A Quote by Richard Thaler

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

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Apply Chicago Economic Economic Theory Good Low Methodology Price Simple Tech Theory Tradition Tries World

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Richard Thaler
American - Economist
Born: September 12, 1945

I make a distinction between theory and methodology, the latter being the practical deployment of a premise. Theory on the contrary may well be applied, hence becomes methodology without a hitch, but isn't necessarily practical at all.

Paul Fry

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

Even before I came to Chicago, I had gotten interested in the existence of dispersion of prices under conditions which economic theory said would yield a single price.

George Stigler

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.

El-P

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.

Clayton Christensen

After preliminary work by a number of other distinguished mathematicians and economists, game theory as a systematic theory started with von Neumann and Morgenstern's book, 'Theory of Games and Economic Behavior,' published in 1944.

John Harsanyi

The aim of academic trade theory is to tell students, "Look at the model, not at how nations actually develop." So of all the branches of economic theory, trade theory is the most wrongheaded.

Michael Hudson

For Marx, 'pure' economic theory, that is economic theory which abstracts from a specific social structure, is impossible.

Ernest Mandel

There is a new venue for theory, necessarily impure, where it emerges in and as the very event of cultural translation. This is not the displacement of theory by historicism, nor a simple historicization of theory that exposes the contingent limits of its more generalizable claims.

Judith Butler

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.

James Meade

Every theory presented as a scientific concept is just that; it's a theory that tries to explain more about the world than previous theories have done. It is open to being challenged and to being proven incorrect.

Marvin Harris

I don't think theory adds to criticism. (Methodology does, for better or worse.) Theory's function is to make criticism self-conscious, maybe even a little sheepish, about its ex cathedra pronouncements.

Paul Fry

The theory of natural selection is the centerpiece of The Origin of Species and of evolutionary theory. It is this theory that accounts for the adaptations of organisms, those innumerable features that so wonderfully equip them for survival and reproduction; it is this theory that accounts for the divergence of species from common ancestors and thus for the endless diversity of life. Natural selection is a simple concept, but it is perhaps the most important idea in biology.

Douglas J. Futuyma

The theory of mechanism design can be thought of as the 'engineering' side of economic theory.

Eric Maskin

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.

Ivar Giaever

Deism is logically compatible with evolutionary theory for the simple reason that the theory says nothing about the origin of the universe or of the laws of nature.

Elliott Sober

A Quote by Richard Thaler

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