Ec 970

Social Choice
and Welfare Economics

Kenneth Arrow
1972

"for their
pioneering contributions
to general economic equilibrium
theory and welfare theory"

Amartya Sen
1998

"for his contributions

to welfare economics"

Kenneth Arrow

Arrows Impossibility Theorem

=
General Possibility Theorem
=
Arrows Paradox

market-clearing equilibrium
Economists for
Peace and Security
Intergovernmental Panel
on Climate Change (IPCC)

family of economists
Paul Samuelson
Larry Summers

five students won Nobel

Eric Maskin
John Harsanyi
Michael Spence
Roger Myerson

Amartya Sen

born and raised in India

from an influential Indian family
studied economics

after Ph.D., studied philosophy

welfare economics
social choice theory
causes of famine

capabilities approach

Human Development Index (HDI)