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Ken went ahead to prove the existence of the theory in a practical aspect coming up with critical theorems. He did proof the existence of the theorem. Most significantly, he came up with the social choice theory, while in his PHD research he came up with the Arrow impossibility theorem. In essence, his research in health care economics revealed startling results, with close relation to insurance, its market value, and marginal share costs (Pauly, 2001).
Most significantly, his distinguished position as a professor in Stanford Operations Research Department gave him more energy to provision of solutions to linear programming. As a mathematical economist, he came up with diverse policies with different implications in the economic field. He did oppose the governmental urge to support the ushering in the supersonic passenger plane. He has been the chairperson of national Institute of Medicine committees, whose core aim is to advocate for affordable malarial treatments in Asian and African countries. Essentially, his articles and published works are reckoned all over. He has over a hundred articles, twenty-two books as an author or co-author, an editor to 24 books, done forty-one non-technical articles and overwhelming 226 research publications. With the summed up achievements, it is no doubt that Kenneth remains an icon and a hero in the economics
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“Prominent Economist Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/macro-microeconomics/1679531-prominent-economist.
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Free market system which is the most productive way of running an economy suggests that any intervention by forces other than demand and supply will tend to affect the economic efficiency negatively, resulting in production inside the production possibilities frontier rather than on it.
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Breaking from his family's orthodox Jew traditions, Ricardo married a Quaker, Priscilla Anne Wilkinson, at the age of 21 in 1793 and established his own business as a dealer in Government securities. Having acquired immense riches in his business, at the age of 41, in 1814, he decided to retire from his business, bought the estate of Gatcomb Park and settled down to lead the life of a country gentleman.
Adam Smith also became closely identified with the laissez-faire market mechanism which asserts that a free market though appearing "chaotic" and "unrestrained" is the best factor which determines the right quantity of goods in a society. The operation of the so-called "invisible hand" is responsible for this mechanism.
This is followed by the important part that describes his contributions to the field of economics. This is highlighted by a brief discussion through the books written by him. A critical evaluation of his works follows next. His circumstances and his
While in these schools Alfred demonstrated an aptitude in mathematics and therefore achieved the rank of Second Wrangler in the 1865 Cambridge Mathematical Tripos (Marshall & Palgrave Connect, 2013). Marshall abandoned physics and switched to philosophy after
The economist is an English newspaper that is always published on a weekly basis. The newspaper is owned by the Economist Group. The editing takes place at the Economist offices in London.Despite the fact that the company insists that ‘The Economist’ is a newspaper, the physical appearance of ‘The Economist’ mostly suggests that it is a magazine.
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