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 …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 …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