Economist

Kenneth Arrow

Kenneth Arrow

Born:

Kenneth Arrow was an American economist, Who was known as a writer, and also Political theorist born on 23 August 1921, In New York City, US.

Family Background:

He was the son of Harry Arrow and his wife Lilian Arrow. He had a sister named Anita Arrow.

Personal Life:

In 1947, He had married Selma Schweitzer. The couple has two sons, David Michael and Andrew Seth.

Education:

He had completed his High school education from Townsend Harris High School in New York City. Then he received the Bachelor’s degree from the City College of New York and received the Bachelor of Science in Social Science but a major in Mathematics.

Career:

During the world war ||, between the years 1942 and 1946, He had served in the United States Armed City Corps as a weather officer and then he had raised as a Captain. Following three years, He had to pursue his graduate study in Economics at the Columbia University, along with research work at Cowles Commission for Research in Economics affiliated for the University of Chicago. In 1942, He has been appointed as an assistant professor of economics and statics at the Stanford University. Later he had become a professor of economics, statics, and Operations Research, and he had continued until 1968. From 1948 to 1949, He had worked as an assistant professor at University of Chicago. In 1951, Kenneth Arrow had published the “Impossible Theorem”, which also known as Arrow’s paradox in his book titled “Social Choice and Individual Values”.  In the same year, In 1951, He had put forward the first and the second fundamental theorem of welfare economics with their proofs. After few years, He and his 2 partners, Lionel W. McKenzie and Gerard Debreu developed a model that introduced a modern theory of General Equilibrium in economics. The understanding in terms of theory had been not set by axioms. In 1954, He and Gerard Debreu had introduced one of the most integral as well as common part of the General Equilibrium theory. In 1968, He had joined the Harvard University as professor of economics and worked there till 1979. In 1979, He had returned to Stanford University as John Kenny professor of Economics and Professor of Operations Research.

On 21 February 2017, Arrow died at the age of 95, at his California Home.

Unknown Facts:

  • His full name was Kenneth Joseph Arrow.
  • He had received the Nobel Memorial Prize in economic science.

Master Stroke:

  • He was the respected economist and writer who known for his fiding in the field of welfare economics.
  • He had also worked on economic theory and operation on focus ideas like Social choice theory, Inventory theory, etc.

Awards and Achievements:

  • In 2004, He had received the 2004 National Medal of Science.
  • In 2006, He had elected as a foreign member of the royal society of London.
  • He had received the honorary degrees of LL.D.

What can we learn from Him??

Like Kenneth Arrow,  Focus on your career, Never look behind. Believe in yourself, always stay Positive.

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