Scientific treatment of the subject of currency is impossible without some form of the quantity theory ... but the quantity theory by itself is inadequate, and it leads up to the method of treatment based on what I have called the consumers' income and the consumers' outlay – that is to say, simply the aggregates of individual incomes and individual expenditures.
Ralph George HawtreyRelated topics
currency form impossible outlayRelated quotes
The Keynesian Revolution was, in the form in which it succeeded in the United States, a revolution in method. This was not Keynes's intent, nor is it the view of all of his most eminent followers. Yet if one does not view the revolution in this way, it is impossible to account for some of its most important features.
Robert Lucas, Jr.
The application of scientific formulations of the principle of probability statistically determined is thus a logical corollary of the principle already stated, that the subject matter of scientific findings is relational, not individual. It is for this reason that it is safe to predict the ultimate triumph of the statistical doctrine.
John Dewey
This branch of economics has suffered from several intellectual mistakes. The major mistake has been the presumption that standard economic theory is inadequate for understanding low income countries and that a separate economic theory is needed. Models developed for this purpose were widely acclaimed until it became evident that they were at best intellectual curiosities.
Theodore Schultz
I believe that economic theory has arrived at a point in its development where the appeal to quantitative empirical data has become more necessary than ever. At the same time its analyses have reached a degree of complexity that require the application of a more refined scientific method than that employed by the classical economists.
Ragnar Frisch
That this subject [of imaginary magnitudes] has hitherto been considered from the wrong point of view and surrounded by a mysterious obscurity, is to be attributed largely to an ill-adapted notation. If for instance, +1, -1, √-1 had been called direct, inverse, and lateral units, instead of positive, negative, and imaginary (or even impossible) such an obscurity would have been out of question.
Carl Friedrich Gauss