Collectivist economist IGnoble idiot Kenneth Arrow dies

Kenneth J. Arrow, one of the most brilliant economic minds of the 20th century and, at 51, the youngest economist ever to win a Nobel, died on Tuesday at his home in Palo Alto, Calif. He was 95.

Collectivist economist IGnoble idiot Kenneth Arrow dies 22arrow-obit-1-master768

Collectivist economist IGnoble idiot Kenneth Arrow dies 22arrow-obit-1-master768

His son David confirmed the death.

Paul A. Samuelson, the first American to win the Nobel Memorial Prize in Economic Science, called Professor Arrow “the most important theorist of the 20th century in economics.” When Professor Arrow received the award in 1972, Professor Samuelson wrote, “The economics of insurance, medical care, prescription drug testing — to say nothing of bingo and the stock market — will never be the same after Arrow.”

Professor Arrow — a member of an extended family of distinguished economists, including Professor Samuelson and Lawrence H. Summers, the former Treasury secretary and adviser to President Barack Obama — generated work that was technically forbidding even to mathematically oriented colleagues.

But over the decades, economists have learned to apply his ideas to the modern design of insurance products, financial securities, employment contracts and much more.

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Professor Arrow proved that their system of equations mathematically cohere: Prices exist that bring all markets into simultaneous equilibrium (whereby every item produced at the equilibrium price would be voluntarily purchased). And market competition puts society’s resources to good use: Competitive markets are efficient, in the language of economists.

Professor Arrow’s theorems set out the precise conditions under which Adam Smith’s famous conjecture in “The Wealth of Nations” holds true: that the “invisible hand” of market competition among self-serving individuals serves society well.

https://www.nytimes.com/2017/02/21/business/economy/kenneth-arrow-dead-nobel-laureate-in-economics.html?_r=1

May he burn in an inflationary-Hell for all eternity!

burn

Collectivist economist IGnoble idiot Kenneth Arrow dies

Collectivist economist IGnoble idiot Kenneth Arrow dies

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