[Marxism] Fwd: Kenneth’s three arrows | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Sat Feb 25 06:45:10 MST 2017

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!


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