Oskar Morgenstern quotes

Oskar Morgenstern was an Austrian economist, most famous for his role in founding game theory alongside John von Neumann. Their collaboration led to the groundbreaking book "Theory of Games and Economic Behavior," which transformed economic analysis. He made lasting contributions to the study of decision-making and strategic thinking in economics. Here are 5 of his quotes:

As far as the use of mathematics in economics is concerned, there is an abundance of formulas where such are not needed. They are frequently introduced, one fears, in order to show off. The more difficult the mathematical theorem, the more esoteric the name of the mathematician quoted, the better. (Oskar Morgenstern)

Wherever mathematics has entered it has never again been pushed out by other developments. The mathematization of an area of human endeavor is not a passing fad; it is the prime mover of scientific and technological progress.

Oskar Morgenstern

All economic decisions, whether private or business, as well as those involving economic policy, have the characteristic that quantitative and non-quantitative information must be combined into one act of decision. It would be desirable to understand how these two classes of information can best be combined.

Oskar Morgenstern

Alliances are always weaker in peacetime; alliances tend to become hard and fast and strong when things are going badly... but when things are going well, cooperation is hard to achieve.

Oskar Morgenstern

Recovery is therefore something much more elemental. It aims at continuation of life, on a simple and primitive basis. From mere survival, in view of perhaps a hundred million people killed within a few days, to the construction of a society which adheres to the lofty ideas we cherish today is a long way. And the survivors may develop ideals so different from ours that we may not recognize the country- should we live to make the comparison, or, living, should we care to make it even if we could.

Oskar Morgenstern