Kenneth J. Arrow (Nobel Prize-winning economist)

Kenneth J. Arrow was a prominent economist known for his groundbreaking work in various fields, including welfare economics and social choice theory. He won the Nobel Prize in Economic Sciences in 1972 for his contributions to understanding how individual preferences can be aggregated to make collective decisions, famously articulated in Arrow's Impossibility Theorem. This theorem demonstrates the challenges in creating a fair voting system that represents everyone's preferences without contradictions. Arrow's work has significantly influenced economic theory, public policy, and the understanding of markets and decision-making processes. His insights continue to shape discussions on democracy and economic efficiency.