Kenneth Joseph Arrow was born on August 23, 1921. Life for me wasn’t so
difficult. I faced some challenges, but I was able to overcome those obstacles.
I graduated from City College of New York, thankfully for my parents who made
it possible to attend the free institution and made financial sacrifices. They
made it possible and I am greatly thankful and highly appreciated for that. I
was able to graduate in 1940 with my Bachelor’s degree in Social Science, but
majored in mathematics which is where my interest lays. The following year in
1941 I was able to obtain my Masters degree in Mathematics but I was influenced
by Harold Hotelling where I decided to pursue my subsequent studies in the
economics department. My graduate studies were later interrupted due to World
War II. I had no choice to serve as the weather office which later ranked to
captain. During the years of 1946-1949, I partly spent time continuing my
graduate studies at Columbia University and other time spent working as a
research associate in the economics department at University of Chicago. At
University of Chicago I was later ranked as Assistant Professor of Economics
during the years of 1948-1989. During my time at Cowles Commission, I was also
influences by great wonderful people who were Tjalling Koopmans an Jacob
Marschak which were great guidance for me and intellectual individuals. Later
in life I became a professor of economics, statistics and operations at
Stanford University which I continue to gain all my experience (Kenneth J., 2014).
contributed in numerous theories and new ideas such as Arrow’s impossibility
theorem, Arrow-Debreu model in economics and the Fundamental theories of
Welfare Economics. In 1972, I was blessed to receive the Nobel Memorial Prize
award along with John Hicks for our bringing about to economic equilibrium and
welfare theory. My major work continues to be recognized for the economic
theories and ideas which included inventory theory, the new growth theory, etc.
I was also inspired by the company I worked for which was RAND corporation
where I had a secure research job and wrote studies on social theories. I was
awarded for numerous achievements which one major award was the honorary degree
as Doctor of Social and Economic Sciences from University of Vienna. I also won
the Nobel prize in 1972 where I was also considered the youngest economist to
win this specific prize at age 51.
was really well known as an American economist who contributed to the welfare
theory which seeks to evaluate policies in the economic field and the wellbeing
of the community. Also, economic equilibrium theories which expresses how the
prices are set throughout the economies. There was also another contribution
that I introduced which was impossibility of theorem which had to deal with the
voting system and how it works where if there are multiple candidates; more than
3 then it can be more complicated on the rankings and who has the majority of
them. My theorem of impossibility is still recognized due to the outcomes of
the elections can be thought of irrational, although all voters are rational.
I may have passed away due to contracting the flu virus, my legacy still
remains of my theories.