A Quote by Kenneth Arrow

There are all sorts of institutions in the economic world which depart from the simple price/market model which I worked on in an earlier incarnation and which has been sort of the mainstream of economic theories since Adam Smith and David Ricardo. There are all sorts of contractual relations between firms and individuals which do not conform to the simple price theory - profit-sharing schemes and so forth - and the explanation for these suddenly became clear. We now understand why these emerged and that they are based on differences in information in the economy.

Kenneth Arrow

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

Early economic theory was rooted in the Italian, French, and Spanish traditions, which were subjectivist oriented. Then it shifted onto the terrible path by Smith and Ricardo and the British classical tradition, which is 'objectivist' - values are in inherent in production.

Murray Rothbard

Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naive trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system.

Pope Francis

The tradition of Chicago price theory is a good one, and it is a low-tech methodology that tries to apply simple economic theory to the world.

Richard Thaler

LABOUR, like all other things which are purchased and sold, and which may be increased or diminished in quantity, has its natural and its market price. The natural price of labour is that price which is necessary to enable the labourers, on with another, to subsist and to perpetuate their race, without either increase or diminution.

David Ricardo

Unlike Hegel's progress model of history, which moves by stages, each containing its own logic of growth and decline, the economic model develops as the simple function of one money-variable over time, with a long-term trend which increases monotonically.

John Carroll

For 60 years, since World War II, we have been trying to create a rules-based system, a global economic system. We understand that what makes our economy function is what we call the rule of law, and what is true domestically is also true internationally. It is important to have rules by which we govern our relations with other countries.

Joseph Stiglitz

Theorists can create all sorts of theories which go beyond the Standard Model. But there's not one bit of experimental evidence to point out which way you should go.

Burton Richter

In stating the principles which regulate exchangeable value and price, we should carefully distinguish between those variations which belong to the commodity itself, and those which are occasioned by a variation in the medium in which value is estimated, or price expressed.

David Ricardo

Facts which at first seem improbable will, even on scant explanation, drop the cloak which has hidden them and stand forth in naked and simple beauty.

Galileo Galilei

Henceforth, whilst there are a great many theories and models proposed as to how, or why, magic works (based on subtle energies, animal magnetism, psychological concepts, quantum theory, mathematics or the so-called anthropomorphic principle) it is not a case that one of them is more 'true' than others, but a case of which theory or model you choose to believe in, or which theory you find most attractive. Indeed, from a Chaos Magic perspective, you can selectively believe that a particular theory or model of magical action is true only for the duration of a particular ritual or phase of work.

Phil Hine

I always ask the farmers, when you get up in the morning, is there some information which you are lacking which you would like to have? Invariably they talk about weather, the market price.

M. S. Swaminathan

I think hallucinations need to be discussed. There are all sorts of hallucinations, and then many sorts which are okay, like the ones I think which most of us have in bed at night before we fall asleep, when we can see all sorts of patterns or faces and scenes.

Oliver Sacks

By having simplified what is known, physicists have been led into realms which as yet are anything but simple. That at some time, they, too, will appear as simple consequences of a theory of which no one has yet dreamed is not a statement of fact.It is a statement of faith.

Edward Teller

Adam Smith's image of competition in the marketplace was intended as an adjunct to his detailed description of human motivation in The Theory of Moral Sentiments , in which the pursuit of profit is tempered at every juncture by sympathy and benevolence, and by the posture of the "impartial spectator" which is forced on us by our moral nature.

Ted Malloch

Free markets. What does this system mean? The answer is simple: it is the market economy, it is the system in which the cooperation of individuals in the social division of labor is achieved by the market.

Ludwig von Mises

Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.

Henry David Thoreau

A Quote by Kenneth Arrow

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