Economist Kenneth Arrow Dies at 95

Nobel Prize-winning economist Kenneth Arrow died Tuesday in Palo Alto, California, at the age of 95, his family said. Arrow made history in 1972 as the youngest recipient of the Nobel Prize for Economic Sciences. He was 51 at the time he received the award, which he shared with Sir John Hicks. The pair won for their contributions to general equilibrium theory and welfare economics. “He is certainly one of the giants of 20th-century economic theory,” Nobel laureate Robert Aumann told The Washington Post. Arrow spent most of his career at Stanford University. Economist and Nobel laureate Amartya Sen said the evolution of modern economics has been “very inspired by Arrow’s results, his systematic thoughts, the understanding he generated, the questions he raised, and the inspiration [his work] provided to young people.”