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Kenneth J. Arrow has died at the age of 95. He was an important mainstream economist. He won a Nobel Prize as a mathematical theorist. Indeed, Arrow was the epitome of the neoclassical general equilibrium theorists who came to dominate mainstream economics, with the avowed aim of using mathematics to deliver economic analysis and answers, in a mimic of mathematical physics.
Arrow was a close associate of that other great neoclassical and anti-Keynesian theorist, John Hicks. They both aimed to use general equilibrium theory and math to show that markets and economic growth under capitalism could achieve equilibrium through supply and demand in ‘competitive markets’.
Interestingly, Arrow was uncle to a current Keynesian guru of ‘managed capitalism’, Larry Summers and also brother-in-law to that other icon of 1960s mainstream ‘Keynesian’ economics and the then textbook writer to university students, Paul Samuelson. It’s a small world in the mainstream – although not as small as the Marxist economics world!
full: https://thenextrecession.wordpress.com/2017/02/25/kenneths-three-arrows/
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