That economic decisions are made without certain knowledge of the consequences is pretty self-evident. But, although many economists were aware of this elementary fact, there was no systematic analysis of economic uncertainty until about 1950.
However, crisis in world trade is, among other things, the result of using political tools in competition or simply for achieving political objectives with the help of economic restrictions.
The theory of mechanism design can be thought of as the 'engineering' side of economic theory.
Science is concerned with what is possible while engineering is concerned with choosing, from among the many possible ways, one that meets a number of often poorly stated economic and practical objectives.
It is naturally only a coincidence that all too often, American foreign-policy objectives dovetail nicely with the economic objectives of multinational corporations.
But my point is that you design something in the end that precludes any unhealthy trading practices that are not going to serve your environmental or your economic objectives but now is not the time to do it.
Economic management involves the operation of economic frameworks in real time - for example, in the private sector, the management of complex financial institutions or, in the public sector, the day-to-day supervision of those institutions.
I have certain objectives. They're the same objectives my father had to give people a higher standard of living, to do away with the cancer of poverty, to eliminate the consequences of economic backwardness.
That is certainly the promise of [Donald Trump] campaign and the promise of his economic program.This economic program is really the pickup truck of economic programs. It's the Ford F-150 of economic programs. It's about manufacturing. It's about oil, fossil fuels. It's a deliberate, forceful reassertion of an image of American industrialism that we have inherited from the 20th century.
For Marx, 'pure' economic theory, that is economic theory which abstracts from a specific social structure, is impossible.
... often analysis seems to be based on the assumption that future economic output is almost entirely determined by inexorable economic forces independently of government policy so that devoting more resources to one use inevitably detracts from availability for another.
Constrained optimization is the art of compromise between conflicting objectives. This is what design is all about. To find fault with biological design - as Stephen Jay Gould regularly does - because it misses some idealized optimum is therefore gratuitous. Not knowing the objectives of the designer, Gould is in no position to say whether the designer has proposed a faulty compromise among those objectives.
Changing an economic system that is bent on uncontrolled and poorly measured economic growth and depends on fossil energy for its main objectives, is much more difficult than changing how nuclear energy is used for military purposes. Some think it may be impossible.
I spend about fifteen minutes a year on economic analysis.
I think our failure as a caucus has been not to focus on economic issues. I think we - and I'm supportive of all the issues that - that we talk about, but you need an economic - a robust, economic message that - that covers everybody.
Engineering is not merely knowing and being knowledgeable, like a walking encyclopedia; engineering is not merely analysis; engineering is not merely the possession of the capacity to get elegant solutions to non-existent engineering problems; engineering is practicing the art of the organizing forces of technological change ... Engineers operate at the interface between science and society.