Maximization Quotes
... a rather different class of applications of the idea of best allocation of scarce resources... usually referred to as the theory of optimal economic growth. In most studies of this kind made in the countries with market economies there is not an identifiable client to whom the findings are submitted as policy recommendations. Nor is there an obvious choice of objective function, such as cost minimization or profit maximization in the studies addressed to individual enterprises. The field has more of a speculative character. The models studied usually contain only a few highly aggregated variables. One considers alternative objective functions that incorporate or emphasize various strands of ethical, political, or social thought. These objectives are then tried out to see what future paths of the economy they imply under equally simplified assumptions of technology or resource availability.
Tjalling Koopmans
I thought that, given the system of rewards central to our economic system, in which profit maximization is valued above all else and specifically above life, it is probably just as irresistible to the owners of capital (human or otherwise) to exploit workers (and the land): "Nothing personal," they say as they load their property onto the ship bound for the Middle Passage, "but a man's gotta turn a dime."
Derrick Jensen
[The decisionmaking role of the firm has progressed from the neoclassical standpoint of profit maximization to sales maximization, utility maximization, and satisficing. From the Operation Research point of view] ...the ideal picture is that someone, presumable the firm that hires the operations researcher, hands him, on a silver platter, an objective function. By talking to the engineers, or by looking into a few scientific laws, he determines the policy alternatives available and also the model.
Kenneth Arrow
I wish in closing to emphasize how little corporate philanthrophy (the practical meaning of "creative capitalism,” a terrible expression that implies nonaltruistic capitalism is uncreative) is actually philanthropic, in the sense of being driven by altruism rather than by profit maximization.
Richard Posner
Dostoevsky believed that the gods of rationalism and materialist utilitarianism had joined in conspiracy against all other ethical systems. ... The accumulation of capital, or the acquisition of money, are endeavors par excellence which establish a quantifiable goal: hence they are directly amenable to maximization formulae.
John Carroll
The prevailing economic theory of business enterprise and behavior, the maximization of profit-which is simply a complicated way of phrasing the old saw of buying cheap and selling dear-may adequately explain how Richard Sears operated. But it cannot explain how Sears, Roebuck or any other business enterprise operates, nor how it should operate. The concept of profit maximization is, in fact, meaningless.
Peter Drucker
I think there is at least one moral theory of respectable lineage and good independent credentials that can accommodate such fairly minimal intuitions about us and animals. This is the theory Hume offers us. I do not consider Hume a forerunner of utilitarianism, and therefore what I shall go on to say in defense of Hume is not intended as a defense of any version of utilitarianism. I see Hume to be much closer to Aristotle than to Mill, to be offering us a theory about human virtues, not a theory about utility maximization and the duties that might involve.
Annette Baier
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 Ansoff
There is much evidence that people are not rational, in the economist's sense; nor do they take into account expectation, in the precise interpretation of that word. As a result economic theory often does not correspond with what happens in the market. Some would argue that we need descriptive economics. I would argue that all should be taught about probability, utility, and MEU (maximization of expected utility) and act accordingly.
Dennis Lindley
The methodological strategy of using the concept of rationality as an 'intermediary' is particularly inappropriate in arriving at the proposition that actual behaviour must be self-interest maximizing. Indeed, it may not be quite as absurd to argue that people always actually do maximize their self-interest, as it is to argue that rationality must invariably demand maximization of self-interest. Universal selfishness as actuality may well be false, but universal selfishness as a requirement of rationality is patently absurd.
Amartya Sen
But what brought about this ‘decline of civilization'?” Conroy demanded. "It can't just have been the introduction of these weapons you've been talking about, this System C equipment.”
"The maximization of arms sales implied the maximization of inter-human hostility,” Madison/Gottschalk said. "All the existing sources of this phenomenon were tapped, and those proving particularly fruitful were patriotism, parochialism, xenophobia, ochlophobia, racial, religious and linguistic differences, and the so-called ‘gulf between the generations.' It was found readily feasible to emphasize these pre-existent attitudes to the point where a System C integrated weaponry unit was so desirable among the informed populace that the possibility of another individual acquiring this virtually indestructible equipment sufficed to provoke an attack on him before he purchased one.
John Brunner
At the start of the oil glut, a climactic set of economic relations took shape led by Prime Minister Margaret Thatcher (and joined eagerly by President Reagan and his advisors) that would be called "globalism.” It was not so much a new idea as the logical and inevitable result of mature self-organizing systems elaborating themselves under the influence of renewed, immense energy inputs-the ultimate cheap-oil way of doing business in the closed system [in respect to matter] that is the planet Earth. It entailed the maximization of short-term profit and the minimization of care for future generations. It was the ultimate generator of entropy.
James Howard Kunstler
