On VoxEU, Steven Durlauf offers an excellent overview over Kenneth Arrow’s work. Durlauf emphasizes five areas of research:
- The impossibility theorem, in the tradition of Condorcet.
- General equilibrium theory and the welfare theorems, in the tradition of Walras.
- Decision-making under uncertainty, the Arrow-Pratt measures of risk aversion and contingent commodities.
- Imperfect information, in the context of medical care and as a source of statistical discrimination.
- Economics of knowledge, anticipating the endogenous growth literature.
Like Faust, limitless curiosity and passion for knowledge meant that Arrow strove without relenting; but unlike Faust, Arrow needed no redemption. His intellectual integrity was pristine and unparalleled at every stage of his life. His character was as admirable and admired as his intellect. Arrow’s personal and scholarly example continues to inspire, nurture, and challenge.