We shall approach practical objectives through a series of approximations. Keeping the maximization of the rate of return as the central theoretical objective, we shall develop a number of subsidiary objectives (which the economists call proxy variables) which contribute in different ways to improvement in the return and which are also measurable in business practice. A firm which meets high performance in most of its subsidiary objectives will substantially enhance its long-term rate of return. (The defect in our approach is that we cannot prove that the result will be a ‘‘maximum'' possible overall return.) As will be seen, this road has its own obstacles: the difficulties of long term maximization are replaced by the problem of reconciling claims of conflicting objectives.
Igor AnsoffRelated topics
approach business call central different difficulties high improvement keeping maximization maximum measurable number objective overall possible practice problem prove result return road seen series subsidiary meets waysRelated quotes
When one is already happy it is important not to lose the virtues which have produced happiness. When they are successful, many men and women forget prudence, moderation, and kindness - qualities which were instrumental in their success. They are arrogant or thoughtless; an excessive self-confidence prevents them from accomplishing difficult tasks, and they soon become unworthy of their good fortune. They are surprised when their luck changes from good to bad. The ancient practice of sacrifice to the gods in return for happiness was a wise one. Polycrates, Tyrant of Samos, threw his precious ring into the sea as a sacrifice, and there are several ways of throwing the ring of Polycrates into the sea. The simplest is to be modest.
André Maurois
Scripture says:-If a man should rise, pretend to be a prophet, and show you his signs by which he desired to convince you that his words are true, know that God intends thereby to prove to the nations how firmly you believe in the truth of God's Word, and how well you have comprehended the true Essence of God; that you cannot be misled by any tempter to corrupt your faith in God. Your religion will then afford a guidance to all who seek the truth, and of all religions man will choose that which is so firmly established that it is not shaken by the performance of a miracle. For a miracle cannot prove that which is impossible; it is useful only as a confirmation of that which is possible, as we have explained in our Mishneh-torah.
Maimonides
English language training is one of the primary preconditions and instruments to provide the implementation of Armenia's Armed Forces reforms. Therefore we highly value the role of English language classrooms within Armenian Armed Forces. Furthermore, the increasing number of English classrooms within Armenian Armed Forces is the brilliant example of Armenian-British effective defence cooperation. In the end, I wish to express my word of appreciation to the Ambassador of the UK to Armenia Anthony Cantor and to the entire personnel of the Peacekeeping English Project in the person of the project coordinator in Armenia Mr. Tony Crocker. I am convinced that cooperation between the Ministry of Defence of RA and the British Council will enhance and develop in the upcoming future.
Mikael Harutyunyan
Reputation runs in a vicious circle, and Merit limps behind it, mortified and abashed at its own insignificance. It has been said that the test of fame or popularity is to consider the number of times your name is repeated by others ... So, if you see the same name staring you in the face in great letters at the corner of every street, you involuntarily think the owner of it must be a great man to occupy so large a space in the eye of the town. The appeal is made, in the first instance, to the senses, but it sinks below the surface into the mind. There are various ways of playing one's-self off before the public, and keeping one's name alive. The newspapers, the lamp-posts, the walls of empty houses, the shutters of windows, the blank covers of magazines and reviews, are open to every one.
William Hazlitt
Traditionally, economic analysis treats the economic system as one of the givens. The term "design" in the title is meant to stress that the structure of the economic system is to be regarded as an unknown. An unknown in what problem? Typically that of finding a system that would be, in a sense to be specified, superior to the existing one. The idea of searching for a better system is at least as ancient as Plato's Republic, but it is only recently that tools have become available for a systematic, analytical approach to such search procedures. This new approach refuses to accept the institutional status quo of a particular time and place as the only legitimate object of interest and yet recognizes constraints that disqualify naive Utopias.
Leonid Hurwicz
