Prominent economist - Essay Example

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His immense contribution to the economic field is well known by all and sundry. The world does recognize his great efforts, being the youngest economist to seize the global Nobel peace…
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Kenneth Arrow Achievements Affiliation Kenneth Arrow and His achievements As an American economist, Kenneth Arrow remains a vocal and outstanding economist in history. His immense contribution to the economic field is well known by all and sundry. The world does recognize his great efforts, being the youngest economist to seize the global Nobel peace prize. Furthermore, he has won the prestigious National Medal of Science.
The Nobel Prize was because of his iconic contribution to the equilibrium theory. Equilibrium is an aspect whereby it becomes impossible to treat diverse markets as separate institutions. The model affects the general goods and services supply. 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 fraternity.
Pauly, M. V. (2001). Kenneth Arrow and the changing economics of health care. Forward. Journal of Health Politics, Policy and Law, 26, 829–834. doi:10.1215/03616878-26-5-835
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