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Arrow, Kenneth Joseph

From The Hutchinson Unabridged Encyclopedia with Atlas and Weather Guide
US economist. With French-born US economist Gerard Debreu he developed the first rigorous proof of the existence of general equilibrium in a capitalist economy. He is also noted for his work on welfare economics and the theory of social choice, and for his pioneering economic analysis of insurance and the characteristics of optimal inventory policies. He shared the Nobel Prize for Economics in 1972 with John Hicks for his contributions to general economic equilibrium theory. In 2004 he was awarded the National Medal of Science for his work on risk perception and behaviour under uncertainty. Arrow joined forces with Debreu to rework the standard ‘existence proofs’ for general equilibrium. French economist Léon Walras , the 19th-century inventor of general equilibrium theory, believed that one can prove the existence of simultaneous equilibrium in all the markets of an economy simply by counting equations and unknowns to ensure that one has as many known demand-and-supply equations as…
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Full text Article Arrow, Kenneth Joseph, 1921-

From Routledge Dictionary of Economics
US economist, educated at City College, New York, and Columbia University; professor at Stanford University from 1953 to 1968, and from 1979, with an interlude at Harvard from 1968 to 1979. His study of social choice led him to formulate the impossibility theorem , his most famous contribution to…
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Full text Article Arrow, Kenneth (1921–),

From The Oxford Encyclopedia of American Business, Labor, and Economic History
economist and joint winner of the 1972 Nobel Prize in Economics. Every society faces a fundamental problem of allocating scarce resources to productive uses and distributing the resulting product among its members in a way that achieves some degree of consent or legitimacy. This involves two related…
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Full text Article Arrow, Kenneth Joseph

From The Columbia Encyclopedia
1921–2017, American economist, b. New York City, grad. City College of New York (B.S. 1940), Columbia (M.A. 1941, Ph.D. 1951). He was on the faculties of the Univ. of Chicago (1947–49), Stanford (1949–68, 1979–91), and Harvard (1968–79), was a member of the President's Council of Economic Advisers…
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HICKS SIR, JOHN RICHARD; ARROW, KENNETH JOSEPH
Nationality: British b. 8 April 1904, Warwick, UK; d. 20 May 1989, Blockley, UK Nationality: American b. 23 August 1921, NY, USA; d. 21 February 2017, Palo Alto, CA, USA For their pioneering contributions to general economic equilibrium theory and welfare theory Arrow obtained his Ph.D. from the…
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Full text Article Arrow, Kenneth Joseph

From Chambers Biographical Dictionary
1921- ♦ US economist and Nobel Prize winner Born in New York City, he graduated at Columbia University and was professor at Stanford University (1949-68 and 1979-91, then emeritus) and Harvard (1968-79). In 1962 he served on the Council of Economic Advisers in the John F Kennedy administration. His…
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Full text Article Subject classifications

From Routledge Dictionary of Economics
These classifications are as used in The Economic Journal (the journal of The Royal Economic Society) and the Journal of Economic Literature. A. General economics and teaching A1 General economics A2 Teaching of economics B. Methodology and history of economic thought B0 General B1 History of…
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I will be loyal during my life
EDWARD WILLIAM STEPHEN STOURTON , 27th Baron Mowbray, 28th Baron Segrave, and 24th Baron Stourton, b 17 April 1953; s 2006; ed Ampleforth: m 1980, Penelope (Nell) Lucy, el da of Dr Peter Brunet, of Jesus Coll, Oxford, and has issue. Arms — Quarterly of six; 1st sable, a bend or between six…
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Full text Article Economics After Keynes

From The History of Economic Thought: A Concise Treatise for Business, Law, and Public Policy
Vernon Smith Vernon L. Smith (1927–present) made important contributions to the field of experimental economics by testing, in a laboratory setting, principles of game theory related to competitive and cooperative situations. He shared the 1982 Nobel Prize with Daniel Kahneman. 1 His work has…
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Full text Article Chronology

From Key Concepts in Postcolonial Literature
No chronology can cover every moment of history. What follows is a chronology of key moments in postcolonial history but also of texts and authors that engage, at some level, with postcolonial issues. The intention is to suggest ways in which the political and the textual inform the shifting…
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Virtue alone is unconquerable
EDWARD William Fitzalan HOWARD , 18th Duke, and Premier Duke and Earl of England; b 2 Dec 1956; s 2002; ed Ampleforth, and Lincoln Coll, Oxford (MA); Earl Marshal and Hereditary Marshal of England (Deputy Earl Marshal 2000–02); DLW Sussex 2002; Chm Sigas Ltd 1979–88, Parkwood Group Ltd 1989–2002; …
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