Kenneth Arrow Contribution
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 …show more content…
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 there should be no change), and uniqueness of group rank ( should yield the same results and the ranking would be transitive). His theorem was mostly used in welfare economics and theories of