The Department of Economics

The Grunberg Lecture Series

Seventh Grunberg Lecture - May 2, 1994

Kenneth Arrow Image
Professor Kenneth J. Arrow
Stanford University
Nobel Prize in Economics, 1972 (with Sir John Hicks)
“Transition of Economic Systems: Speed and Scope”

Professor Arrow was cited by the Nobel Committee for his pioneer contributions to general equilibrium theory and to welfare theory. His work on social choice theory and the economics of risk and information have provided a path-braking framework for applied work in both political science and economics in such diverse fields as business decisions, evaluating costs of environmental effects, income distribution, medical insurance, and political decision making.

Recently Professor Arrow has been examining issues in the transition from communism to alternative economic organization in Eastern Europe.

Some of the books for which he is most noted include Capital Theory and the Rate of Return (1963); Growth Theory: An Exposition (1970); Made in America: Regaining the productive Edge (1989, with M. Dertouzos, R. Lester and the MIT Commission on Industrial Productivity); and The Labor Market as a Social Institution (1990).

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