Equilibrium Quotes - page 2
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 Boulding
[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
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
The general method involved may be very simply stated. In cases where the equilibrium values of our variables can be regarded as the solutions of an extremum (maximum or minimum) problem, it is often possible regardless of the number of variables involved to determine unambiguously the qualitative behavior of our solution values in respect to changes of parameters.
Paul Samuelson
It is quite easy to include a weight for empty space in the equations of gravity. Einstein did so in 1917, introducing what came to be known as the cosmological constant into his equations. His motivation was to construct a static model of the universe. To achieve this, he had to introduce a negative mass density for empty space, which just canceled the average positive density due to matter. With zero total density, gravitational forces can be in static equilibrium. Hubble's subsequent discovery of the expansion of the universe, of course, made Einstein's static model universe obsolete. ...The fact is that to this day we do not understand in a deep way why the vacuum doesn't weigh, or (to say the same thing in another way) why the cosmological constant vanishes, or (to say it in yet another way) why Einstein's greatest blunder was a mistake.
Frank Wilczek
The most abstract conservation laws of physics come into their being in describing equilibrium in the most extreme conditions. They are the most rigorous conservation laws, the last to break down. The more extreme the conditions, the fewer the conserved structures... In a deep sense, we understand the interior of the sun better that the interior of the earth, and the early stages of the big bang best of all.
Frank Wilczek
Frequently an issue of this sort will come before the Court clad, so to speak, in sheep's clothing: the potential of the asserted principle to effect important change in the equilibrium of power is not immediately evident, and must be discerned by a careful and perceptive analysis. But this wolf comes as a wolf.
Antonin Scalia