Kenneth J. Arrow

Kenneth J. Arrow was an influential American economist and Nobel laureate, known for his groundbreaking work in social choice theory and general equilibrium. He developed the famous Arrow's Impossibility Theorem, which demonstrates that no voting system can perfectly translate individual preferences into a collective decision without violating certain fairness criteria. His research significantly shaped modern economic thought, especially in areas like market dynamics and welfare economics. Arrow's contributions extend beyond economics, impacting political science, ethics, and decision-making processes. His ideas encourage critical thinking about how societies make collective choices.