By George R. Feiwel
This ebook is ready the ascent, vicissitudes and lacunae within the technology and paintings of contemporary economics and approximately Kenneth Arrow, his architectonic contributions to and effect at the theoretical and utilized economics and ethical and political philosophy of our age.
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Additional resources for Arrow and the Foundations of the Theory of Economic Policy
A note ofwarning and 'bounded' apology: one of the drawbacks of the interview format is that the scope, direction, and emphasis of the coverage in part reflect the interests of the interviewer. One of the advantages of this format is its informality. It affords a privileged insight into the make-up of the interviewee, one that is rarely available in his written word, particularly if he is a strong 'devotee of the axiomatic method'. It affords a glimpse (and in some cases much more) of how his mind works.
Small questions. Arrow's contemporary and colleague at the Cowles Commission, the distinguished master builder of macroeconometric models, Lawrence R. Klein (a phenomenon in his own right) vividly recalls in Chapter 9 the intensive work at Cowles in the late 1940s on macroeconometric model building and the insistence that everything done in that connection be firmly based on economic theory. Macroeconomics at Cowles was an integrated branch, closely tied into the whole programme. Marschak insisted that a bridge be built between micro and macroeconomics.
Macroeconomics at Cowles was an integrated branch, closely tied into the whole programme. Marschak insisted that a bridge be built between micro and macroeconomics. The star-studded team soon fell apart as the early model did not perform satisfactorily. However, the later stages in the development of the macroeconometric models that Klein describes for us were fundamentally set on the basis of that early experience. He points to the usefulness of the existence proof for macroeconometric model building, to the great accomplishments of Arrow and Debreu in clarifying the meaning of the price system, and to the applicability of the Arrow-Hurwicz contributions on stability to problems that preoccupied macroeconomic model builders.