Kenneth Arrow's contributions to economic theory earned him a Nobel Prize in Economics from "summary" of The Worldly Philosophers by Robert L. Heilbroner
Kenneth Arrow, a brilliant economist, made significant contributions to economic theory that ultimately earned him a Nobel Prize in Economics. His work was groundbreaking in many ways, reshaping the field and influencing generations of scholars to come. Arrow's most famous contribution was the Impossibility Theorem, which fundamentally changed the way economists thought about collective decision-making.
The Impossibility Theorem demonstrated that it is impossible to construct a social welfare function that satisfies a few reasonable criteria. This theorem had profound implications for the study of economics, politics, and social sci...
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