Investment of capital, to yield its fruit in the future, must be based on expectations, of opportunities in the future. When I put this to Hayek, he told me that this was indeed the direction in which he had been thinking. Hayek gave me a copy of a paper on 'intertemporal equilibrium', which he had written some years before his arrival in London; the conditions for a perfect foresight equilibrium were there set out in a very sophisticated manner.
John HicksRelated topics
direction equilibrium fruit future paper perfect set tell thinking write yield years HayekRelated quotes
Philosophy is written in this grand book, which stands continually open before our eyes (I say the 'Universe'), but can not be understood without first learning to comprehend the language and know the characters as it is written. It is written in mathematical language, and its characters are triangles, circles and other geometric figures, without which it is impossible to humanly understand a word; without these one is wandering in a dark labyrinth.
Galileo Galilei
I bought a doughnut and they gave me a receipt for the doughnut; I don't need a receipt for the doughnut. I'll just give you the money, and you give me the doughnut, end of transaction. We don't need to bring ink and paper into this. I just can't imagine a scenario where I would have to prove that I bought a doughnut. Some skeptical friend: "Don't even act like I didn't get that doughnut! I got the documentation right here...oh, wait it's at home...in the file...under 'D', for doughnut."
Mitch Hedberg
Love, n. A temporary insanity curable by marriage or by removal of the patient from the influences under which he incurred the disorder. This disease, like caries and many other ailments, is prevalent only among civilized races living under artificial conditions; barbarous nations breathing pure air and eating simple food enjoy immunity from its ravages. It is sometimes fatal, but more frequently to the physician than to the patient.
Ambrose Bierce
While in London I became interested in speaking in public. I lectured at Hyde Park Corner when the Simon Commission was being boycotted in India as no Indian was a member. I stood the heckling well and even indulged in a little ridicule. People completely ignorant of India and Indian conditions would heckle me. One fellow claimed that he had lived in India and Kabul which he asserted was the capital of India.
Mohammad Hidayatullah
I love to read the dedications of old books written in monarchies-for they invariably honor some (usually insignificant) knight or duke with fulsome words of sycophantic insincerity, praising him as the light of the universe (in hopes, no doubt, for a few ducats to support future work); this old practice makes me feel like such an honest and upright man, by comparison, when I put a positive spin, perhaps ever so slightly exaggerated, on a grant proposal.
Stephen Jay Gould