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... Kenneth Arrow, who died on February 21, has been described by fellow Nobel Laureate Alvin Roth as “the Albert Einstein of economics”. It would be no exaggeration to say that virtually all modern economic theory rests in some way on his work. Arrow’s most celebrated contribution is his so-called Impossibility Theorem that appeared in his 1951 book, Social Choice and Individual Values. Arrow was interested in aggregating diverse opinions. For instance, suppose the government wanted to rank all the states in India in terms of the well-being of the country’s citizens. This ranking would draw on several other rankings — per-capita income, the performances of the states in life expectancy and literacy rate. ...Indian Express on Feb. 27, 2017, midnight