Kenneth Arrow
Kenneth Joseph Arrow (born August 23, 1921) is an American economist, winner of the Bank of Sweden Prize in Economic Sciences in 1972. He is considered one of the founders of modern (post World War II) neo-classical economics.
General equilibrium theory
Working with Gerard Debreu (who won the Nobel prize for this work in 1983), Arrow produced the first rigorous proof of the existence of a market clearing equilibrium, given certain restrictive assumptions. See general equilibrium. Arrow went on to extend the model to deal with issues relating to uncertainty, stability of the equilibrium, and whether a competitive equilibrium is efficient.
Related Topics:
Gerard Debreu - 1983 - General equilibrium
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~ Table of Content ~
| ► | Introduction |
| ► | General Possibility Theorem |
| ► | General equilibrium theory |
| ► | Endogenous Growth theory |
| ► | Information Economics |
| ► | Works |
| ► | See also |
| ► | External links |
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