"Information and the Organization of Industry", Rivista Internazionale di Scienze Sociali, Anno 102, No. 2 (aprile-giugno 1994)
American economist (1921–2017)
Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, who was Professor Emeritus of Economics in Stanford, and joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972.
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Birth Name:
Kenneth Joseph Arrow
Alternative Names:
Kenneth J. Arrow
•
Ken Arrow
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Clearly, information is of the utmost importance in making economic decisions, especially when it comes to securities or other assets whose value depends on events not yet known. Now the distribution of information cannot simply be taken as given. On the contrary, information can be acquired at some cost.
We have the possibility of diverting other resources to the medical field, but that means some subtraction somewhere else. We are sufficiently close to full employment that there is no great amount of unused resources to draw upon for this purpose. We do, of course, draw to some extent upon doctors trained in other countries, but quantitatively speaking, this is not very much of a help. The basic scarcity problem cannot be avoided.