Quotes by Kenneth Arrow

Kenneth Arrow

Classic economic theories recognize public goods aspects of one kind or another – the need for economic intervention in, obviously, the supply of infrastructure and of education. We’re not supplying that infrastructure at an appropriate rate today. I don’t doubt it isn’t just money; it’s organization and goals and so forth.

Doubt

Goal

Organization

Economics in college was very poor; I was not very impressed with it. I actually wanted to study statistics. I discovered mathematical statistics as an undergraduate and was fascinated with it.

College

Statistics

Study

Education is still, in spite of private education, a state matter.

Matter

Spite

States

Evolutionary theory tends to explain quite well in retrospect how various species emerged. It’s not very good on prediction. Nevertheless, one cannot say that there isn’t a lot of knowledge that’s been obtained in this field. In the same way, with these complex physical phenomena between solid state physics, you can say a lot of things without necessarily knowing the next step.

Knowing

Retrospect

Way

Family is a difficult matter. I must admit I do not know that the state can intervene successfully in a family. It’s a fact that everything is connected with the individualist temperament, the kind of economic environment which stresses the individual, but this is not directly the result of a state policy, nor do I see any good way by which the state could intervene except in some marginal ways.

Facts

Stress

Way

From the time I first understood economic principles, I was always concerned also that any system be operated on an efficient basis, which meant decentralization because knowledge is not concentrated anywhere. It’s based on motivation, and so these are the advantages of, say, the cautious case for capitalism, that the market system is efficient.

Firsts

Motivation

Principles

I am not really inclined to think there is any very effective regulation of the derivative securities markets that would be useful. People who go into it essentially ought to know what risks they’re taking and I don’t see any useful regulation.

People

Risk

Thinking

I do sense, as compared with let’s say the early ’50s, there’s somewhat more of a careerism. I don’t think it’s anything special to economics; it’s equally true with physics or biology. A graduate education has become a more career-oriented thing, and part of that is because of the need for funding. In fact, that’s a much worse problem in the natural sciences than it is in economics. So you can’t even do your work in the natural sciences, particularly, and even to some extent in economics, without funding.

Careers

Special

Thinking

I don’t believe that unemployment is all voluntary, by anticipation of future wage movements or this sort of thing. I know you can modify the models by taking into account the indivisibilities, but I don’t really think that people are voluntarily unemployed.

Believe

People

Thinking

I think on the efficiency level, not only the distribution level, capitalism is a flawed system. It probably has the same virtues as Churchill attributed to democracy: It’s the worst system except for any other. And I think that’s right, but it cannot be thought that some unmitigated belief in free markets is a cure even from the efficiency point of view.

Democracy

Thinking

Views

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Assimilation

Bases

Belief

Believe

Breakup

Care

Careers

Certainty

Choices

Citizens

Claims

Class

Climbing

College

Cost

Country

Democracy

Depends

Differences

Done

Doubt

Employment

Europe

Exactness

Expectations

Facts

Financial

Firsts

Frustrated

Giving

Goal

Growing

Growth

Guarantees

Guarantees That

Hate

Ideas

Investing

Israel

Knowing

Leaving

Levels

Long Ago

Matter

May

Memorial

Meteorology

Mind

Modest

Motivation

The Future Blueprint

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The Home Therapist: Anti Anxiety

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Quotes by Kenneth Arrow

Kenneth Arrow

Economics in college was very poor; I was not very impressed with it. I actually wanted to study statistics. I discovered mathematical statistics as an undergraduate and was fascinated with it.

Education is still, in spite of private education, a state matter.

I am not really inclined to think there is any very effective regulation of the derivative securities markets that would be useful. People who go into it essentially ought to know what risks they’re taking and I don’t see any useful regulation.

I don’t believe that unemployment is all voluntary, by anticipation of future wage movements or this sort of thing. I know you can modify the models by taking into account the indivisibilities, but I don’t really think that people are voluntarily unemployed.

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