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Kenneth Arrow and the New Institutional Economics

In: Arrow and the Foundations of the Theory of Economic Policy

Author

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  • Oliver E. Williamson

Abstract

Kenneth Arrow’s impeccable credentials as an economic theorist are celebrated in the 1972 Nobel Prize in Economics. Research in general equilibrium and social choice was massively reshaped by his original contributions. It is also well recognized that Arrow is much more than a virtuoso mathematical economist. His contributions to welfare economics include both theoretical and applied aspects. His studies of market and non-market organization include applications as well as pure theory. His interests in studying economic organization in a ‘rational spirit’1 have helped to demonstrate the unity between market and non-market modes.2 What is less widely remarked is that Arrow’s contributions to the study of complex economic organization have been very influential in helping to shape the New Institutional Economics (NIE).

Suggested Citation

  • Oliver E. Williamson, 1987. "Kenneth Arrow and the New Institutional Economics," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Arrow and the Foundations of the Theory of Economic Policy, chapter 20, pages 584-599, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07357-3_21
    DOI: 10.1007/978-1-349-07357-3_21
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