Ken-Ichi Inada
Encyclopedia
was a Japan
ese economist
.
Beginning in the 1950s, Professor Inada wrote a number of important papers on welfare economics
, economic growth
and international trade
. His contributions include an early extension of Kenneth Arrow
's impossibility theorem
on the existence of a social welfare function
(1955). Professor Inada's extension of the Stolper-Samuelson theorem
to the many-good, many-factor case is also considered as a classic piece in trade theory (1971).
Professor Inada has taught at universities including Osaka University
and Tokyo Metropolitan University
, served as a member of the honorary board of editors for the Japanese Economic Review
since its first publishing in 1995, as well as being elected president of the Japanese Economic Association
in 1980.
He is known for the Inada conditions
on a production function
that can guarantee the stability of an economic growth
path in a neoclassical growth model.
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
ese economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
.
Beginning in the 1950s, Professor Inada wrote a number of important papers on welfare economics
Welfare economics
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium within an economy as to economic efficiency and the resulting income distribution associated with it...
, economic growth
Economic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
and international trade
International trade
International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product...
. His contributions include an early extension of Kenneth Arrow
Kenneth Arrow
Kenneth Joseph Arrow is an American economist and joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, he is the youngest person to have received this award, at 51....
's impossibility theorem
Arrow's impossibility theorem
In social choice theory, Arrow’s impossibility theorem, the General Possibility Theorem, or Arrow’s paradox, states that, when voters have three or more distinct alternatives , no voting system can convert the ranked preferences of individuals into a community-wide ranking while also meeting a...
on the existence of a social welfare function
Social welfare function
In economics, a social welfare function is a real-valued function that ranks conceivable social states from lowest to highest. Inputs of the function include any variables considered to affect the economic welfare of a society...
(1955). Professor Inada's extension of the Stolper-Samuelson theorem
Stolper-Samuelson theorem
The Stolper–Samuelson theorem is a basic theorem in Heckscher–Ohlin type trade theory. It describes a relation between the relative prices of output goods and relative factor rewards, specifically, real wages and real returns to capital....
to the many-good, many-factor case is also considered as a classic piece in trade theory (1971).
Professor Inada has taught at universities including Osaka University
Osaka University
, or , is a major national university located in Osaka, Japan. It is the sixth oldest university in Japan as the Osaka Prefectural Medical College, and formerly one of the Imperial Universities of Japan...
and Tokyo Metropolitan University
Tokyo Metropolitan University
Tokyo Metropolitan University is one of the largest public universities in Japan...
, served as a member of the honorary board of editors for the Japanese Economic Review
Japanese Economic Review
The Japanese Economic Review is a peer-reviewed academic journal of economics published since 1959 by the Japanese Economic Association. It was formerly called The Economic Studies Quarterly....
since its first publishing in 1995, as well as being elected president of the Japanese Economic Association
Japanese Economic Association
The Japanese Economic Association is the professional body of Japanese economists. The Japanese Economic Association is the largest, with more than 3,000 members, among academic economic associations in Japan. The Association is also one of the oldest, founded in 1934. The Association was...
in 1980.
He is known for the Inada conditions
Inada conditions
In macroeconomics, the Inada conditions are assumptions about the shape of a production function that guarantee the stability of an economic growth path in a neoclassical growth model....
on a production function
Production function
In microeconomics and macroeconomics, a production function is a function that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs...
that can guarantee the stability of an economic growth
Economic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
path in a neoclassical growth model.