"It seems to me significant that Kenneth Arrow, himself a major contributor to the clear formalisation of the present dominant paradigm based on the Walrasian exchange model of General Economic Equilibrium analysis, would write a short newspaper article (rather than an article in a scientific journal)... While giving a proud statement of the exchange paradigm, Ken Arrow frankly gives at the same time a long list of its major points of weaknesses and downright failures, implying that the number and the seriousness of these failures are continually mounting." -- Luigi L. Pasinetti, Keynes and the Cambridge Keynesians: A "Revolution in Economics" to be Accomplished, Cambridge University Press (2007)Pasinetti refers to:
- Kenneth Arrow, "Problems Mount in the Application of Free Market Theory", in the rubric "Debate" in The Guardian, 4 January 1994.
Update (6 February 2008): I thank an anonymous commentator for posting Arrow's article in the comments.