That economic decisions are made without certain knowledge of the consequences is pretty self-evident. But, although many economists were aware of this elementary fact, there was no systematic analysis of economic uncertainty until about 1950.
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"That economic decisions are made without certain knowledge of the consequences is pretty self-evident. But, although many economists were aware of this elementary fact, there was no systematic analysis of economic uncertainty until about 1950." — Kenneth Arrow
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That economic decisions are made without certain knowledge of the consequences is pretty self-…
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That economic decisions are made without certain knowledge of the consequences is pretty self-evident. But, although many economists were aware of this elementary fact, there was no systematic analysis of economic uncertainty until about 1950. — Kenneth Arrow
About Kenneth Arrow
Kenneth Arrow was a Economist from United States (1921–2017).
Frequently Asked Questions
Who said "That economic decisions are made without certain knowledge of the consequences…"?
This quote is attributed to Kenneth Arrow, a Economist from United States.
When did Kenneth Arrow live?
Kenneth Arrow lived from 1921 – 2017.