A Quote by Michael Spence
I picked economics at the end of my undergraduate time because it seemed to be a really nice combination of theory, including mathematical theory on one hand, and things that are quite practical that you can touch and see and feel. So I picked it, and I consciously thought of it as an experiment to see if I liked it. And it worked.
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We shall see that the mathematical treatment of the subject [of electricity] has been greatly developed by writers who express themselves in terms of the 'Two Fluids' theory. Their results, however, have been deduced entirely from data which can be proved by experiment, and which must therefore be true, whether we adopt the theory of two fluids or not. The experimental verification of the mathematical results therefore is no evidence for or against the peculiar doctrines of this theory.
It is clear that Economics, if it is to be a science at all, must be a mathematical science ... simply because it deals with quantities... As the complete theory of almost every other science involves the use of calculus, so we cannot have a true theory of Economics without its aid.
If you're a physicist, for heaven's sake, and here is the experiment, and you have a theory, and the theory doesn't agree with the experiment, then you have to cut out the theory. You were wrong with the theory.
If the theory accurately predicts what they [scientists] see, it confirms that it's a good theory. If they see something that the theory didn't lead them to believe, that's what Thomas Kuhn calls an anomaly. The anomaly requires a revised theory - and you just keep going through the cycle, making a better theory.
Theory said one thing and the experiment said something different, so that was the stimulus that started me going, that there was something there to be explained, which wasn't understood and to try to see why that experiment gave the answer it did, so it was a big opportunity for a young student starting to have actually an experiment which contradicted the theory, so that's was my chance to understand that.
And from the first time I picked up a basketball at age eight - I had a lot of difficulty when I first picked up a basketball, because I was a scrub - there were things that I liked about it.
At MIT, I had the good fortune for seven years to teach network theory, which is basic to many disciplines, to one-third of the undergraduate student body. It was an experiment to see how high we could bring their level of understanding, and it exceeded all of my expectations.
I remember listening to 'Low End Theory': I had been kicked out of high school. I was in GED school in the LES, and all I could do was listen to 'Low End Theory.' I was in a strange time in my life, and 'Low End Theory' kind of defined that time.
Mainstream economics scholarship produces theory without facts ("pure theory") and facts without theory ("applied economics").
The theory of free speech, that truth is so much larger and stranger and more many-sided than we know of, that it is very much better at all costs to hear everyone's account of it, is a theory which has been justified on the whole by experiment, but which remains a very daring and even a very surprising theory. It is really one of the great discoveries of the modern time.
To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his or her oyster in 1935. The terrain was strewn with beautiful theorems begging to be picked up and arranged in unified order.
When my hair is picked out, my whole aura is picked out, like, 'See this, see me.'
..if the beginning of the thought or theory is not rooted in reality, the end or the final results of such a thought or theory could well be disastrous in practice.
Indeed, this epistemological theory of the relation between theory and experiment differs sharply from the epistemological theory of naive falsificationism.
A theory can be proved by experiment; but no path leads from experiment to the birth of a theory.
The most important single thing about string theory is that it's a highly mathematical theory, and the mathematics holds together in a very tight and consistent way. It contains in its basic structure both quantum mechanics and the theory of gravity. That's big news.
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