Kenneth Arrow Biography

Kenneth Arrow is an American economist whose works have earned him the Nobel Memorial Prize in Economic Sciencesin 1972. He is best known for his contributions in the ‘General Equilibrium’ theory and ‘Welfare- Economics’. A mathematics graduate from the Columbia University, he became interested in economics under the guidance of reputed statistician Harold Hotelling, and subsequently shifted his career into economics. As an academician, he has taught at prestigious universities like the Stanford University and Harvard University. As part of his research, he has contributed various theories and ideas in economics, like the Arrow’s impossibility theorem, Arrow–Debreu model in mathematical economics and The Fundamental theorems of Welfare Economics. In 1972, he was awarded the Nobel Memorial Prize in Economic Sciences along with Sir John Hicks for ‘their pioneering contributions to general economic equilibrium theory and welfare theory’. He is among the first economists to identify the presence of a learning curve in economic theory, along with linking increased experience to higher productivity. At present, he is the Joan Kenney Professor of Economics and Professor of Operations Research, Emeritus at Stanford University.