Kenneth Arrow

"L. Walras first formulated the state of the economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goo…"

"I don't know which way human psychology will go wrong. We have a world in which there is uncertainty. There are new technologies. And one of the problems is that we do things today with a thought to t…"

"The purpose of organizations is to exploit the fact that many decisions require the participation of many individuals for their effectiveness."

"Krugman's whole attack is directed at a statement made neither by Arthur nor by Cassidy. Krugman has not read Cassidy's piece with any care nor has he bothered to review what Arthur has in fact said."

"The formal structure of a decision problem in any area can be put into four parts: the choice of an objective function denning the relative desirability of different outcomes; specification of the pol…"

"I then follow up with four major aspects of economic research in the last 60 years, the period of my scholarly activity. One, econometric methodology and practice, is of such fundamental importance th…"

"From the point of view of seeking a consensus of the moral imperative of individuals, such consensus being assumed to exist, the problem of choosing an electoral or other choice mechanism, or, more br…"

"We will also assume in the present study that individual values are taken as data and are not capable of being altered by the nature of the decision process itself"