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Kenneth Arrow asserts the economy is built on science

Hear Nobel laureate Kenneth Arrow talk abou the relationship between scientific innovation and economic progress.

Kenneth Arrow: Science is not dogma. Science is a process of self-correction. But it’s important that people understand the current state of knowledge, as well as the way by which it’s been achieved.

That’s Kenneth Arrow, Nobel laureate in economics. He told EarthSky there’s an important relationship between scientific innovation and economic progress. He said that the way we view science today is built upon the past centuries of discovery and growth.

Kenneth Arrow: The role of science in developing technology, which in turn created economic progress, became more and more paramount.

He said this cycle of science, technology, and economics has created revolutions in standards of living. Today,

Kenneth Arrow: We more or less expect in an advanced economy that each year the same amount of effort can produce 2% more goods, roughly speaking.

Arrow said our future depends on continuing to build upon current scientific knowledge.

Kenneth Arrow: It is important to be informed. Both as a citizen and out of – what I consider even more basic – out of intellectual curiosity. We want to know more. That’s what man is about.

Kenneth Arrow serves on EarthSky’s Global Advisory Council.

Our thanks to:
Kenneth Arrow
Professor Emeritus of Economics
Stanford University
Palo Alto, CA

Mike Brennan