Arrow and the Ascent of Modern Economic Theory
This and the companion volume are about the ascent, vicissitudes and lacunae in the science and art modern economics and about Kenneth Arrow, his architectonic contributions to and impact on the theoretical and applied economics and moral and political ph
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Also by George R. Feiwe/
*ARROW AND THE FOUNDATIONS OF THE THEORY OF ECONOMIC POLICY (companion volume) (editor) *ISSUES IN CONTEMPORARY MICROECONOMICS AND WELFARE (editor) *ISSUES IN CONTEMPORARY MACROECONOMICS AND DISTRIBUTION (editor) SAMUELSON AND NEOCLASSICAL ECONOMICS (editor) THE INTELLECTUAL CAPITAL OF MICHAL KALECKI GROWTH AND REFORMS IN CENTRALLY PLANNED ECONOMIES THE SOVIET QUEST FOR ECONOMIC EFFICIENCY INDUSTRIALIZATION AND PLANNING UNDER POLISH SOCIALISM (2 volumes) NEW ECONOMIC PATTERNS IN CZECHOSLOVAKIA THE ECONOMICS OF A SOCIALIST ENTERPRISE In preparation
*JOAN ROBINSON AND MODERN ECONOMIC THEORY (editor) *IMPERFECT COMPETITION REVISITED JOAN ROBINSON AND BEYOND (editor) *Also published by Macmillan
Arrow and the Ascent of Modern Economic Theory Edited by
George R. Feiwel
Alumni Distinguished Service Professor and Professor of Economics, University of Tennesse
©George R. Feiwel 1987 Softcoverreprint of the hardcover 1st edition 1987 978-0-333-36878-7 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright Act 1956 (as amended). Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1987 Published by THE MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world British Library Cataloguing in Publication Data Arrow and the ascent of modem economic theory 1. Arrow, Kenneth J. 2. Economics I. Feiwel, George R. HB119.A75 330.1 ISBN 978-1-349-07241-5 ISBN 978-1-349-07239-2 (eBook) DOI 10.1007/978-1-349-07239-2 ISBN 978-0-333-42410-0 (two-volume set)
Kenneth J. Arrow
The tasks of economic theory include but are certainly not confined to the abstract development of very broad principles. Indeed, even to one whose interests are largely theoretical, specific problems have frequently suggested new general principles. Thus, my work contains both successive developments of large themes and much that is opportunistic and specific. KENNETH
J.
ARROW
Contents xiv xxiv
Notes on the Contributors Preface
1 The Potentials and Limits of Economic Analysis: The Contributions of Kenneth J. Arrow George R. Feiwel 1 Prologue 2 Welfare Economics and Social Choice 2.1 Coherence, Efficiency, and Optimality 2.2 Social Choice and Individual Values 3 Existence and Stability of Equilibrium 3.1 Existence 3.2 Stability 4 Existence and Efficiency 5 Choice under Uncertainty 6 Information, Centralization, and Decentralization 6.1 Information as a Commodity 6.2 Beyond the Economics of Medical Care 6.3 Theory of Discrimination 6.4 Centralization and Decentralization 7 Production, Capital, and Demand 8 A Summing Up Appendix: Some Aspects of the History of Economics
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PART I: THE MAKERS
