![[The notion of equilibrium ] is a notion which can be employed usefully in varying degrees of looseness. It is an absolutely indispensable part of the toolbag of the economist and one which he can often contribute usefully to other sciences which are occasionally apt to get lost in the trackless exfoliations of purely dynamic systems. (Kenneth Boulding)](https://cdn.quotesdtb.com/img/quotes_images_webp/52/kenneth-boulding-apt-dynamic-171352.webp)
[The notion of equilibrium ] is a notion which can be employed usefully in varying degrees of looseness. It is an absolutely indispensable part of the toolbag of the economist and one which he can often contribute usefully to other sciences which are occasionally apt to get lost in the trackless exfoliations of purely dynamic systems.
Kenneth BouldingRelated topics
dynamic economist equilibrium looseness lost sciencesRelated quotes
The primary fact is that all isolated state-determined dynamic systems are selective: from whatever state they have initially, they go towards states of equilibrium. These states of equilibrium are always characterised, in their relation to the change-inducing laws of the system, by being exceptionally resistant.
W. Ross Ashby
I then follow up with four major aspects of economic research in the last 60 years, the period of my scholarly activity. One, econometric methodology and practice, is of such fundamental importance that it cannotgo unnoticed, although I played no role in it. With the other three, general equilibrium, dynamic processes, and uncertainty and information, I was more intimately involved.
Kenneth Arrow
The empirical successes of [the three-factor model] suggest that it is an equilibrium pricing model, a three-factor version of Merton's (1973) intertemporal CAPM (ICAPM) or Ross's (1976) arbitrage pricing theory (APT). In this view, SMB and HML mimic combinations of two underlying risk factors or state variables of special hedging concern to investors.
Eugene Fama
I am not yet so lost in lexicography, as to forget that words are the daughters of earth, and that things are the sons of heaven. Language is only the instrument of science, and words are but the signs of ideas: I wish, however, that the instrument might be less apt to decay, and that signs might be permanent, like the things which they denote.
Samuel Johnson
The new information technologies can be seen to drive societies toward increasingly dynamic high-energy regions further and further from thermodynamical equilibrium, characterized by decreasing specific entropy and increasingly dense free-energy flows, accessed and processed by more and more complex social, economic, and political structures.
Ervin László