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Some Developments in Economic Theory Since 1940: An Eyewitness Account

Kenneth Arrow


Abstract: The article considers the evolution of some branches of modern economic theory from the perspective of the author’s biography as a scientist and his professional formation. It describes problems of econometrics, general equilibrium theory, uncertainty, economics of information, and growth. It is shown how different authors representing various fields came to similar conclusions simultaneously and independently, what were the problems, in response to which economists of the second half of last century developed their theories, and what were the contexts of such development.

Date: 2010
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