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Kenneth Arrow’s Work

Summary:
On VoxEU, Steven Durlauf offers an excellent overview over Kenneth Arrow’s work. Durlauf emphasizes five areas of research: The impossibility theorem, in the tradition of Condorcet. General equilibrium theory and the welfare theorems, in the tradition of Walras. Decision-making under uncertainty, the Arrow-Pratt measures of risk aversion and contingent commodities. Imperfect information, in the context of medical care and as a source of statistical discrimination. Economics of knowledge, anticipating the endogenous growth literature. Durlauf closes: Like Faust, limitless curiosity and passion for knowledge meant that Arrow strove without relenting; but unlike Faust, Arrow needed no redemption. His intellectual integrity was pristine and unparalleled at every stage of his life. His character was as admirable and admired as his intellect. Arrow’s personal and scholarly example continues to inspire, nurture, and challenge.

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On VoxEU, Steven Durlauf offers an excellent overview over Kenneth Arrow’s work. Durlauf emphasizes five areas of research:

  • The impossibility theorem, in the tradition of Condorcet.
  • General equilibrium theory and the welfare theorems, in the tradition of Walras.
  • Decision-making under uncertainty, the Arrow-Pratt measures of risk aversion and contingent commodities.
  • Imperfect information, in the context of medical care and as a source of statistical discrimination.
  • Economics of knowledge, anticipating the endogenous growth literature.

Durlauf closes:

Like Faust, limitless curiosity and passion for knowledge meant that Arrow strove without relenting; but unlike Faust, Arrow needed no redemption. His intellectual integrity was pristine and unparalleled at every stage of his life. His character was as admirable and admired as his intellect. Arrow’s personal and scholarly example continues to inspire, nurture, and challenge.

Dirk Niepelt
Dirk Niepelt is Director of the Study Center Gerzensee and Professor at the University of Bern. A research fellow at the Centre for Economic Policy Research (CEPR, London), CESifo (Munich) research network member and member of the macroeconomic committee of the Verein für Socialpolitik, he served on the board of the Swiss Society of Economics and Statistics and was an invited professor at the University of Lausanne as well as a visiting professor at the Institute for International Economic Studies (IIES) at Stockholm University.

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