Kenneth Joseph Arrow was an American economist, mathematician, writer, and political theorist.
27 Facts About Kenneth Arrow
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Kenneth Arrow was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972.
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Kenneth Arrow has provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information.
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Kenneth Arrow graduated from Townsend Harris High School and then earned a Bachelor's degree from the City College of New York in 1940 in mathematics, where he was a member of Sigma Phi Epsilon.
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Kenneth Arrow then attended Columbia University for graduate studies, obtaining a Master's degree in mathematics in June 1941.
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Kenneth Arrow served as a weather officer in the United States Army Air Forces from 1942 to 1946.
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From 1946 to 1949 Kenneth Arrow spent his time partly as a graduate student at Columbia and partly as a research associate at the Cowles Commission for Research in Economics at the University of Chicago.
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Kenneth Arrow left Chicago to take up the post of Acting Assistant Professor of Economics and Statistics at Stanford University.
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Kenneth Arrow served in the government on the staff of the Council of Economic Advisers in the 1960s with Robert Solow.
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Kenneth Arrow returned to Stanford in 1979 and became the Joan Kenney Professor of Economics and Professor of Operations Research.
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Kenneth Arrow was a founding member of the Pontifical Academy of Social Sciences and a member of the Science Board of Santa Fe Institute.
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Kenneth Arrow was one of the founding editors of the Annual Review of Economics, which was first published in 2009.
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Kenneth Arrow went on to extend the model and its analysis to include uncertainty, the stability.
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In 1951, Kenneth Arrow presented the first and second fundamental theorems of welfare economics and their proofs without requiring differentiability of utility, consumption, or technology, and including corner solutions.
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Kenneth Arrow was one of the precursors of endogenous growth theory, which seeks to explain the source of technical change, which is a key driver of economic growth.
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Endogenous growth theory started with Paul Romer's 1986 paper, borrowing from Kenneth Arrow's 1962 "learning-by-doing" model which introduced a mechanism to eliminate diminishing returns in aggregate output.
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In other pioneering research, Kenneth Arrow investigated the problems caused by asymmetric information in markets.
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Kenneth Arrow analysed this issue for medical care ; later researchers investigated many other markets, particularly second-hand assets, online auctions and insurance.
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Kenneth Arrow was awarded the John Bates Clark Medal in 1957 and was elected a Fellow of the American Academy of Arts and Sciences in 1959.
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Kenneth Arrow was the joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972 and the 1986 recipient of the von Neumann Theory Prize.
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Kenneth Arrow was one of the recipients of the 2004 National Medal of Science, the nation's highest scientific honor, presented by President George W Bush for his contributions to research on the problem of making decisions using imperfect information and his research on bearing risk.
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Kenneth Arrow has received honorary doctorates from the University of Chicago, the University of Vienna the City University of New York.
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Kenneth Arrow was elected a Foreign Member of the Royal Society in 2006.
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Kenneth Arrow was elected to the 2002 class of Fellows of the Institute for Operations Research and the Management Sciences.
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Kenneth Arrow was a brother to the economist Anita Summers, uncle to economist and former Treasury Secretary and Harvard President Larry Summers, and brother-in-law of the late economists Robert Summers and Paul Samuelson.
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Kenneth Arrow was well known for being a polymath, possessing prodigious knowledge of subjects far removed from economics.
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Kenneth Arrow died in his Palo Alto, California home on 21 February 2017 at the age of 95.