biography
| name: |
Arrow, Kenneth (Joseph)
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| sex:
| male
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| lived:
| (1921– )
|
| biography:
| Economist, born in New York City, New York, USA. He studied at Columbia University, and after a brief period at the Cowles Commission at the University of Chicago, he taught at Stanford (1949–68, 1979) and at Harvard (1968–79). He was recognized early in his career for his ‘impossibility theorem’, a study of collective choice that employs the notational system of logic to illustrate that more than two options in a democratic majority rule leads to a stalemate. He worked to establish the properties of general equilibrium including its existence, significance, and relevance, and also invented the ‘learning by doing’ model of technical progress. He shared the 1972 Nobel Prize for Economics with Sir John Hicks. |
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