Arrow is the father of the concept of risk management as an explicit form of practical art. – Peter L. Bernstein, Against The Gods, The Remarkable Story of Risk
Kenneth Joseph Arrow (born August 23, 1921) is an American economist and joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, he is the youngest person to have received this award, at 51.
In economics, he is considered an important figure in post-World War II neo-classical economic theory. Many of his former graduate students have gone on to win the Nobel Memorial Prize themselves. Arrow’s impact on the economics profession has been tremendous. For more than fifty years he has been one of the most influential of all practising economists.