... a rather different class of applications of the idea of best allocation of scarce resources... usually referred to as the theory of optimal economic growth. In most studies of this kind made in the countries with market economies there is not an identifiable client to whom the findings are submitted as policy recommendations. Nor is there an obvious choice of objective function, such as cost minimization or profit maximization in the studies addressed to individual enterprises. The field has more of a speculative character. The models studied usually contain only a few highly aggregated variables. One considers alternative objective functions that incorporate or emphasize various strands of ethical, political, or social thought. These objectives are then tried out to see what future paths of the economy they imply under equally simplified assumptions of technology or resource availability.
Tjalling KoopmansRelated topics
allocation alternative availability best character choice cost different ethical few field future idea kind market maximization nor objective profit see simplified study technology thought try under optimalRelated quotes
IN a free‐enterprise, private‐property system, a corporate executive is an employe of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while conforming to the basic rules of the society, both those embodied in law and those embodied in ethical custom. Of course, in some cases his employers may have a different objective. A group of persons might establish a corporation for an eleemosynary purpose-for example, a hospital or school. The manager of such a corporation will not have money profit as his objective but the rendering of certain services. In either case, the key point is that, in his capacity as a corporate executive, the manager is the agent of the individuals who own the corporation or establish the eleemosynary institution, and his primary responsibility is to them.
Milton Friedman
The city is very different from the country, girl. It is a kind of shared consciousness that begins its work on you as soon as you enter it, if not well before, a consciousness that begins to separate you from the country possibly even before you decide to journey toward it. It encircles you with forces much greater than the walls and gates which imitate tinier villages or towns. People who come to it come seeking the future, not realizing all that will finally affect them in it is their own, only more or less aware, involvement with the past. The way we do things here-really, that's all there is to be learned in our precincts. But in the paving of every wide, clear avenue, in the turnings of every dark, overhung alley, in the ornaments on every cornice, in the salt-stained stones of each neighborhood cistern, there are traces of the way things once were done-which is the key to why they are done as they are today.
Samuel R. Delany
We see that experience plays an indispensable role in the genesis of geometry; but it would be an error thence to conclude that geometry is, even in part, an experimental science. If it were experimental it would be only approximative and provisional. And what rough approximation!
...The object of geometry is the study of a particular 'group'; but the general group concept pre-exists... in our minds. It is imposed on us, not as form of our sense, but as form of our understanding. Only, from among all the possible groups, that must be chosen... will be... the standard to which we shall refer natural phenomena.
Experience guides us in this choice without forcing it upon us; it tells us not which is the truest geometry, but which is the most convenient.
Notice that I have been able to describe the fantastic worlds... imagined without ceasing to employ the language of ordinary geometry.
Henri Poincaré
Surely one of the reasons for our continued failures throughout these areas [Asia and the Middle East] has been our inability to understand how profound, how irrational, and how erratic has been the reaction generally of the respective peoples to the ideas and impulses that have come to them from the West in recent decades. This applies particularly to the intellectuals who play so prominent a part in political leadership and in the molding of public opinion. To ascertain the reasons for the intensely anti-American attitudes manifested by these people would be to delve deeply into psychological reactions and the origins of various forms of neuroses. I have thoughts about these matters, but will not take up your time with them here.
Only one thing I would emphasize. The respective reactions are obviously emotional and subconscious, and not likely to be altered by any attempts on our part to meet them by any verbal appeal to rational processes.
George F. Kennan
The unremitting division of labour resulted in admirable levels of productivity. The company's success appeared to bear out the principles of efficiency laid down at the turn of the twentieth century by the Italian economist Vilfredo Pareto, who theorized that a society would grow wealthy to the extent that its members forfeited general knowledge in favour of fostering individual ability in narrowly constricted fields. In an ideal Paretan economy, jobs would be ever more finely subdivided to allow for the accumulation of complex skills, which would then be traded among workers. ... But however great the economic advantages of segmenting the elements of an afternoon's work into a range of forty-year-long careers, there was reason to wonder about the unintended side effects of doing so. In particular, one felt tempted to ask ... how meaningful the lives might feel as a result.
Alain de Botton