Arrow (Kenneth Arrow)

Kenneth Arrow was a renowned economist whose work focused on the challenges of making fair and consistent choices when faced with multiple options or uncertain information. His "Arrow's Impossibility Theorem" demonstrates that no voting system can perfectly translate individual preferences into a collective decision without some flaws. This highlights the complexity of creating fair decision-making processes in societies, economics, and politics. Arrow's insights are fundamental in understanding the limitations and trade-offs inherent in social choice and public policy design, emphasizing that perfect fairness or efficiency often cannot be achieved simultaneously.