From the Editor
His New York Times obituary opens: “Kenneth J. Arrow, one of the most brilliant economic minds of the 20th century and, at 51, the youngest economist ever to win a Nobel, died on Tuesday at his home in Palo Alto, Calif. He was 95.”
As a tribute to Kenneth Arrow, this week’s paper is his “Uncertainty and the Welfare Economic of Medical Care.”
This paper was published decades ago. Our selections try to be current. But we’ll make an exception for a good reason: Kenneth Arrow, one of the most significant economists of the 20th Century, died last week; his work on health care and economics remains deeply influential. Indeed, whether we are discussing the Choosing Wisely campaign or debating the expansion of public coverage under Obamacare, we are essentially weighing in on Arrow’s 1963 health economics paper – which makes this paper a natural choice for this week’s Reading.
Arrow didn’t mention mental health in his 1963 paper. But as we seek to better mental health services, his observations on the problems of health-care information are worth considering.