Kenneth Arrow Quotes & Sayings

The MD is well aware that the forecasts are no good but he needs them for planning purposes ... — Kenneth Arrow

Vast ills have followed a belief in certainty. — 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. — 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. — Kenneth Arrow

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

Now virtue may not always be its own reward, but in any case it is not usually bought and paid for at market rates. — Kenneth Arrow

Knowledge is a free good. The biggest cost in its transmission is not in the production or distribution of knowledge, but in its assimilation. This is something that all teachers know. — Kenneth Arrow

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. — Kenneth Arrow

The general uncertainty about the prospects of medical treatment is socially handled by rigid entry requirements. These are designed to reduce the uncertainty in the mind of the consumer as to the quality insofar as this is possible. I think this explanation, which is perhaps the naive one, is much more tenable than any idea of a monopoly seeking to increase incomes. — Kenneth Arrow