Inspirational Quotes, Motivational Sayings, and Wise Words for Daily Inspiration

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When you look at any experimental work not directly related to economics, but trying to test rational behavior in other ways, experiments have conspicuously failed to show rational behavior. Macro evidence certainly suggests deviations from rationality, but I don't want to say the rationality hypothesis is completely wrong. If you have any introspective idea or experimental idea about people's behavior, it seems to be incompatible with the really full scale rational expectations.

Kenneth Arrow's Popular Quotes

Unsolved problems, that's one of the great signs of progress in my opinion.

- Kenneth Arrow

Usefulness depends on tractability.

- Kenneth Arrow

The MD is well aware that the forecasts are no good but he needs them for planning purposes.

- Kenneth Arrow

One way of looking at Impossibility Theorem is that we proposed some criteria for what a good system should be: what is it you want from a voting sys…

- Kenneth Arrow

The world is changing. We're not really proceeding on a stationary basis.

- Kenneth Arrow

One thing I learned from meteorology is that being an actual science was no guarantee of exactness.

- Kenneth Arrow

I think the idea that a society has to be responsible for all of its citizens, those who do well and those who do not, is really a precondition of a …

- Kenneth Arrow

Knowledge is a free good. The biggest cost in its transmission is not in the production or distribution of knowledge, but in its assimilation. This i…

- Kenneth Arrow

Vast ills have followed a belief in certainty.

- Kenneth Arrow