I believe that economic theory has arrived at a point in its development where the appeal to quantitative empirical data has become more necessary than ever. At the same time its analyses have reached a degree of complexity that require the application of a more refined scientific method than that employed by the classical economists.
Ragnar FrischRelated topics
analysis appeal application believe classical complexity datum degree development method necessary point refined theory timeRelated quotes
In theory, everybody buys the best and cheapest commodities offered to him on the market. In practice, if every one went around pricing, and chemically testing before purchasing, the dozens of soaps or fabrics or brands of bread which are for sale, economic life would become hopelessly jammed.
Edward Bernays
Under my definition, a scientific theory is a proposed explanation which focuses or points to physical, observable data and logical inferences. There are many things throughout the history of science which we now think to be incorrect which nonetheless would fit that - which would fit that definition. Yes, astrology is in fact one.
Michael Behe
With the subsequent strong support from cybernetics, the concepts of systems thinking and systems theory became integral parts of the established scientific language, and led to numerous new methodologies and applications -- systems engineering, systems analysis, systems dynamics, and so on.
Fritjof Capra
Linear programming is viewed as a revolutionary development giving man the ability to state general objectives and to find, by means of the simplex method, optimal policy decisions for a broad class of practical decision problems of great complexity. In the real world, planning tends to be ad hoc because of the many special-interest groups with their multiple objectives.
George Dantzig
Either one or the other [ analysis or synthesis ] may be direct or indirect. The direct procedure is when the point of departure is known-direct synthesis in the elements of geometry. By combining at random simple truths with each other, more complicated ones are deduced from them. This is the method of discovery, the special method of inventions, contrary to popular opinion.
André-Marie Ampère
