Markets are not, in my opinion, a full solution to any problem. The obvious problem they don't meet is the concerns of the welfare of individuals who may get lost in the operation of the system - the distributional question. We've seen this growing as we go further and further toward a market ideology in the United States and the United Kingdom. We've seen a decline in the welfare of the working poor, leaving aside any other pathologies, just the working poor, a very distinct increase at the very top levels.
The MD is well aware that the forecasts are no good but he needs them for planning purposes. - Kenneth Arrow
The MD is well aware that the forecasts are no good but he needs them for planning purposes.
- Kenneth Arrow
Unsolved problems, that's one of the great signs of progress in my opinion. - Kenneth Arrow
Unsolved problems, that's one of the great signs of progress in my opinion.
Usefulness depends on tractability. - Kenneth Arrow
Usefulness depends on tractability.
The world is changing. We're not really proceeding on a stationary basis. - Kenneth Arrow
The world is changing. We're not really proceeding on a stationary basis.
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
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 …
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
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…
One thing I learned from meteorology is that being an actual science was no guarantee of exactness. - Kenneth Arrow
One thing I learned from meteorology is that being an actual science was no guarantee of exactness.
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
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…
Vast ills have followed a belief in certainty. - Kenneth Arrow
Vast ills have followed a belief in certainty.
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