"What makes a piece of mathematical economics not only mathematics but also economics is, I believe, this: When we set up a system of theoretical relationships and use economic names for the otherwise purely theoretical variables involved, we have in mind some actual experiment, or some design of an experiment, which we could at least imagine arranging, in order to measure those quantities in real economic life that we think might obey the laws imposed on their theoretical namesakes."
Resonant Thoughts
"Beyond the limits of the most comprehensive actual society are living creatures whom our moral impulse bids us to include within our system of organized, reciprocal relations, although up to the prese…"
"The economic success of the Western world is a product of its moral philosophy and practice. The economic results are better because the moral philosophy is superior. It is superior because it starts …"
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