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Kenneth Arrow

Kenneth Arrow Quotes

Economist

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Famous Kenneth Arrow Quotes

“There are all sorts of institutions in the economic world which depart from the simple price/market model which I worked on in an earlier incarnation and which has been sort of the mainstream of economic theories since Adam Smith and David Ricardo. There are all sorts of contractual relations between firms and individuals which do not conform to the simple price theory - profit-sharing schemes and so forth - and the explanation for these suddenly became clear. We now understand why these emerged and that they are based on differences in information in the economy.”

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Author:Kenneth Arrow
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“The Germans, for example, have some kind of compromise between single-member and broader districts. In Israel, you have nothing, you have only a national election. You have no local districts at all. And that's because of the idea that in addition to other ideological differences, locality matters. The question is does the congressman represent his district and the interests of his district? And as I said there's quite a variety of systems the democratic world. The implications need to be examined.”

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Author:Kenneth Arrow
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