Kenneth Arrow Quotes About Capitalism

Quotes about: Capitalism

• Now virtue may not always be its own reward, but in any case it is not usually bought and paid for at market rates.

  Kenneth Arrow

  May, Rewards, Virtue

• I think on the efficiency level, not only the distribution level, capitalism is a flawed system. It probably has the same virtues as Churchill attributed to democracy: It's the worst system except for any other. And I think that's right, but it cannot be thought that some unmitigated belief in free markets is a cure even from the efficiency point of view.

  Kenneth Arrow

  Thinking, Views, Democracy

  Source: www.minneapolisfed.org

• 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.

  Kenneth Arrow

  Motivation, Firsts, Principles

  Source: www.minneapolisfed.org

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