Kenneth Arrow

AAA

DEFINITION of 'Kenneth Arrow'

An American neoclassical economist who won the Nobel Memorial Prize in Economics along with John Hicks in 1972 for his contributions to general equilibrium analysis and welfare economics. Arrow's research has also explored social choice theory, endogenous growth theory, collective decision making, the economics of information and the economics of racial discrimination, among other topics.

INVESTOPEDIA EXPLAINS 'Kenneth Arrow'

Born in New York City in 1921, Arrow has taught at Stanford University, Harvard and the University of Chicago. Arrow earned his Ph.D. from Columbia University, with a dissertation that discussed his impossibility theorem. He later published a book on the same subject. Arrow is also known as one of the first economists to recognize the learning curve.

RELATED TERMS
  1. James M. Buchanan Jr.

    An American economist and winner of the 1986 Nobel Memorial Prize ...
  2. Economist

    An expert who studies the relationship between a society's resources ...
  3. Arrow's Impossibility Theorem

    A social-choice paradox illustrating the impossibility of having ...
  4. Macroeconomics

    The field of economics that studies the behavior of the aggregate ...
  5. Microeconomics

    The branch of economics that analyzes the market behavior of ...
  6. Dismal Science

    A term coined by Scottish writer, essayist and historian Thomas ...
Related Articles
  1. Fundamental Analysis

    How Influential Economists Changed Our ...

  2. Economics

    Why Can't Economists Agree?

  3. Investing

    Why aren't economists rich?

  4. With the second-largest economy in the world, China has significant (and growing) influence on the global economy. But how is that impact figured?
    Economics

    A Look At China's Growing Influence ...

Hot Definitions
  1. Capitulation

    When investors give up any previous gains in stock price by selling equities in an effort to get out of the market and into ...
  2. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  3. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  4. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  5. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  6. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
Trading Center