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Kenneth Joseph Arrow(1921–2017)
In contemporary societies, a pre-eminent position is held by democracy in the political domain and by the market in the economic domain. Kenneth Joseph Arrow’s contributions regarding both democracy and the market are of such fundamental importance that any worthwhile academic discourse would be impossible on either without referring to his works.
Kenneth Joseph Arrow, regarded by most as thegreatest economist of the second half of the 20th century, Nobel laureate at the age of 51, passed away on 21 February 2017 at the age of 95. His influence spans almost every area of economics. A large number of his contributions, particularly those that were made in the 1950s and the 1960s, were foundational and resulted in the development of new areas and directions.
The Impossibility Theorem
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