27 Facts About Kenneth Arrow


Kenneth Joseph Arrow was an American economist, mathematician, writer, and political theorist.


Kenneth Arrow was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972.


Kenneth Arrow has provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information.


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.


Kenneth Arrow then attended Columbia University for graduate studies, obtaining a Master's degree in mathematics in June 1941.


Kenneth Arrow served as a weather officer in the United States Army Air Forces from 1942 to 1946.


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.


Kenneth Arrow left Chicago to take up the post of Acting Assistant Professor of Economics and Statistics at Stanford University.


Kenneth Arrow served in the government on the staff of the Council of Economic Advisers in the 1960s with Robert Solow.


Kenneth Arrow returned to Stanford in 1979 and became the Joan Kenney Professor of Economics and Professor of Operations Research.


Kenneth Arrow was a founding member of the Pontifical Academy of Social Sciences and a member of the Science Board of Santa Fe Institute.


Kenneth Arrow was one of the founding editors of the Annual Review of Economics, which was first published in 2009.


Kenneth Arrow went on to extend the model and its analysis to include uncertainty, the stability.


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.


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.


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.


In other pioneering research, Kenneth Arrow investigated the problems caused by asymmetric information in markets.


Kenneth Arrow analysed this issue for medical care ; later researchers investigated many other markets, particularly second-hand assets, online auctions and insurance.


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.


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.


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.


Kenneth Arrow has received honorary doctorates from the University of Chicago, the University of Vienna the City University of New York.


Kenneth Arrow was elected a Foreign Member of the Royal Society in 2006.


Kenneth Arrow was elected to the 2002 class of Fellows of the Institute for Operations Research and the Management Sciences.


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.


Kenneth Arrow was well known for being a polymath, possessing prodigious knowledge of subjects far removed from economics.


Kenneth Arrow died in his Palo Alto, California home on 21 February 2017 at the age of 95.