I then follow up with four major aspects of economic research in the last 60 years, the period of my scholarly activity. One, econometric methodology and practice, is of such fundamental importance that it cannotgo unnoticed, although I played no role in it. With the other three, general equilibrium, dynamic processes, and uncertainty and information, I was more intimately involved.
Kenneth ArrowRelated topics
dynamic equilibrium follow four fundamental general last methodology practice research three yearsRelated quotes
The general method involved may be very simply stated. In cases where the equilibrium values of our variables can be regarded as the solutions of an extremum (maximum or minimum) problem, it is often possible regardless of the number of variables involved to determine unambiguously the qualitative behavior of our solution values in respect to changes of parameters.
Paul Samuelson
Information impactedness is a derivative condition that arises mainly because of uncertainty and opportunism, though bounded rationality is involved as well. It exists when true underlying circumstances relevant to the transaction, or related set of transactions, are known to one or more parties but cannot be costlessly discerned by or displayed for others.
Oliver E. Williamson
The political, the economic philosophy of Black Nationalism only means that we have to become involved in a program of re-education to educate our people into the importance of knowing that when you spend your dollar out of the community in which you live, the community in which you spend your money becomes richer and richer; the community out of which you take your money becomes poorer and poorer.
Malcolm X
In the near future, neurobiology will address a matter of more general and fundamental importance: the biology of human mental processes. ...Psychology and psychiatry can illuminate and define for biology the mental functions that need to be studied if we are to have a meaningful and sophisticated understanding of the biology of the human mind.
Eric Kandel
Inanimate objects can be classified scientifically into three major categories: those that don't work, those that break down and those that get lost.
The goal of all inanimate objects is to resist man and ultimately to defeat him, and the three major classifications are based on the method each object uses to achieve its purpose. As a general rule, any object capable of breaking down at the moment when it is most needed will do so.
Russell Baker