American economist Kenneth Arrow is known for his contributions to welfare economics and to general economic equilibrium theory. He won a Nobel Prize in 1972.
Kenneth Arrow was born August 23, 1921 in New York City. In one of his earliest articles, published in 1951, Arrow showed that a competitive economy in equilibrium is efficient. He was co-winner (with Sir John R. Hicks) of the Nobel Prize for Economics in 1972. Perhaps his most startling thesis was the “impossibility theorem.” He has received numerous honors and awards for his work.