Economic history has contributed significantly to the formulation of economic theory. Among the economists who have found history an important source for their ideas are Smith, Malthus, Marx, Marshall, Keynes, Hicks, Arrow, Friedman, Solow, and Becker. Failure to take account of history, as Simon Kuznets (1941) stressed, has often led to a misunderstanding of current economic problems by investigators who have not realized that their generalizations rested upon transient circumstances. Nowhere is the need to recognize the role of long-run dynamics more relevant than in such pressing current issues as medical care, pension policies, and development policies.
Robert FogelRelated topics
account arrow care development dynamics failure found formulation history led need nowhere pension source take circumstances marshall Marx Keynes Malthus FriedmanRelated quotes
I have presented the periodic table as a kind of travel guide to an imaginary country, of which the elements are the various regions. This kingdom has a geography: the elements lie in particular juxtaposition to one another, and they are used to produce goods, much as a prairie produces wheat and a lake produces fish. It also has a history. Indeed, it has three kinds of history: the elements were discovered much as the lands of the world were discovered; the kingdom was mapped, just as the world was mapped, and the relative positions of the elements came to take on a great significance; and the elements have their own cosmic history, which can be traced back to the stars.
Peter Atkins
...when we became independent and Nehru spelt out his vision, we appeared to be the leader, we are the only country which articulated the aspirations of Asia as a whole for the first time. Then other countries, small countries, big countries have come up asserting themselves, and, but still we are, because of our economic development, everybody knows that India is geographically a big central chunk of Asia and that it is an expanding economy. It is a technologically progressing society and in every field it is making a mark. And everybody recognises this role of India, but I think we have to articulate our position in Asia, in a new way, in a new set of circumstances that would appeal to everybody.
K. R. Narayanan
It's true that my initial training was in mathematics. However, almost by accident, I happened to take a course from Kenneth Arrow on "Information Economics,” which was so inspiring that I decided to change direction. It seemed to me that economics combined the best of both worlds: the rigor of mathematics with the immediate relevance of a social science. As for how much math I would recommend, I'd say that basic analysis, including measure theory, is certainly very useful. Also, linear algebra and stochastic processes always helps. But beyond that, I don't think a huge mathematical investment is necessary to do economic theory unless you are planning to work in an extremely technical area.
Eric Maskin
It is known that very distant nebulae, probably galactic systems like our own, show remarkably high receding velocities whose magnitude increases with the distance. This curious phenomenon promises to provide some important clues for the future development of our cosmological views. It maybe of advantage, therefore, to point out some of the principal facts which any cosmological theory will have to account for. Then a brief discussion will be given of different theoretical suggestions related to the above effect. Finally, a new effect of masses upon light will be suggested which is a sort of gravitational analogue of the Compton effect.
Fritz Zwicky
Early in 1954 I was appointed Lecturer in Economics at the University of Queensland in Brisbane. Then, in 1956, I was awarded a Rockefeller Fellowship, enabling me and Anne to spend two years at Stanford University, where I got a Ph.D. in economics, whereas Anne got an M.A. in psychology. I had the good fortune of having Ken Arrow as advisor and as dissertation supervisor. I benefitted very much from discussing many finer points of economic theory with him. But I also benefitted substantially by following his advice to spend a sizable part of my Stanford time studying mathematics and statistics. These studies proved very useful in my later work in game theory.
John Harsanyi