Kenneth Arrow Quotes About Economics

Quotes about: Economics

• The rate of growth of the relevant population is much greater than the rate of growth in funds, though funds have gone up very nicely. But we have been producing students at a rapid rate; they're competing for funds and therefore they're more frustrated. I think there's a certain sense of weariness in the intellectual realm, it's not in any way peculiar to economics, it's a general proposition.

  Kenneth Arrow

  Thinking, Growth, Frustrated

  Source: www.minneapolisfed.org

• The MD is well aware that the forecasts are no good but he needs them for planning purposes.

  Kenneth Arrow

  Needs, Purpose, Planning

• When you look at any experimental work not directly related to economics, but trying to test rational behavior in other ways, experiments have conspicuously failed to show rational behavior. Macro evidence certainly suggests deviations from rationality, but I don't want to say the rationality hypothesis is completely wrong. If you have any introspective idea or experimental idea about people's behavior, it seems to be incompatible with the really full scale rational expectations.

  Kenneth Arrow

  Ideas, Expectations, People

  Source: www.minneapolisfed.org

• Economics in college was very poor; I was not very impressed with it. I actually wanted to study statistics. I discovered mathematical statistics as an undergraduate and was fascinated with it.

  Kenneth Arrow

  College, Statistics, Study

  Source: www.minneapolisfed.org

• I do sense, as compared with let's say the early '50s, there's somewhat more of a careerism. I don't think it's anything special to economics; it's equally true with physics or biology. A graduate education has become a more career-oriented thing, and part of that is because of the need for funding. In fact, that's a much worse problem in the natural sciences than it is in economics. So you can't even do your work in the natural sciences, particularly, and even to some extent in economics, without funding.

  Kenneth Arrow

  Thinking, Careers, Special

  Source: www.minneapolisfed.org

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