Markets are not, in my opinion, a full solution to any problem. The obvious problem they don't meet is the concerns of the welfare of individuals who may get lost in the operation of the system - the distributional question.… — Kenneth Arrow Copy Share Image
One doesn't like instabilities in markets; they may be damaging, but probably not fatal, as the October '87 crash showed. It turned out to be essentially inconsequential. So if that's true, I'm not very worried about the welfare of those… — 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
