One of the most important skills of the economist, therefore, is that of simplification of the model. Two important methods of simplification have been developed by economists. One is the method of partial equilibrium analysis (or microeconomics), generally associated with the name of Alfred Marshall and the other is the method of aggregation (or macro-economics), associated with the name of John Maynard Keynes.
Kenneth BouldingRelated topics
aggregation economist equilibrium john model name partial simplification marshall Alfred Keynes microeconomicsRelated quotes
This whole theory [of John Law and Jean Terrasson], as dear to French financial schemers in the eighteenth century as to American "Greenbackers" in the nineteenth, had resulted, under the Orleans Regency and Louis XV, in ruin to France financially and morally, had culminated in the utter destruction of all prosperity, the rooting out of great numbers of the most important industries, and the grinding down of the working people even to starvation.
Andrew Dickson White
External success has to do with people who may see me as a model, or an example, or a representative. As much as I may dislike or want to reject that responsibility, this is something that comes with public success. It's important to give others a sense of hope that it is possible and you can come from really different places in the world and find your own place in the world that's unique for yourself.
Amy Tan
It is to be emphasized that no matter how many [amplitude] arrows we draw, add, or multiply, our objective is to calculate a single final arrow for the event. Mistakes are often made by physics students at first because they do not keep this important point in mind. They work for so long analyzing events involving a single photon that they begin to think that the arrow is somehow associated with the photon.
Richard Feynman
I presume that few who have paid any attention to the history of the Mathematical Analysis, will doubt that it has been developed in a certain order, or that that order has been, to a great extent, necessary -- being determined, either by steps of logical deduction, or by the successive introduction of new ideas and conceptions, when the time for their evolution had arrived.
George Boole
Keynes was a great economist. In every discipline, progress comes from people who make hypotheses, most of which turn out to be wrong, but all of which ultimately point to the right answer. Now Keynes, in The General Theory of Employment, Interest and Money, set forth a hypothesis which was a beautiful one, and it really altered the shape of economics. But it turned out that it was a wrong hypothesis. That doesn't mean that he wasn't a great man!
Milton Friedman