A Quote by Robert C. Merton
The special sphere of finance within economics is the study of allocation and deployment of economic resources, both spatially and across time, in an uncertain environment. To capture the influence and interaction of time and uncertainty effectively requires sophisticated mathematical and computational tools.
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Textbooks describe economics as the study of the allocation of scarce resources. That definition may be the 'what,' but it certainly is not the 'why.'
The idea that you try to time purchases based on what you think business is going to do in the next year or two, I think that's the greatest mistake that investors make because it's always uncertain. People say it's a time of uncertainty. It was uncertain on September 10th, 2001, people just didn't know it. It's uncertain every single day. So take uncertainty as part of being involved in investment at all. But uncertainty can be your friend. I mean, when people are scared, they pay less for things. We try to price. We don't try to time at all.
Since scarcity is the basic economic problem, if it does not exist then there is no reason for my economics course. Devoting time to the study of how people use limited resources to fulfill unlimited wants and needs should help us to discover how to best utilize the resources we have at our disposal.
Over time, is it easier or harder to sustain your influence within your organization? With charisma alone, influence becomes increasingly more difficult to sustain. With character, as time passes, influence builds and requires less work to sustain.
The goal of socialism is a fairer allocation of economic resources, which its advocates often claim will also be a less wasteful one. Socialism is about who gets the goods and how. Socialism objects to markets because markets allocate resources in ways socialists believe to be unfair on both counts: both the who and the how.
Modern economics is a set of formal models and equations purporting to fully determine human behaviour, at least in the economic realm. And there is no way that uncertainty can be compressed into determinate mathematical models.
Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.
There is no other proposition in economics that has more solid empirical evidence supporting it than the Efficient Market Hypothesis... In the literature of finance, accounting, and the economics of uncertainty, the EMH is accepted as a fact of life.
I'm very lucky to be able to work in print and radio. I'm very lucky to be able to work at a time when finance and economics are really important. And the number of people who tell finance and economic stories in a kind of accessible storytelling way, there's much more demand than there is supply.
If the system exhibits a structure which can be represented by a mathematical equivalent, called a mathematical model, and if the objective can be also so quantified, then some computational method may be evolved for choosing the best schedule of actions among alternatives. Such use of mathematical models is termed mathematical programming.
Political democracy cannot flourish under all economic conditions. Democracy requires an economic system which supports the political ideals of liberty and equality for all. Men cannot exercise freedom in the political sphere when they are deprived of it in the economic sphere.
You know, people talk about this being an uncertain time. You know, all time is uncertain. I mean, it was uncertain back in - in 2007, we just didn't know it was uncertain. It was - uncertain on September 10th, 2001. It was uncertain on October 18th, 1987, you just didn't know it.
At a time when the European project is facing challenges, it's especially important to show the benefits of economic integration by continuing to invest in our people and working to reduce inequality, both within and across our countries.
There is definitely a balance that I have to strike both in terms of supporting the Police Bureau - making sure they have the tools and the resources they need to do their jobs effectively. But I also have an important role to play when it comes to oversight and accountability.
If today there is a proper American "sphere of influence" it is this fragile sphere called earth upon which all men live and share a common fate--a sphere where our influence must be for peace and justice.
The court has had to take a hard look at our resources and make difficult decisions balancing competing demands for resources. While our current allocation of resources to the Twin Peaks Court may not be ideal, it is an appropriate allocation when all factors are considered. While I realize this will be disappointing news to you, I can assure you the matter was given serious thought before a decision was made.
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