A Quote by Kenneth E. Boulding
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.
Quote Topics
Quote Author
Related Quotes
[The notion of equilibrium] is a notion which can be employed usefully in varying degrees of looseness. It is an absolutely indispensable part of the toolbag of the economist and one which he can often contribute usefully to other sciences which are occasionally apt to get lost in the trackless exfoliations of purely dynamic systems.
Your ability to set and achieve goals is perhaps the most important skill you can ever develop.
Man's most human characteristic is not his ability to learn, which he shares with many other species, but his ability to teach and store what others have developed and taught him.
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.
We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium.
Not the challenges necessarily, but the way in which you get ready because your technique has improved over the years and you perhaps know how to be more economical than perhaps you used to be when you tried to work perhaps too hard.
I'm often asked, Which is more important--attitude or skill? The answer is that it's somewhat like asking which leg of a three-legged stool is most important. It is my complete conviction, based on a considerable amount of research, that if you have the right attitude, combined with the right skills, and build your attitude and your skills on a solid character base, you can enjoy long-lasting success.
Perhaps the pleasure one feels in writing is not the infallible test of the literary value of a page; perhaps it is only a secondary state which is often superadded, but the want of which can have no prejudicial effect on it. Perhaps some of the greatest masterpieces were written while yawning.
Of all the species of literary composition, perhaps biography is the most delightful. The attention concentrated on one individual gives a unity to the materials of which it is composed, which is wanting in general history.
Perhaps the most important principle on which the economy of a manufacture depends, is the division of labour amongst the persons who perform the work.
The business of a Political Economist is neither to recommend nor to dissuade, but to state general principles, which it is fatal to neglect, but neither advisable, nor perhaps practicable, to use as the sole, or even the principal, guides in the actual conduct of affairs.
There are three important principles to Graham's approach. [The first is to look at stocks as fractional shares of a business, which] gives you an entirely different view than most people who are in the market. [The second principle is the margin-of-safety concept, which] gives you the competitive advantage. [The third is having a true investor's attitude toward the stock market, which] if you have that attitude, you start out ahead of 99 percent of all the people who are operating in the stock market - it's an enormous advantage.
It is perhaps the most characteristic feature of the intellectual that he judges new ideas not by their specific merits but by the readiness with which they fit into his general conceptions, into the picture of the world which he regards as modern or advanced.
For one human being to love another; that is perhaps the most difficult of all our tasks, the ultimate, the last test and proof, the work for which all other work is but preparation.
Doubtless many can recall certain books which have greatly influenced their lives, and in my own case one stands out especially-a translation of Hofmeister's epoch-making treatise on the comparative morphology of plants. This book, studied while an undergraduate at the University of Michigan, was undoubtedly the most important factor in determining the trend of my botanical investigation for many years.
Of all the systems - if indeed a bundle of contradictions and absurdities may be called a system - which human nature in its moments of intoxication has produced, that which men have contrived with a view to forming the minds and regulating the conduct of women, is perhaps the most completely absurd.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist