Kenneth Joseph Arrow

My research, even before 1972, moved in directions beyond those cited for the Nobel Memorial Prize. Most of it, in one way or another, deals with information as an economic variable, both as to its production and as to its use.

In 1963 and later papers, I pointed out that the special market characteristics of medical care and medical insurance could be explained by reference to differences in information among the parties involved.

I went to graduate school with zero expectation. I kind of backed into it. I wanted to go back to school because I felt gaps in my literary background. I studied mostly twentieth-century English literature in college, so I thought, 'Maybe I'll go back for my writing.'