"The members of an economy—the firms, the consumers, the investors, and the government—make choices. To give a common name to them all, I will refer to them as agents, for indeed their most salient characteristic is that they act. That they make choices implies that they have alternatives, that what was chosen was not inevitable but was in fact only one in a range of opportunities. The opportunities available to a consumer are determined by the income he has and the prices he has to pay for commodities of different use-values."
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Academics from the United StatesPeople from New York CityMathematicians from the United StatesEconomists from the United StatesNobel laureates in Economics
Original Language: English
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"Information and Economic Behavior", lecture presented to the Federation of Swedish Industries (1973)
https://en.wikiquote.org/wiki/Kenneth_Arrow
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Kenneth Arrow
Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, who was Professor Emeritus of Economics in Stanford, and joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972.
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