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. How Influential Economists Changed Our ...
    Fundamental Analysis

    How Influential Economists Changed Our ...

  2. Why Can't Economists Agree?
    Economics

    Why Can't Economists Agree?

  3. Why aren't economists rich?
    Investing

    Why aren't economists rich?

  4. Understanding World Bank Data
    Investing

    Understanding World Bank Data

comments powered by Disqus
Hot Definitions
  1. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  2. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  3. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  4. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  5. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
Trading Center