Kenneth Arrow

Kenneth Arrow was an influential economist and philosopher best known for his work on social choice theory and general equilibrium. He demonstrated that it is difficult to aggregate individual preferences into a coherent collective decision without encountering paradoxes. His famous "Arrow's Impossibility Theorem" showed that no voting system can perfectly reflect individual preferences while also being fair and rational. Arrow's ideas challenge assumptions about how economic systems can function, emphasizing the complexity of decision-making within groups and the limitations of traditional economic models in capturing human behavior and societal welfare.