A Quote by Kenneth E. Boulding
One of the most important skills of the economist, therefore, is that of simplification of the model. Two important methods of simplification have been developed by economists. One is the method of partial equilibrium analysis (or microeconomics), generally associated with the name of Alfred Marshall and the other is the method of aggregation (or macro-economics), associated with the name of John Maynard Keynes.
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The idea of confidence, of the emotions of the population, is an incredibly important one in economics. John Maynard Keynes called it 'animal spirit.' And if people are feeling generally good about the future, they're more likely to spend money, to start new companies; companies are more likely to hire people, make investments.
I've been a faithful reader of the great classical documents of economics, or tried to be. The first book in the field that I ever read was Principles of Economics by Alfred Marshall. I suppose subsequently I would have to pick out Keynes, Adam Smith, Marx.
The ability to work with systems of general equilibrium is perhaps one of the most important skills of the economist - a skill which he shares with many other scientists, but in which he has perhaps a certain comparative advantage.
Ever since I was a kid, I've been a Fender connoisseur. And to have my name associated with greatness like that, it's amazing. I couldn't be more proud of anything. My children, and then being associated with Fender. In that order!
I don't think that much change comes from economists. I think it comes more from political realities. Probably the two giants of the 20th century, who actually did shift government policy in the U.S. and around the world, were John Maynard Keynes and Milton Friedman. I don't see anybody in our system who is at that level of influence.
The physicist, in his study of natural phenomena, has two methods of making progress: (1) the method of experiment and observation, and (2) the method of mathematical reasoning. The former is just the collection of selected data; the latter enables one to infer results about experiments that have not been performed. There is no logical reason why the second method should be possible at all, but one has found in practice that it does work and meets with reasonable success.
The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare.
My name is very important to me. I'm representing the Wade name. I've got the name on the back of my jersey when I play. I walk around with that name. That's my family name, the name my son will grow up with. So it's very important to me to keep the level of maturity that I have.
I think that it's more important for an economist to be wise and sophisticated in scientific method than it is for a physicist because with controlled laboratory experiments possible, they practically guide you; you couldn't go astray. Whereas in economics, by dogma and misunderstanding, you can go very sadly astray.
The labeling of nociceptors as pain fibers was not an admirable simplification, but an unfortunate trivialization under the guise of simplification.
I believe Buddhism to be a simplification of Hinduism and Islam to be a simplification of Xianity.
The skills associated with knowledge creation are totally different from the skills associated with production.
A method is more important than a discovery, since the right method will lead to new and even more important discoveries.
You must know, then, that there are two methods of fighting, the one by law, the other by force: the first method is that of men, the second of beasts; but as the first method is often insufficient, one must have recourse to the second.
Indeed, the most important part of engineering work-and also of other scientific work-is the determination of the method of attacking the problem, whatever it may be, whether an experimental investigation, or a theoretical calculation. ... It is by the choice of a suitable method of attack, that intricate problems are reduced to simple phenomena, and then easily solved.
My second Christian name is John. Good solid bourgeois Christian name, like my first name, Peter, a rock. Minerals. Build on rock, rocks, uranium. Peter and John were two of the twelve apostles - arguable the two most significant. Were my parents hedging their bets?
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