A Quote by Kenneth Arrow

The major driver of economics is the equilibrium approach, which has taken various forms over the years. General equilibrium is the statement that all the different parts of the economy influence each other, even if it's remote, like mortgage-backed securities and their demands on automobiles.

Kenneth Arrow

Quote Topics

Approach Backed Demands Different Different Parts Driver Each Economics Economy Equilibrium Even Forms General Influence Like Major Mortgage Other Over Parts Remote Securities Statement Taken Various Which Years

Quote Author

Kenneth Arrow
American - Economist
August 23, 1921 - February 21, 2017

In general, exchange reactions for the lighter isotopes have equilibrium constants sufficiently different from unity, so that the ratios of concentrations of the isotopes in two compounds which are in equilibrium differ by a few per cents in nearly all cases.

Harold Urey

We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium.

Friedrich August von Hayek

The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).

George Soros

An economy may be in equilibrium from a short-period point of view and yet contain within itself incompatibilities that are soon going to knock it out of equilibrium.

Joan Robinson

Moral Education is the source of that spiritual equilibrium on which everything else depends and which may be compared to that physical equilibrium or sense of balance, without which it is impossible to stand upright or to move into any other position.

Maria Montessori

The entropy of an isolated system not in equilibrium will tend to increase over time, approaching a maximum value at equilibrium.

Rudolf Clausius

All biologic phenomena act to adjust: there are no biologic actions other than adjustments. Adjustment is another name for Equilibrium. Equilibrium is the Universal, or that which has nothing external to derange it.

Charles Fort

There are norms that preserve some equilibrium between chaos and stability in the world; that keep sociopaths like Assad from undermining that equilibrium, and the sense of security without which the freedoms we enjoy cannot exist.

Tom Malinowski

The clarification of equilibrium through plastic art is of great importance for humanity. It reveals that although human life in time is doomed to disequilibrium, notwithstanding this, it is based on equilibrium. It demonstrates that equilibrium can become more and more living in us.

Piet Mondrian

It had been held that the economic system, any capitalist system, found its equilibrium at full employment. Left to itself, it was thus that it came to rest. Idle men and idle plant were an aberration, a wholly temporary failing. Keynes showed that the modern economy could as well find its equilibrium with continuing, serious unemployment. Its perfectly normal tendency was to what economists have since come to call an underemployment equilibrium.

John Kenneth Galbraith

There is no doubt that the Fed's large-scale asset purchases have caused major increases in a number of asset prices in the economy. This is especially true of mortgage backed securities and corporate bonds, and quite possibly of equities as well. For those people and institutions holding those things, the run up in prices has been a wealth bonanza.

Gerald Epstein

I had become interested in economics, an interest that was transformed into a lifetime dedication when I met with the mathematical theory of general economic equilibrium.

Gerard Debreu

The state has an active role to play in ensuring that there is equilibrium between the constituent parts of the economy, the consumers and the producers.

Pierre Trudeau

Repetition acts as an enforcement mechanism: It makes cooperation achievable when it is not achievable in the one-shot game, even when one replaces strategic equilibrium as the criterion for achievability by the more stringent requirement of perfect equilibrium.

Robert Aumann

The vector equilibrium is the true zero reference of the energetic mathematics. Zero pulsation in the vector equilibrium is the nearest approach we will ever know to eternity and god: the zero phase of conceptual integrity inherent in the positive and negative asymmetries that propagate the differentials of consciousness.