In this essay on econometrics in its conception and its use in economic planning for the betterment of man's fate, I will try to cover a very broad field. When talking about the methodology in the particular fields mentioned - about which I am supposed to have a little more than second hand knowledge - I have always found it utterly inadequate to focus attention only on these special fields without seeing them in a much broader perspective. Therefore it was inevitable that I should have to include in the field of vision of this paper also some branches of science where I can only speak as a layman, hopefully as a somewhat informed layman. For whatever blunders I may have made in these fields I must ask for the reader's forgiveness.
Ragnar FrischRelated topics
ask attention betterment broad conception cover essay fate field found focus forgiveness hand inadequate include inevitable knowledge layman methodology paper particular perspective planning science second seeing should somewhat speak special talking try use vision whatever econometrics fieldsRelated quotes
It is not possible, I think, to rise from the perusal of the arguments of Clark and Spinoza without a deep conviction of the futility of all endeavors to establish, entirely à priori, the existence of an Infinite Being, His attributes, and His relation to the universe. The fundamental principle of all such speculations, viz. that whatever we can clearly conceive, must exist, fails to accomplish its end, even when its truth is admitted. For how shall the finite comprehend the infinite? Yet must the possibility of such conception be granted, and in something more than the sense of a mere withdrawal of the limits of phænomal existence, before any solid ground can be established for the knowledge, à priori, of things infinite and eternal.
George Boole
Writers after Coase have referred to the authority structure of the firm as a "visible hand" that works in combination with Smith's invisible hand. The everyday fact that employers exercise power over their employees - not news to most employees - had been a central theme in Marx's economics, but it was (and generally continues to be) overlooked by most neoclassical economists. Early in his studies Coase noted the similarity between the hierarchical organization of capitalist firms, with their reliance on command relations, and the then-existing system of centralized economic planning in the Communist countries, where production was carried out in accordance with orders from higher authorities and where market competition played little role.
Samuel Bowles
Democracy is unstable as a political system as long as it remains a political system and nothing more, instead of being, as it should be, not only a form of government but a type of society, and a manner of life which is in harmony with that type. To make it a type of society requires an advance along two lines. It involves, in the first place, the resolute elimination of all forms of special privilege which favour some groups and depress other, whether their source be differences of environment, of education, or of pecuniary income. It involves, in the second place, the conversion of economic power, now often an irresponsible tyrant, into a servant of society, working within clearly defined limits and accountable for its actions to a public authority.
R. H. Tawney
She could not reconcile the anxieties of a spiritual life involving eternal consequences, with a keen interest in gimp and artificial protrusions of drapery. Her mind was theoretic, and yearned by its nature after some lofty conception of the world which might frankly include the parish of Tipton and her own rule of conduct there; she was enamoured of intensity and greatness, and rash in embracing whatever seemed to her to have those aspects; likely to seek martyrdom, to make retractations, and then to incur martyrdom after all in a quarter where she had not sought it. Certainly such elements in the character of a marriageable girl tended to interfere with her lot, and hinder it from being decided according to custom, by good looks, vanity, and merely canine affection.
George Eliot
Since I shall be indicating my disagreement with some of the points made by Professor Israel Kirzner, let me stress that I am in complete sympathy with his point of departure, namely, the emphasis on the dispersion of information among economic decision-making units (called by him, "Hayek's knowledge problem") and the consequent problem of transmission of information among those units.
Much of my own research work since the 1950s has been focused on issues in welfare economics viewed from an informational perspective. The ideas of Hayek (whose classes at the London School of Economics I attended during the academic year 1938-39) have played a major role in influencing my thinking and have been so acknowledged.
Leonid Hurwicz
