I think on the efficiency level, not only the distribution level, capitalism is a flawed system. It probably has the same virtues as Churchill attributed to democracy: It's the worst system except for any other. And I think that's right,… — 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 Image
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 Image
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 Image
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 Image
The MD is well aware that the forecasts are no good but he needs them for planning purposes ... — Kenneth Arrow Copy Share Image
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 Image
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 Image
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 Image
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 Image
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 Image
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 Image
