Kenneth Arrow, Economist

Kenneth Arrow was a renowned American economist, known for his groundbreaking work in welfare economics and social choice theory. He introduced the "Arrow's Impossibility Theorem," which demonstrated the challenges in creating a fair voting system that reflects individual preferences. Arrow's contributions extended to various fields, including market theory and health economics, earning him the Nobel Prize in Economic Sciences in 1972. His insights have profoundly influenced economic thought, public policy, and how we understand decision-making processes in society, revealing the complexities behind collective choices and resource allocation.