Arrow's theorem”), which holds that, under certain conditions of rationality and equality, it is impossible to guarantee that a ranking of societal preferences will correspond to rankings of individual preferences when more than two individuals and alternative choices are involved.

      In one of his earliest articles, published in 1951, Arrow showed that a competitive economy in equilibrium is efficient. Furthermore, he demonstrated that an efficient allocation could be reached if a government uses lump-sum taxes to transfer wealth and then lets the market work toward equilibrium. One implication of his findings is that, if a government chooses to redistribute income, it should do so directly rather than through price regulations that could hamper the free market. Arrow's early work on equilibrium still stands as one of the reasons many economists oppose price controls.

      After receiving his Ph.D. from Columbia University in 1951, Arrow taught at the University of Chicago (1948–49), at Stanford University (1949–68), and at Harvard University (1968–79). In 1979 he returned to Stanford University.

      Among Arrow's major publications are Social Choice and Individual Values (1951), Essays in the Theory of Risk Bearing (1971), and The Limits of Organization (1974).

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Universalium. 2010.

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  • ARROW, KENNETH JOSEPH — (1921– ), U.S. economist and Nobel laureate. Arrow was born in New York and received his doctorate from Columbia University in 1951. He was appointed professor of economics and statistics at Stanford University, California, in 1953. Appointed in… …   Encyclopedia of Judaism

  • Arrow, Kenneth — (b. 1921)    US economist and Nobel laureate 1972. New York born Arrow, a professor of economics at Stanford University 1949–68 and from then at Harvard, shared the Nobel Prize in 1972. for pioneering work on the theory of general economic… …   Who’s Who in Jewish History after the period of the Old Testament

  • Arrow, Kenneth J(oseph) — born Aug. 23, 1921, New York, N.Y., U.S. U.S. economist. He received his Ph.D. from Columbia University and taught principally at Stanford and Harvard. Arrow s books include Social Choices and Individual Values (1951). His most striking claim was …   Universalium

  • Arrow, Kenneth — (b. 1921)    US economist. Born in New York, he served as professor of economics at Stanford University (1949 68), and at Harvard. He was awarded the Nobel Prize in 1972 …   Dictionary of Jewish Biography

  • Arrow, Kenneth J. — ► (n. 1921) Economista estadounidense. Fue premio Nobel de Economía en el año 1972. Autor de Preferencias sociales y valores individuales (1951) y Estudios sobre la teoría matemática del progreso y la producción (1958) …   Enciclopedia Universal

  • Arrow, Kenneth J(oseph) — (n. 23 ago. 1921, Nueva York, N.Y., EE.UU.). Economista estadounidense. Recibió su Ph.D. en la Universidad de Columbia. Desarrolló su carrera docente principalmente en las universidades Stanford y Harvard. Entre sus escritos se destaca Elecciones …   Enciclopedia Universal

  • Arrow — Arrow, Kenneth J …   Enciclopedia Universal

  • Kenneth Arrow — en 2008 Naissance 23 août 1921 New York ( …   Wikipédia en Français

  • Kenneth J. Arrow — Kenneth Arrow Kenneth Arrow en 2008. Kenneth Joseph Arrow (23 août 1921 à New York) est un économiste américain. Il est co titulaire, avec John Hicks, du prix « Nobel d économie » en 1972. Il est …   Wikipédia en Français

  • Kenneth Joseph Arrow — Kenneth Arrow Kenneth Arrow en 2008. Kenneth Joseph Arrow (23 août 1921 à New York) est un économiste américain. Il est co titulaire, avec John Hicks, du prix « Nobel d économie » en 1972. Il est …   Wikipédia en Français

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