one-doesnt-like-instabilities-markets-may-probably-fatal-october-87-crash

One doesn't like instabilities in markets; they may be damaging, but probably not fatal, as the October '87 crash showed. It turned out to be essentially inconsequential. So if that's true, I'm not very worried about the welfare of those who are investing any more than I am about the welfare of those who go into casinos.

Kenneth Arrow
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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.

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

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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…

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

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

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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 …

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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…

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Vast ills have followed a belief in certainty.

- Kenneth Arrow
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