Economic theory, since the time of the Physiocrats, has endeavored to get rid of the human will and to explain economic phenomena in terms of physical and hedonic forces. The human will had been the main reliance of the Mercantilists and of the economic theory of the Church fathers. But the will was arbitrary, capricious and contrary to natural laws. There were two stages of these physical theories which attempted to get away from the will:-the natural rights arld physical equilibrium stage of foreordained evolution of Quesnay, Adam Smith and Karl Marx, and the natural selection stage of blind evolution that followed Darwin, whose distinguished exponent in economics is Veblen. The theorists of each stage attempted to get rid of the human will and to explain economic phenomena as the working out of natural forces, either foreordained or blind. It was a concept of society as the natural growth of a mechanistic equilibrium.
John R. CommonsRelated topics
adam arbitrary blind church concept economics equilibrium evolution exponent human natural rid selection working Marx Laws darwinRelated quotes
Science Of Energetics. Although the mechanical hypothesis just mentioned may be useful and interesting as a means of anticipating laws, and connecting the science of thermodynamics with that of ordinary mechanics, still it is to be remembered that the science of thermodynamics is by no means dependent for its certainty on that or any other hypothesis, having been now reduced, to a system of principles, or general facts, expressing strictly the results of experiment as to the relations between heat and motive power. In this point of view the laws of thermodynamics may be regarded as particular cases of more general laws, applicable to all such states of matter as constitute Energy, or the capacity to perform work, which more general laws form the basis of the science of energetics, - a science comprehending, as special branches, the theories of motion, heat, light, electricity, and all other physical phenomena.
William John Macquorn Rankine
Had it merely called to our attention the existence and exact nature of certain fundamental gaps in economic theory, the Theory of Economic Behavior by von Neumann and Morgenstern would have been a book of outstanding importance. But it does more than that. It is essentially constructive: where existing theory is considered to be inadequate, the authors put in its place a highly novel analytical apparatus designed to cope with the problem.
It would be doing the authors an injustice to say that theirs is a contribution to economics only. The scope of the book is much broader. The techniques applied by the authors in tackling economic problems are of sufficient generality to be valid in political science, sociology, or even military strategy. The applicability to games proper (chess and poker) is obvious from the title. Moreover, the book is of considerable interest from a purely mathematical point of view.
Leonid Hurwicz
Satan has got a plan; and God has got a plan. God's plan is to fill his creation with people who obey his laws, live in peace, use the preaching of his Word to win souls, and go to live with Him in Heaven. Satan's plan is to reduce the population to zero. He hates humanity, exactly the opposite of Christianity. He wants to promise secret knowledge so that: "you can learn something that nobody else knows." That's what all the lodges promise too, by the way - some kind of secret knowledge. Use the teaching of evolution to get people to accomplish his goals and have people go to hell forever. Satan wants to reduce the population. The Bible says, "All things were created by him, and for him." God made a beautiful planet, beautiful garden and said, "Hey, fill it with people." First thing he said to Adam, was a blessing. "Be fruitful, multiply, replenish the earth." Go fill it up. It's a blessing. This is the first mention of the word, "blessing."
Kent Hovind
... 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 Koopmans
Classical mechanics has been developed continuously from the time of Newton and applied to an ever-widening range of dynamical systems, including the electromagnetic field in interaction with matter. The underlying ideas and the laws governing their application form a simple and elegant scheme, which one would be inclined to think could not be seriously modified without having all its attractive features spout. Nevertheless it has been found possible to set up a new scheme, called quantum mechanics, which is more suitable for the description of phenomena on the atomic scale and which is in some respects more elegant and satisfying than the classical scheme. This possibility is due to the changes which the new scheme involves being of a very profound character and not clashing with the features of the classical theory that make it so attractive, as a result of which all these features can be incorporated in the new scheme.
Paul Dirac