United States, Economist August 23, 1921 – February, 21, 2017.
Kenneth Joseph "Ken" Arrow (23 August 1921 – 21 February 2017) 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.
Also known as Mathematician, Writer
That economic decisions are made without certain knowledge of the consequences is pretty self-evident. But, although many economists were aware of this elementary fact, there was no systematic analysis of economic uncertainty until about 1950.
Decision theory, as it has grown up in recent years, is a formalization of the problems involved in making optimal choices. In a certain sense - a very abstract sense, to be sure - it incorporates among others operations research, theoretical economics, and wide areas of statistics, among others.
The major driver of economics is the equilibrium approach, which has taken various forms over the years. General equilibrium is the statement that all the different parts of the economy influence each other, even if it's remote, like mortgage-backed securities and their demands on automobiles.
Authorization is only required to store your personal settings and favorites.
Log in with:
Use this code for embedding the Quote anywhere
