From the time I first understood economic principles, I was always concerned also that any system be operated … - Kenneth Arrow

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This is over 10 years in the making for me and just a dream come true. I'm the luckiest person in the world.

Kenneth Arrow

From the time I first understood economic principles, I was always concerned also that any system be operated on an efficient basis, which meant decentralization because knowledge is not concentrated anywhere. It's based on motivation, and so these are the advantages of, say, the cautious case for capitalism, that the market system is efficient.

Firsts, Motivation, Principles, Say

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My undergraduate education, at the City College in New York, was made possible only by the existence of that excellent free institution and the financial sacrifices of my parents.

College, Existence, New York, Possible, Sacrifice, Undergraduate

My graduate study was interrupted, like that of many others, by World War II.

Graduate, Study, War, World

Economics in college was very poor; I was not very impressed with it. I actually wanted to study statistics. I discovered mathematical statistics as an undergraduate and was fascinated with it.

College, Discovered, Statistics, Study

I do sense, as compared with let's say the early '50s, there's somewhat more of a careerism. I don't think it's anything special to economics; it's equally true with physics or biology. A graduate education has become a more career-oriented thing, and part of that is because of the need for funding. In fact, that's a much worse problem in the natural sciences than it is in economics. So you can't even do your work in the natural sciences, particularly, and even to some extent in economics, without funding.

50S, Careers, Compared, Early, Special, Thinking

I think that systems that are based on employment are illogical and attempts to meet them create all sorts of unnecessary complexities.

Employment, Illogical, Sorts, Thinking, Unnecessary