Optimality Quotes

A great deal of study has been directed to denning 'best decisions,' particularly since the pioneering work of mathematical statisticians (such as Wald), of mathematicians (such as von Neumann), of economists (such as Arrow)... The main effect of this development on the practice of OR has been the growing realization that there are decision objectives other than maximizing expected return and minimizing maximum loss. That is, in many practical situations there are criteria of optimality that are more appropriate than these two mentioned. (Russell L. Ackoff)
Leibniz ... envisioned real possibility in terms rooted in axiological considerations of evaluative optimality. To be sure, it is clear that one cannot just optimize. ... One has to optimize something, some feature or aspect of things. And if this factor is to be something that is qualified, be accepted as self-validating and self-sustaining, then the clearly most promising candidate would seem to be intelligence itself. ... The value at issue here with "being for the best" is a matter of being so as intelligent creatures see it-that is from the vantage point of intelligence itself. Assuredly, no intelligent being would prefer an alternative that is inferior in this regard. And so, for an intelligent being-a rational creature-intelligence itself must figure high on the scale of values. View quote
Nicholas Rescher
Economic theory as derived from Adam Smith assumes first that homo economicus acts with perfect optimality on complete information, and second that when many of the species homo economicus do that, their actions add up to the best possible outcome for everybody. Neither of these assumptions stands up long against the evidence. View quote
Donella Meadows
The price-tax conditions necessary to sustain the Pareto optimality of a competitive market solution under the assumed convexity conditions are tantamount to standard Pigovian rules, with neither taxes imposed upon, nor compensation paid to, the victims of externalities. View quote
William J. Baumol
It has become increasingly evident, at least among those who aren't currency traders or true believers in the optimality of free markets, that it would be nice if this system could calm down a touch. One option is the Tobin tax, which would impose a tax of around 0.1 percent on currency trades, and act as a kind of damper on speculation. View quote
David Orrell
Economic theory as derived from Adam Smith assumes first that homo economicus acts with perfect optimality on complete information, and second that when many of the species homo economicus do that, their actions add up to the best possible outcome for everybody. Neither of these assumptions stands up long against the evidence. View quote
Adam Smith