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WWWforEurope Lecture Series


Knowledge, Belief and the Economic System

Kenneth Joseph Arrow



October 22nd, 2013, 15:00 – 18:00

Oesterreichische Nationalbank (OeNB), Kassensaal

Otto-Wagner-Platz 3, 1090 Wien


"A key factor in the organization of the economy is the set of beliefs that people have about each other. They change those beliefs by searching, by computing, by analyzing, and when looked at properly, this gives rise to some considerable anomalies when compared with the standard theories that I and many others have developed. So in some sense, I’m finding some difficulty with work I’ve done in the past".


Kenneth Joseph Arrow won the Nobel Memorial Prize in Economics in 1972 and is recipient of the National Medal of Science. He is the author of numerous path breaking contributions to social choice theory and general equilibrium analysis. "Arrow's impossibility theorem" is his brain child. Today Arrow is the Joan Kenney Professor Emeritus at Stanford University and member of the IPPC and the scientific board of the WWWforEurope project.

Read more about the lecture here.

The full text of the lecture has been published in WIFO-Monatsberichte 12/2013.

WWWforEurope Lecture Series: Kenneth J. Arrow, Knowledge Belief and the Economic System from WIFO on Vimeo.


Karl Aiginger, Director of the Austrian Institute of Economic Research (WIFO), commented on the lecture and connected it to "The necessity and feasibility of a socio-ecological transition". The presentations were followed by an expert panel discussion and a general discussion.

WWWforEurope Lecture Series: Knowledge, Belief and the Economic System. Commentary by Karl Aiginger from WIFO on Vimeo.

Introduction and concluding remarks by Ewald Nowotny, Governor of Oesterreichische Nationalbank (OeNB).

WWWforEurope Lecture Series: Knowledge, Belief and the Economic System. Introduction from WIFO on Vimeo.


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undefinedRead more about the lecture here

Full text of the lecture in WIFO-Monatsberichte 12/2013