There is reason for this shift of emphasis from any actual price to a hypothetical 'equilibrium' price. It is usually more interesting to know where a train is going than to know exactly where it is at any moment. The 'equilibrium' position of any price, wage, firm, industry, or system is the position toward which it is tending. The importance of equilibrium analysis, then, is that it enables us to discuss the directions of change. If a train is in New- York and its 'equilibrium' position is in Chicago, we are reasonably confident that the general direction of its motion will be westward, even if it unaccountably decides to travel north for the first hundred and fifty miles.
Kenneth BouldingRelated topics
change direction emphasis equilibrium fifty general hundred hypothetical industry moment north position reason tending train travel westward milesRelated quotes
The statistical study presented in the following pages may be best defined as an attempt to construct, on the basis of available statistical materials, a Tableau Economique of the United States for 1919 and 1929. One hundred and fifty years ago, when Quesnay first published his famous scheme, his contemporaries and disciples acclaimed it as the greatest discovery since Newton's laws. The idea of general interdepence among the various part of the economic system has become by now the very foundation of economic analysis. Yet, when it comes to the practical application of this theoretical tool, modern economists must rely exactly as Quesnay did upon fictitious numerical examples.
Wassily Leontief
I tell you this morning, my friends, there's no way to get rid of Him. And all of our new knowledge will not diminish God's being one iota. Neither the microcosmic compass of the atom nor the vast interstellar ranges of interstellar space can make God irrelevant for living in a universe, where stellar distance must be measured in light years, where stars are five hundred million million miles from the earth, where heavenly bodies travel at incredible speeds. Modern man still has to cry out with the Psalmist, "When I behold the heavens, the work of thy hands and all that thou hast created; what is man, that thou is mindful of him? and the son of man, that thou hast remembered him?"
Martin Luther King Jr.
Operational analysis ... cannot raise the decisive question whether the consent itself was not the work of manipulation-a question for which the actual state of affairs provides ample justification. The analysis cannot raise it because it would transcend its terms toward transitive meaning-toward a concept of democracy which would reveal the democratic election as a rather limited democratic process. Precisely such a non-operational concept is the one rejected by the authors as "unrealistic” because it defines democracy on too articulate a level as the clear-cut control of representation by the electorate-popular control as popular sovereignty.
Herbert Marcuse
Giving then to matter all the properties which philosophy knows it has, or all that atheism ascribes to it, and can prove, and even supposing matter to be eternal, it will not account for the system of the universe or of the solar system, because it will not account for motion, and it is motion that preserves it. When, therefore, we discover a circumstance of such immense importance, that without it the universe could not exist, and for which neither matter, nor any, nor all, the properties of matter can account, we are by necessity forced into the rational and comfortable belief of the existence of a cause superior to matter, and that cause man calls, God.
Thomas Paine
During this period I was constantly preoccupied with the analysis of every film, which I saw, and in considering whether I could make them here. There was no doubt whatsoever about the utility of the profession and its importance as an industry...this was the period of the Swadeshi movement and there was profuse talking and lecturing on the subject. For me personally, this led to the resignation of my comfortable government job and taking to an independent profession. I took this opportunity to explain my ideas to my friends and leaders of the Swadeshi movement. Even people who were familiar with me for 15 years found my ideas impracticable.
Dadasaheb Phalke