Kenneth Arrow
Kenneth J. Arrow was born in New York city August 23, 1921. Growing up in the Great Depression he was very partial to the thought of socialism. This factor was a huge part in his life because it would keep his views toward left sensibility.He received his undergraduate at the City College of New York. He would graduate from there with a degree in Science in Social Sciences, but a major in mathematics. From here kenneth was able to really begin his journey into the mathematical world.
He started his journey to becoming a great mathematician by receiving his M.A. at the university of columbia. While doing his research here Kenneth meant the statistician economist Harold Hotelling. Kenneth was so influenced by the Harold’s work that he promptly switched over to the Economics Department for subsequent graduate work. Kenneth would then go on to obtain his Master Degree In 1941. Unfortunately while he was living in his mathematical world the world outside of him that was falling apart. His mathematical journey would have to be put to a halt because of World War II. Although not doing his regular economic studies Kenneth still managed to do a little bit of math while Participating in the war. He did this by serving as a weather officer. He would calculate the Wind patterns and logarithms of the waves. After World War II Arrow would quickly plunge into his academic career. He Went back to columbia and served as a graduate student. On top of that he also would serve as Assistant Professor in Economics at the University of Chicago. Soon After he finished his studies he would receive his Phd from Columbia in Economics. After Receiving his Phd he went quilly to work in his favorite field; economics. His first achievement was his work with the Impossibility Theorem. He derived this idea from his thesis, Social Choices and Individual Values. This theorem said that it was impossible to formulate social preferences ordering that satisfies Non Dictatorship (individuals should not become the group ranking) , Individual Sovereignty (each individual should be able to order their choices) ,Unanimity ( if an individual prefers one choice to another the group ranking should do the same) , Freedom from Irrelevant Alternatives (if a choice is removed then …show more content…
the Endogenous Growth Theory. The Endogenous Growth Theory sought to explain the source of technology. This was a key driver in economic growth. Before Kenneth suggested this theory it was assumed that it happened outside of the economic system., economic activities, and economic models. From Arrow’s research they were able to figure out that the technical change was caused by economic actors. Thus the technical change belong in the model. From this it provided economic reason for firms to innovate. The last big thing Arrow did before his retirement was his studies with the problems caused by Asymmetric information. The issue with Asymmetric information was a loophole that gave the seller/producer more information that the consumer. From this came manny regulations such as warranties and third party authentication. Kenneth decided to tackle one of the major giants in this sandal. Kenneth analysed this issue with the medical care system. His research helped break many of the violations that were being carried out during that
Kenneth J. Arrow was born in New York city August 23, 1921. Growing up in the Great Depression he was very partial to the thought of socialism. This factor was a huge part in his life because it would keep his views toward left sensibility.He received his undergraduate at the City College of New York. He would graduate from there with a degree in Science in Social Sciences, but a major in mathematics. From here kenneth was able to really begin his journey into the mathematical world.
He started his journey to becoming a great mathematician by receiving his M.A. at the university of columbia. While doing his research here Kenneth meant the statistician economist Harold Hotelling. Kenneth was so influenced by the Harold’s work that he promptly switched over to the Economics Department for subsequent graduate work. Kenneth would then go on to obtain his Master Degree In 1941. Unfortunately while he was living in his mathematical world the world outside of him that was falling apart. His mathematical journey would have to be put to a halt because of World War II. Although not doing his regular economic studies Kenneth still managed to do a little bit of math while Participating in the war. He did this by serving as a weather officer. He would calculate the Wind patterns and logarithms of the waves. After World War II Arrow would quickly plunge into his academic career. He Went back to columbia and served as a graduate student. On top of that he also would serve as Assistant Professor in Economics at the University of Chicago. Soon After he finished his studies he would receive his Phd from Columbia in Economics. After Receiving his Phd he went quilly to work in his favorite field; economics. His first achievement was his work with the Impossibility Theorem. He derived this idea from his thesis, Social Choices and Individual Values. This theorem said that it was impossible to formulate social preferences ordering that satisfies Non Dictatorship (individuals should not become the group ranking) , Individual Sovereignty (each individual should be able to order their choices) ,Unanimity ( if an individual prefers one choice to another the group ranking should do the same) , Freedom from Irrelevant Alternatives (if a choice is removed then …show more content…
the Endogenous Growth Theory. The Endogenous Growth Theory sought to explain the source of technology. This was a key driver in economic growth. Before Kenneth suggested this theory it was assumed that it happened outside of the economic system., economic activities, and economic models. From Arrow’s research they were able to figure out that the technical change was caused by economic actors. Thus the technical change belong in the model. From this it provided economic reason for firms to innovate. The last big thing Arrow did before his retirement was his studies with the problems caused by Asymmetric information. The issue with Asymmetric information was a loophole that gave the seller/producer more information that the consumer. From this came manny regulations such as warranties and third party authentication. Kenneth decided to tackle one of the major giants in this sandal. Kenneth analysed this issue with the medical care system. His research helped break many of the violations that were being carried out during that