Kenneth Arrow: 1972 Nobel Prize in Economics
Presented by Shariq, with host Sasha Whittaker.
Over the years, there have been many prestigious Nobel laureates, all of who worked diligently and contributed heavily to their fields of work. Kenneth Arrow was one such laureate, winner of the 1972 Nobel Prize in Economics for laying down key foundations of modern economics. His work on the theories of general equilibrium and social welfare were truly revolutionary. To an extent, Arrow is to the economics community what Einstein was to the physics community, for he brought new ways of analyzing real-life situations using economics—specifically, analyzing society and choices through the lens of economics.
To read more, click here: The Life and Times of Kenneth Arrow
Did his discoveries have any significant impact on society? Was his social welfare theory applied by any government system?
Well, his work brought to light issues that people didn’t previously really think about. Also, he was on the Council of Economics, where he served as an advisor for the government.
Are his theories on equilibrium applied to science as well?
They’re mostly social economic theories, so they affect most policy making, not so much hard science as you’re probably thinking.
Do flights across the Atlantic still use his plans?
Arrow does say that his work laid the foundations, so modern flights actually do use the basis of his paper, though it’s been modified.
How did his interest in probability and chance in mathematics reflect in his work in economics, if any?
He was one of the few at the time to dedicate time to developing theories and not just collect data and analyze it to form the theories.
How did he apply his degree in a general pure math to such a specific field like economics?
Do you think it’s rare for economists to successfully balance the forces of science (mathematics) with the human factor that Arrow seemed to excel with?
How exactly did he balance data and theory?
How did his work influence his mentees and collaborators to win their own Nobel Prizes
I love the idea of someone moving from mathematics to economics. I think of the two so differently — an economist as someone who is focused on money and investing and cold hard facts, and then a mathematician as someone with a love of fundamental knowledge. Do you think that his personality as a mathematician at all changed his approach to economics?
How was the economics field lacking before Kenneth Arrow’s research?
How are his economic theories being used today?
Did you know how exactly Arrow was persuaded to switch from mathematics to economics? Was he recognized by someone in the economics department for his mathematical abiilty?
In your opinion, out of all the theories and ideas Arrow has proposed, which do you think is the most important/impactful to current society?