The switch to the market in Eastern Europe, of course, has not exactly been one of the greatest advertisements for the market. There's no question the socialist system - and I hate to use the word 'socialist,' but I suppose… — Kenneth Arrow Copy Share Image
Some people say Russia is running at 50 percent of its gross domestic product under that during the Communist period. In fact, none of the countries seems to have recovered the level that they had under communism, although the other… — Kenneth Arrow Copy Share Image
The health care provisions are presumably for individuals. And whoever pays for them, whether it's paid by the individual, state, whatever, the value is… — Kenneth Arrow Copy Share
From the time I first understood economic principles, I was always concerned also that any system be operated on an efficient basis, which meant… — Kenneth Arrow Copy Share
Knowledge is a free good. The biggest cost in its transmission is not in the production or distribution of knowledge, but in its assimilation.… — Kenneth Arrow Copy Share
Family is a difficult matter. I must admit I do not know that the state can intervene successfully in a family. It's a fact… — Kenneth Arrow Copy Share
The MD is well aware that the forecasts are no good but he needs them for planning purposes ... — Kenneth Arrow Copy Share
The trouble is that the risks that are being hedged very well by new financial securities are financial risks. And it appears to me… — Kenneth Arrow Copy Share
One way of looking at Impossibility Theorem is that we proposed some criteria for what a good system should be: what is it you… — Kenneth Arrow Copy Share
In The United States, the only real change I know has been Instant Runoff, which is usually applied to municipal elections. I see no… — Kenneth Arrow Copy Share
I do sense, as compared with let's say the early '50s, there's somewhat more of a careerism. I don't think it's anything special to… — Kenneth Arrow Copy Share
The switch to the market in Eastern Europe, of course, has not exactly been one of the greatest advertisements for the market. There's no… — Kenneth Arrow Copy Share
I think the development of the venture capital system has been an example of something which is a successful improvement in risk-bearing. It doesn't… — Kenneth Arrow Copy Share
I think the idea that a society has to be responsible for all of its citizens, those who do well and those who do… — Kenneth Arrow Copy Share
Now virtue may not always be its own reward, but in any case it is not usually bought and paid for at market rates. — Kenneth Arrow Copy Share
The general uncertainty about the prospects of medical treatment is socially handled by rigid entry requirements. These are designed to reduce the uncertainty in… — Kenneth Arrow Copy Share
