Nobel-winning economist Kenneth J. Arrow dies at 95

Kenneth J. Arrow, the youngest -ever winner of a Nobel prize for economics, has died in California. He was 95.

His son, David, says Arrow died on Tuesday at his home in Palo Alto.

Arrow was 51 when he and British economist John R. Hicks received the 1972 award for their mathematical work on general equilibrium theory, which involves the balance of market supply and demand.

Arrow also made pioneering contributions to issues such as social choice and welfare, with important applications on everything from voting systems to health insurance.

Other Nobel winners are praising him as one of the greatest contributors to economics in the 20th century.

Arrow, who taught at Stanford and Harvard, received the National Medal of Science in 2004.