A Quote by John Maynard Keynes
Unlike physics, for example, such parts of the bare bones of economic theory as are expressible in mathematical form are extremely easy compared with the economic interpretation of the complex and incompletely known facts of experience, and lead one a very little way towards establishing useful results.
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All results of the profoundest mathematical investigation must ultimately be expressible in the simple form of properties of the integers.
The economic interpretation of history does not necessarily mean that all events are determined solely by economic forces. It simply means that economic facts are the ever recurring decisive forces, the chief points in the process of history.
The emphasis on mathematical methods seems to be shifted more towards combinatorics and set theory - and away from the algorithm of differential equations which dominates mathematical physics.
Almost all systems of economic thought are premised on the idea of continued economic growth, which would be fine and dandy if we lived on an infinite planet, but there's this small, niggling, inconvenient fact that the planet is, in fact, finite, and that, unlike economic theory, it is governed by physical and biological reality
If, of course, one builds into the concept of an 'individual' all that Professor Hayek does in his Road To Serfdom, Individualism and Economic Order and many other works, which is, to put it briefly, the whole of laisser-faire economic theory, then plainly man as such a programmed predator has very little interest in being fraternal, or very little chance.
A potentially useful property of forecasts based on cointegration is that when extended some way ahead, the forecasts of the two series will form a constant ratio, as is expected by some asymptotic economic theory.
The underlying physical laws necessary for the mathematical theory of a large part of physics and the whole of chemistry are thus completely known, and the difficulty is only that the exact application of these laws leads to equations much too complicated to be soluble. It therefore becomes desirable that approximate practical methods of applying quantum mechanics should be developed, which can lead to an explanation of the main features of complex atomic systems without too much computation.
Positivism eliminates any kind of natural law principle - for example, that there are economic laws which can be transgressed only at your peril. With positivism, there is a tendency to leap into ad hoc economic theory.
In short, both experience and economic theory imply that the US could now t to a more competitive dollar without experiencing either increased inflation or decreased economic growth.
For Marx, 'pure' economic theory, that is economic theory which abstracts from a specific social structure, is impossible.
Sufis have always been those that have tried to purify the ethics of Islam and society. And they don't have their hands cut off from the external action at all. For example, the bazaar in which the Sufis were very strong always dominated economic life in Islamic world. They could give a much more sane and Islamic form of activity when the economic life of Islam moved out of the bazaar to new parts of Islamic cities with modernized Muslims, who took it in another light and it became very, very anti Islamic, and much against many of the most profound practices of Islamic societies.
We have a closed circle of consistency here: the laws of physics produce complex systems, and these complex systems lead to consciousness, which then produces mathematics, which can then encode in a succinct and inspiring way the very underlying laws of physics that gave rise to it.
My interest in economics has always been in the whole corpus of economic theory, the interrelationships between the various fields of theory and their relevance for the formulation of economic policy.
This empire, unlike any other in the history of the world, has been built primarily through economic manipulation, through cheating, through fraud, through seducing people into our way of life, through the economic hit men. I was very much a part of that.
Economic theory has demonstrated in an irrefutable way that a prosperity created by an expansionist monetary and credit policy is illusory and must end in a slump, an economic crisis.
Addressing the climate and biodiversity crises requires us to radically change our economic models, moving away from economic growth as the over-riding measure of progress and moving instead towards improving health and wellbeing for people and nature. That means a different economic model taking us towards a sustainable economy.
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