Kenneth Arrow

Notable Quotes

Not every business cycle has a financial crisis. Frequently they do.

Any purchase is one for the future. If you buy a refrigerator, you are making a commitment to the future so that you have food to eat for the next ten years.

From Kenneth Arrow

I was graduated in 1940 with a degree of Bachelor of Science in Social Science but a major in Mathematics, a paradoxical combination that was prognostic of my future interests.

From Kenneth Arrow

That economic decisions are made without certain knowledge of the consequences is pretty self-evident. But, although many economists were aware of this elementary fact, there was no systematic analysis of economic uncertainty until about 1950.

From Kenneth Arrow

The major driver of economics is the equilibrium approach, which has taken various forms over the years. General equilibrium is the statement that all the different parts of the economy influence each other, even if it's remote, like mortgage-backed securities and their demands on automobiles.

From Kenneth Arrow