Kenneth Arrow Famous Quotes
Reading Kenneth Arrow quotes, download and share images of famous quotes by Kenneth Arrow. Righ click to see or save pictures of Kenneth Arrow quotes that you can use as your wallpaper for free.
The general uncertainty about the prospects of medical treatment is socially handled by rigid entry requirements. These are designed to reduce the uncertainty in the mind of the consumer as to the quality insofar as this is possible. I think this explanation, which is perhaps the naive one, is much more tenable than any idea of a monopoly seeking to increase incomes.
Not every business cycle has a financial crisis. Frequently they do.
Knowledge is a free good. The biggest cost in its transmission is not in the production or distribution of knowledge, but in its assimilation. This is something that all teachers know.
That economic decisions are made without certain knowledge of the consequences is pretty self-evident. But, although many economists were aware of this elementary fact, there was no systematic analysis of economic uncertainty until about 1950.
The MD is well aware that the forecasts are no good but he needs them for planning purposes ...
Vast ills have followed a belief in certainty.
The major driver of economics is the equilibrium approach, which has taken various forms over the years. General equilibrium is the statement that all the different parts of the economy influence each other, even if it's remote, like mortgage-backed securities and their demands on automobiles.
Any purchase is one for the future. If you buy a refrigerator, you are making a commitment to the future so that you have food to eat for the next ten years.
