Part intellectual autobiography and part exposition of complex yet contemporary economic ideas, this lively conversation with renowned scholar and public intellectual Kenneth J. Arrow focuses on economics and politics in light of history, current events, and philosophy as well. Reminding readers that economics is about redistribution and thus about how we treat each other, Arrow shows that the intersection of economics and ethics is of concern not just to economists but for the public more broadly. With a (...) foreword by Amartya Sen, this book highlights the belief that government can be a powerful force for good, and is particularly relevant in the current political climate and to the lay reader as well as the economist. (shrink)

I comment on Amartya Sen's study of the relations between the analysis of freedom and the theory of social choice. Two of his themes are analysed with regard to their contribution to an analytic understanding of the issues. These are: (1) the multiple interpretations of the concept of ‘preferences’ as a foundation for the formal conceptualizations of social choice and freedom; and (2) some issues in the formalization of freedom as a value to be compared with outcomes. Under (2), I (...) mainly point out some difficulties in the existing analyses and mildly support a ‘flexibility’ interpretation of freedom that I have advanced earlier. I conclude with some observations drawn from history and literature which complicate the value bien-pensant thinkers are prone to place on freedom. (Published Online February 16 2006). (shrink)

One of the central questions of economics relates to the coordination of individual units within a large organization to achieve the central objectives of that organization. This book examines the problems involved in allocating resources in an economic system where decision-making is decentralized into the hands of individuals and individual enterprises. The decisions made by these economic agents must be coordinated because the input decisions of some must eventually equal the output decisions of others. Coordination arises naturally out of the (...) mathematical theory of optimization but there is still the question of how it can be achieved in practice with dispersed knowledge. The essays here explore the many facets of this problem. Nine papers are grouped under the title 'Economies with a single maximand'. They include papers on static and dynamic optimization, decentralization within firms, and nonconvexities in optimizing problems. Fourteen papers are concerned with 'Economies with multiple objectives'. Among the topics covered here are stability of competitive equilibrium, stability in oligopology, and dynamic shortages. The final part of the book includes three papers on informational efficiency and informationally decentralized systems. Leonid Hurwitcz is the Nobel Prize Winner 2007 for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, along with colleagues Eric Maskin and Roger Myerson, for his work on the effectiveness of markets. (shrink)

This volume contains a selection of Professor Uzawa's important contributions to mathematical economics. Subjects covered by these nineteen essays include consumption, production, equilibrium, capital, growth, planning, international trade, and the theory of social overhead capital. Written in the 1960s and early 1970s, the papers form a basis upon which economic theory has developed over the last twenty years. The collection includes some of Uzawa's classic contributions, such as 'Preference and Rational Choice in the Theory of Consumption', 'Time Preference, the Consumption (...) Function, and Optimum Asset Holdings', 'Neutral Inventions and the Stability of Growth Equilibrium', 'On a Two-Sector Model of Economic Growth', 'Time Preference and the Penrose Effect in a Two-Class Model of Economic Growth', and 'On the Economics of Social Overhead Capital'. The collection will be useful not only in understanding the nature of the development in economic theory today, but also in reflecting upon the direction toward which economic theory will be advancing in the future. (shrink)

Kenneth Arrow presents Rawls as making a controversial assumption, which he terms “asset egalitarianism”: that all the assets of society, including personal skills, are available for distribution. I distinguish two versions of the assumption and draw attention to difficulties in determining what Arrow’s concern over the assumption is.

This book develops John Dewey's broad conception of social conflict as a natural process of discovery and preference adjustment, resolving Kenneth Arrow's famous theorem of the impossibility of ordering diverse preferences through voting. It addresses the nature and resolution of today's urgent problems and political polarization.

Arrow’s impossibility result not only had a profound influence on welfare economics, but was, as this paper shows, also widely discussed in philosophy of science and in the engineering design literature.

DIVA new look at Kenneth Arrow’s classic study of the economics of health care: is his formulation still relevant 40 years later?/div.

Kenneth Arrow’s “impossibility” theorem—or “general possibility” theorem, as he called it—answers a very basic question in the theory of collective decision-making. Say there are some alternatives to choose among. They could be policies, public projects, candidates in an election, distributions of income and labour requirements among the members of a society, or just about anything else. There are some people whose preferences will inform this choice, and the question is: which procedures are there for deriving, from what is (...) known or can be found out about their preferences, a collective or “social” ordering of the alternatives from better to worse? The answer is startling. Arrow’s theorem says there are no such procedures whatsoever—none, anyway, that satisfy certain apparently quite reasonable assumptions concerning the autonomy of the people and the rationality of their preferences. The technical framework in which Arrow gave the question of social orderings a precise sense and its rigorous answer is now widely used for studying problems in welfare economics. The impossibility theorem itself set much of the agenda for contemporary social choice theory. Arrow accomplished this while still a graduate student. In 1972, he received the Nobel Prize in economics for his contributions. (shrink)

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United States, Japan, Israel and Europe.

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United Stated, Japan, Israel and Europe. This second volume is entitled Equilibrium Analysis and is divided into sections on general (...) equilibrium and on the microfoundations of macroeconomics. (shrink)

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United Stated, Japan, Israel and Europe. This third volume is entitled Uncertainty, Information, and Communication.

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United States, Japan, Israel and Europe.

Virtue ethics interprets human action as pursuing good ends through practices that develop qualities internal to those final goals. The philosophical approach has been identified as critical of economics, leading in turn to the innovative response that by viewing the market as mutually beneficial exchange, economic practice is in fact defendable on virtue ethics grounds. This defends economics using arguments drawn from virtue ethics, but there is a need also to explore space for virtue ethics within economic theory. Examining key (...) contributions of Kenneth J. Arrow, Amartya Sen and Elinor Ostrom, the article notes that virtue ethics’ appreciation of persons’ communicability of ends is increasingly being relied upon within economics, though sometimes under different names. Its strength to interdisciplinary work between economics and philosophy lies in presenting a methodology able to capture how human beings are capable of, though not fixated on, cooperation. (shrink)

In 1951, Kenneth Arrow published his now celebrated book Social Choice and Individual Values. Although not the first book to be written on social choice, Arrow's work ushered in a voluminous literature mostly produced by economists but by philosophers and political scientists as well. Arrow's chief result was a proof of the impossibility of a social welfare function . He showed that there could be no decision procedure for aggregating individual preference orderings into a grand, overall (...) social preference ordering. The result has been hailed by some as a sort of Godel Theorem of economics. It has seemed to many to have, if not the complexity of the Godel Theorem, at least the same astonishing counter-intuitiveness. On the other hand, some social choice theorists, while conceding the validity of the Arrow Theorem, have challenged its soundness by quarreling with one or more of its presuppositions. (shrink)

This paper is a critique of Kenneth Arrow's thesis concerning the logical impossibility of a constitution. I argue that one of the premises of Arrow's proof, that of the transitivity of indifference, is untenable. Several concepts of preference are introduced and counter-instances are offered to the transitivity of indifference defined along the standard lines in terms of these concepts. Alternate analyses of indifference in terms of preference are considered, and it is shown that these do not serve (...) Arrow's purposes either. Finally, it is argued that in the single special case in which indifference could plausibly be held to be transitive, Arrow's thesis is innocuous. (shrink)

Amartya Sen has recently urged that political philosophers pay attention to social choice theory in their deliberations about justice. However, despite its merits, social choice theory is not standardly part of undergraduate political philosophy. One difficulty is that it involves symbolic logic and difficult concepts. We can reduce this challenge by making the material no harder than it needs to be. I consider the standard proof of Arrow’s Theorem, a seminal result. Kenneth Arrow does not explicate the (...) role of the irrelevance of independent alternatives. Sen and Wulf Gaertner have offered clarifications, but I shall elucidate the full role. (shrink)

This paper extends the classical extension theorem established by Edward Szpilrajn (Fundamenta Mathematicae, 16, pp. 386–389, 1930). Szpilrajn's theorem states that every quasi‐ordering has an ordering extension. Because of its usefulness in various themes of economics, it has been applied by many researchers. Important generalizations have been presented by two authors, Kenneth Arrow and Kotaro Suzumura, among others. First, we provide concise proofs of four extension theorems by Szpilrajn, Arrow and Suzumura. We then show an extension of (...) their extension theorems. (shrink)

According to commonsense, some collections of objects compose wholes, and others do not. However, philosophers have found serious difficulties with attempts to preserve this thesis, and especially with attempts to preserve the existence of just those composite objects recognized by commonsense. In this paper, I defend a classical solution to this problem: "it is the mind that maketh each thing to be one" (Berkeley, Siris, sect. 356). According to this view, which I call 'mereological idealism,' it is when a plurality (...) is united in thought under a concept that a unified whole comes to exist. After explaining the view in more detail, I show how it escapes three standard arguments against commonsense views of composition. (shrink)

Alexander Pruss and I have proposed an analysis of omnipotence which makes no use of the problematic terms 'power' and 'ability'. However, this raises an obvious worry: if our analysis is not related to the notion of power, then how can it count as an analysis of omnipotence, the property of being all-powerful, at all? In this paper, I show how omnipotence can be understood as the possession of infinite power (general, universal, or unlimited power) rather than the possession of (...) particular powers. I then argue that the ordinary notions of particular powers or abilities can be understood as applying vague limitations to the notion of infinite power. The vagueness of these limitations is the source of the well-known difficulties in the analysis of ability. (shrink)

"In this book, Kenneth F. Rogerson explores the first half of Kant's Critique of Judgment, entitled the "Critique of Aesthetic Judgment.

_A study of the first half of Kant’s Critique of Judgment._.

This chapter contains sections titled: Introduction Hegel's Semantics of Singular Cognitive Reference Hegel's Justification of His Semantics of Singular Cognitive Reference in “Consciousness” “Self‐Consciousness,” Thought, and the Semantics of Singular Cognitive Reference Hegel's Interim Critique of the Ego‐Centric Predicament Conclusion References.

In The Servile Mind: How Democracy Erodes the Moral Life, Kenneth Minogue explores the intelligentsia’s love affair with social perfection and reveals how ...

This pioneering translation of Plato's Phaedrus, with detailed summary and full philological and exegetical notes taking into consideration all commentaries since Hermias, followed by a painstaking dialogical analysis of the text that shows what we must think at every moment in order to understand the thinking that brings the Greek text to life. In Kenneth Quandt's treatment, Plato's seminal work is allowed to create its own horizon and a new and profoundly unified interpretation emerges: Socrates's conversation with Phaedrus reaches (...) a vision of eros that explains the paradoxes of human nature, explodes the zero-sum game of master and slave, exposes the crabbed fetishism of the written word, and releases the mind to a life of contemplation fixed in a cloudless noon. (shrink)