A Quote by James Tobin
At the time, my personal research objectives were to provide Keynesian economics with more rigorous foundations and to tighten and elaborate the logic of macroeconomic and monetary theory.
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The main long-run contribution monetary policy can make is to provide a stable macroeconomic and financial environment.
I did my masters in elementary particles. But the foundations of elementary particles is quantum theory and there were too many conceptual problems around quantum theory that I couldn't live with. So I decided I was going to work on the foundations of quantum theory. That's what I did my Ph.D on.
The best thing you can say about libertarians is that because their views derive from abstract theory, they tend to be highly principled and rigorous in their logic.
In stabilizing the macroeconomic environment, we have focused on aligning fiscal with monetary policy and nudging the central bank toward the objective of more market-determined exchange rates.
My mother was an economics professor. I'm proficient in math, and statistics, game theory, symbolic logic and all of that.
If a lack of empirical foundations is a defect of the theory of logical probability, it is also a defect of deductive logic.
My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.
Keynesian economics has always been needed.
It must be conceded that a theory has an important advantage if its basic concepts and fundamental hypotheses are 'close to experience,' and greater confidence in such a theory is certainly justified. There is less danger of going completely astray, particularly since it takes so much less time and effort to disprove such theories by experience. Yet more and more, as the depth of our knowledge increases, we must give up this advantage in our quest for logical simplicity in the foundations of physical theory.
The foundations of population genetics were laid chiefly by mathematical deduction from basic premises contained in the works of Mendel and Morgan and their followers. Haldane, Wright, and Fisher are the pioneers of population genetics whose main research equipment was paper and ink rather than microscopes, experimental fields, Drosophila bottles, or mouse cages. Theirs is theoretical biology at its best, and it has provided a guiding light for rigorous quantitative experimentation and observation.
Mainstream economics scholarship produces theory without facts ("pure theory") and facts without theory ("applied economics").
I have been doing technology foresight for a number of years now on the level of scenario design, primarily. I want to become more rigorous with research methodology and statistical methods. I want to shift from creating clever SF scenarios to being a professional forecaster able to make rigorous predictions.
Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories.
When historical relationships are taken into account, it is difficult to ascribe the house price bubble either to monetary policy or to the broader macroeconomic environment.
Catastrophe Theory is-quite likely-the first coherent attempt (since Aristotelian logic) to give a theory on analogy. When narrow-minded scientists object to Catastrophe Theory that it gives no more than analogies, or metaphors, they do not realise that they are stating the proper aim of Catastrophe Theory, which is to classify all possible types of analogous situations.
You could be disqualified for a job [at Harvard] if you were either smart or Jewish or Keynesian. So what chance did this smart, Jewish, Keynesian have?
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