A Quote by Gerard Debreu
I had become interested in economics, an interest that was transformed into a lifetime dedication when I met with the mathematical theory of general economic equilibrium.
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Nothing has done more to render modern economic theory a sterile and irrelevant exercise in autoeroticism than its practitioners’ obsession with mathematical, general-equilibrium models.
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.
My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.
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.
The major driver of economics is the equilibrium approach, which has taken various forms over the years. General equilibrium is the statement that all the different parts of the economy influence each other, even if it's remote, like mortgage-backed securities and their demands on automobiles.
Einstein's theory of General Relativity has a mathematical structure very similar to Yang-Mills theory.
In view of the importance of philanthropy in our society, it is surprising that so little attention has been given to it by economic or social theorists. In economic theory, especially, the subject is almost completely ignored. This is not, I think, because economists regard mankind as basically selfish or even because economic man is supposed to act only in his self-interest; it is rather because economics has essentially grown up around the phenomenon of exchange and its theoretical structure rests heavily on this process.
The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).
Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.
String theory has had a long and wonderful history. It originated as a technique to try to understand the strong force. It was a calculational mechanism, a way of approaching a mathematical problem that was too difficult, and it was a promising way, but it was only a technique. It was a mathematical technique rather than a theory in itself.
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.
An old French mathematician said: "A mathematical theory is not to be considered complete until you have made it so clear that you can explain it to the first man whom you meet on the street." This clearness and ease of comprehension, here insisted on for a mathematical theory, I should still more demand for a mathematical problem if it is to be perfect; for what is clear and easily comprehended attracts, the complicated repels us.
I am not interested in dry economic socialism. We are fighting against misery, but we are also fighting against alienation. One of the fundamental objectives of Marxism is to remove interest, the factor of individual interest, and gain, from people's psychological motivations. Marx was preoccupied both with economic factors and with their repercussions on the spirit. If communism isn't interested in this too, it may be a method of distributing goods, but it will never be a revolutionary way of life.
I have been interested in visual arts since high school and, after realising that I had absolutely no interest in the economics degree I had undertaken at ANU, I started a BFA in Sydney which I completed at VCA in Melbourne.
The scientific study of labor economics provided the opportunity for me to unite theory with evidence my lifetime intellectual passion.
Economics has increasingly become the science of human behavior in general, and it's all the more unlikely to think that it can possibly be value-free - and, in fact, it isn't. Economics rests on un-argued assumptions that need to be examined.
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