Frases de Kenneth Arrow (37 citas)

Fuente: 1950s-1960s, Social Choice and Individual Values (1951), p. 85 as cited in: Gerry Mackie (2006) "The Reception of Social Choice Theory By Democratic Theory".

“L. Walras first formulated the state of the economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers and the equilibrium condition that supply equal demand on every market.”

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Kenneth Arrow

Fuente: 1950s-1960s, "Existence of an equilibrium for a competitive economy." 1954, p. 265

“The choice among these alternatives in any given case depends on the degree of difficulty consumers have in making the choice unaided, and on the consequences of errors of judgment. It its the general social consensus, clearly, that the laissez-faire solution for medicine is intolerable. The certification proposal never seems to have been discussed seriously.”

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Kenneth Arrow

Kenneth Arrow, "Uncertainty and The Welfare Economics of Medical Care", The American Economic Review(1953)
1950s-1960s

“There are many other organizations beside the government and the firm. But all of them, whether political party or revolutionary movement, university or church, share the common characteristics of the need for collective action and the allocation of resources through nonmarket methods.”

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Kenneth Arrow

Fuente: 1970s-1980s, The Limits Of Organization (1974), Chapter 1, Rationality: Individual And Social, p. 26

“Collective action is a means of power, a means by which individuals can more fully realize their individual values.”

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Kenneth Arrow

Fuente: 1970s-1980s, The Limits Of Organization (1974), Chapter 1, Rationality: Individual And Social, p. 16

“I was early regarded as having unusual intellectual capacity. I was an omnivorous reader, and I added to that a desire to systematize my understanding. As a result, history, for example, was not merely a set of dates and colorful stories; I could understand it as a sequence in which one event flowed out of another. This sense of order crystallized during my high-school and college years into a predominant interest in mathematics and mathematical logic.”

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Kenneth Arrow

Arrow (1984) "November 1984 lecture at Trinity University". Lecture presented November 5, 1984.
1970s-1980s

“The Austrian a priori dogmatism (von Mises, especially; Hayek, to a lesser degree).”

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Kenneth Arrow

on question "In your mind, what has been the most misleading theoretical approach in economics?", in Karen Ilse Horn (ed.) Roads to Wisdom, Conversations With Ten Nobel Laureates in Economics (2009)
New millennium

“As is by now well known, attempts to form social judgments by aggregating individual expressed preferences always lead to the possibility of paradox.”

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Kenneth Arrow

Fuente: 1970s-1980s, The Limits Of Organization (1974), Chapter 1, Rationality: Individual And Social, p. 25

“In an ideal socialist economy, the reward for invention would be completely separated from any charge to the users of information. In a free enterprise economy, inventive activity is supported by using the invention to create property rights; precisely to the extent that it is successful, there is an underutilization of the information.”

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Kenneth Arrow

Kenneth J. Arrow (1962). "Economic Welfare and the Allocation of Resources for Invention." In: The Rate and Direction of Inventive Activity. Princeton University Press.; cited in: Thrainn Eggertsson, Economic behavior and institutions. 1990. p. 22
1950s-1960s

“Uncertainty means that we do not have a complete description of the world which we fully believe to be true.”

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Kenneth Arrow

Fuente: 1970s-1980s, The Limits Of Organization (1974), Chapter 2, Organization And Information, p. 34

“I was a very polite person, though. Paul Samuelson tells these stories how he used to correct his professors. I assume that’s true. But I wasn’t that type.”

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Kenneth Arrow

in Karen Ilse Horn (ed.) Roads to Wisdom, Conversations With Ten Nobel Laureates in Economics (2009)
New millennium

“Not only is it possible to devise complete models of the economy on hypotheses other than rationality, but in fact virtually every practical theory of macroeconomics is partly so based. The price- and wage- rigidity elements of Keynesian theory are hard to fit into a rational framework, though some valiant efforts have been made. … But if the Keynesian model is a natural target of criticism by the upholders of universal rationality, it must be added that monetarism is no better. I know of no serious derivation of the demand for money from a rational optimization. … The use of rationality in these arguments is ritualistic, not essential.”

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Kenneth Arrow

1970s-1980s, "Rationality of Self and Others in an Economic System", 1986

“While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the welfare theory deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one.”

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Kenneth Arrow

Arrow and Hicks (1972) From Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992 ( online http://www.nobelprize.org/nobel_prizes/economics/laureates/1972/presentation-speech.html) <br class="br">1970s-1980s

“Multiple discoveries are in fact very common in science and for much the same reason. Developments in related fields with different motivation help one to understand a difficult problem better. Since these developments are public knowledge, many scholars can take advantage of them. It is pleasant to the ego to be first or among the first with a new discovery. However, in this case at least, the evidence is clear that the development of general equilibrium theory would have gone on quite as it did without me.”

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Kenneth Arrow

Arrow (1984) "November 1984 lecture at Trinity University". Lecture presented November 5, 1984.
1970s-1980s