Born on August 23, 1921, in New York City, Kenneth Arrow was awarded the Royal Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (widely known as the Nobel Memorial Prize) in 1972, with Sir John R. Hicks, for making pioneering contributions to general economic equilibrium theory and welfare theory. Arrow is one of the major representatives of the Neoclassical School of Economics. His main contributions were devoted to the fields of social choice theory, which includes the famous Arrow’s impossibility theorem; general equilibrium theory; growth theory; and economics of information and organization. It is impossible to encompass all of Arrow’s outstanding, thought-provoking, and path-breaking contributions in a short entry, as he is one of the most fruitful and [Page 164]respected living ...