Kenneth Arrow

Economist Mathematician American 1921 – 2017

Developed social choice theory and proved impossibility theorem.

395 quotes

"Humor in economics helps us endure the recognition of our limitations."
Humor
"Beauty in mathematics mirrors the elegance of nature."
Beauty
"Death is the ultimate scarcity that forces us to make choices."
Death
"Perseverance in science means living with questions longer than others can bear."
Perseverance
"Gratitude for those who came before us should inform our duty to those who follow."
Gratitude
"Creativity flourishes when constraints are acknowledged rather than ignored."
Creativity
"Justice in allocation requires mechanisms for giving voice to all affected parties."
Justice
"Patience with slow institutional change is often rewarded with durable improvements."
Patience
"Kindness toward those harmed by economic change is both morally required and economically efficient."
Kindness
"Strength comes from understanding your vulnerabilities."
Strength
"Technology changes what is possible but not what is desirable."
Technology
"History shows that institutions that worked once may fail under changed conditions."
History
"Philosophy reveals the hidden assumptions embedded in our policy choices."
Philosophy
"Literature humanizes what economic theory abstracts away."
Literature
"Politics is the art of choosing among imperfect alternatives."
Politics
"War teaches harsh lessons about the fragility of cooperative systems."
War
"Motivation falters when people believe the system is rigged against them."
Motivation
"Inspiration strikes those who have done the hard work of understanding."
Inspiration
"Relationships require that we forgive the inevitable imperfections in each other."
Relationships
"Solitude is where understanding deepens into wisdom."
Solitude
"Adventure awaits those willing to test their assumptions against reality."
Adventure
"Imagination without rigor produces merely pleasant fantasies."
Imagination
"Health systems embody difficult choices about values and resource allocation."
Health
"Money enables cooperation among strangers who will never meet."
Money
"Change becomes possible when we understand why things are as they are."
Change
"Success requires alignment between personal values and systemic incentives."
Success
"Life teaches us that simplicity is often deceptive."
Life
"The most important thing is to recognize that we are all interdependent in ways we often don't understand."
Philosophy
"Social choice theory reveals that no perfect voting system exists - we must accept inevitable trade-offs."
Politics
"Information asymmetry is perhaps the most underappreciated force shaping economic outcomes."
Knowledge