By George R. Feiwel
This booklet is set the ascent, vicissitudes and lacunae within the technology and artwork of contemporary economics and approximately Kenneth Arrow, his architectonic contributions to and effect at the theoretical and utilized economics and ethical and political philosophy of our age.
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Extra resources for Arrow and the Foundations of the Theory of Economic Policy
It is hoped that Chapter lA complements and sheds further light on Arrow's more technical contributions explored in Arrow and the Ascent of Modern Economic Theory, at least for those readers who believe that biography matters. More specifically, Chapter lA traces Arrow's family background and early socio-political outlook. It takes us through his undergraduate and graduate education and the formative influences of the environment at the Cowles Commission and Rand Corporation. An attempt is then made at brushing in bold strokes the vivid characteristics of the man and scholar, followed by an exposition of his view of the human interaction as tension between personal and social values and their confrontation with limited opportunities.
Xliv Preface Discrimination entails the efficiency and equity of an entire economic system. In Chapter 14 Wan studies job discrimination caused by asymmetric information. His findings complement the ArrowPhelps theory of statistical discrimination. His approach can be traced to the concept of moral hazard that Arrow propagated in economics. According to the statistical discrimination theory, uninformed firms judge the worker's human capital by race or sex, and those who suffer such bias will accumulate less human capital, thus completing the vicious circle.
It is self-evident that it is easier to criticize than to create. ) These volumes are about the new era of accretion of economic knowledge and about the axiomatization of economic theory in many fields. ), its rich accomplishments, unresolved central issues, and major 'scandals'; and about the quest, perils, feats, and failures in overcoming them. They are about the recent strides forward and they offer a glimpse of the future. 'Prediction is always difficult, especially of the future', to borrow a statement attributed by Arrow to John von Neumann.
Arrow and the Foundations of the Theory of Economic Policy by George R. Feiwel