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