“I don't know which way human psychology will go wrong. We have a world in which there is uncertainty. There are new technologies. And one of the problems is that we do things today with a thought to the future. Any purchase is one for the future. If you buy a refrigerator you are making a commitment to the future, so that you have food to eat for the next ten years. That's a simple theory, one of many simple theories -- theories that people agree on and that don't, in a fundamental way, change. But every once in a while there is unemployment, and wages will drop, and there will be several different interpretations.”

— Kenneth Arrow

quoted in Conor Clarke, An Interview with Kenneth Arrow, Part One https://www.theatlantic.com/politics/archive/2009/07/an-interview-with-kenneth-arrow-part-one/22213/ (2009)
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Kenneth Arrow 37

American economist 1921–2017

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