Arnold Tustin: Economics

Arnold Tustin was British engineer. Explore interesting quotes on economics.
Arnold Tustin: 36   quotes 0   likes

“An economic system is not a linear system, and… this fact stands in the way of the determination of the parameters of the system by methods that presume linearity, and… it introduces great difficulties in the extrapolation from past behaviour for purposes of prediction.”

Arnold Tustin

Source: The Mechanism of Economic Systems (1953), p. ix

Way , Past

“Once a full-employment policy has been adopted… the economic ’system’ just on that account is significantly different. Its equilibrium position has been shifted to a rising curve of trend close to and following the employment ceiling. The conditions of stability about this new level are radically different because the region of operation is now within the less flexible and sharply non-linear range of employment saturation”

Arnold Tustin

Source: The Mechanism of Economic Systems (1953), p. 128

“Consideration of a further possibility, namely that of constructing physical systems that are analogues of the economic system, and of observing and recording their behaviour.”

Arnold Tustin

Source: The Mechanism of Economic Systems (1953), p. vi

“It is possible that the major collaboration between economists and engineers is still to come, in the greater use of physical analogues and computers of the analogue type to avoid the difficulties of calculation. Apart from their major use as possible tools for economic regulation, physical analogues have a subsidiary use, for there are students of economics, as there are many students of engineering, who can better understand the significance of the somewhat formidable mathematics that tends to be used in this field, if they can first acquaint themselves with the types of behaviour in question as exhibited by physical objects that can be seen, felt, handled and experimented with. It may also be suggested that economists may find that what they have to say about economic policy will be very readily assimilated by one group of attentive pupils, namely the scientists, engineers and technicians of industry, if explanatory notions can be drawn from the theory of automatic control, which is now part of a normal engineering education. The aim of this essay has been to give explanations of system behaviour, and some approaches to its analysis, using geometrical construction and physical analogy where possible to clarify the implications of the more usual formal algebraic approach.”

Arnold Tustin

Source: The Mechanism of Economic Systems (1953), p. 2

Education , Mathematics , Understanding , Question

“The separate excitation of the dynamo corresponds with the independently determined investment in the economic model, and the total excitation with income. Perhaps in this electrical age, the conventional metaphor of ‘priming the pump’ might be dropped in favour of ‘exciting the dynamo’.”

Arnold Tustin

Source: The Mechanism of Economic Systems (1953), p. 8

Age

“The analysis of engineering systems and the understanding of economic structure have advanced since then, and the time is now more ripe to bring these topics into a potentially fruitful marriage.”

Arnold Tustin

Source: The Mechanism of Economic Systems (1953), p. v

Marriage , Understanding , Time

“The nature of the instability of an unregulated free-enterprise system is only now beginning to be clearly understood. Perhaps the degree of understanding already attained ensures that the grosser shortcomings have gone for ever, and to that extent the conflict between Capitalism and Communism is about issues that belong to the past. It may now be too late. The gods must smile to note how different the state of the world might have been if the progress of economic thought of the last twenty years had been advanced by even ten years.
The possibility of a stable economic life with full utilization of our resources is still not sufficiently assured, and it is extremely important that it should be so assured, and that the whole world should accept this as a fact. The work that is being done in econometrics is massive, and undaunted by mathematical difficulties, but it appears, at any rate as viewed from outside, to be unclear as to its aim.”

Arnold Tustin

Source: The Mechanism of Economic Systems (1953), p. 1

Life , God , World , Smile

“The topic that I have attempted to explore is the usefulness of these notions of the engineer, about feeds-back, harmonic components and the like, in application to the analogous problems of economic fluctuation and economic regulation.”

Arnold Tustin

Source: The Mechanism of Economic Systems (1953), p. v

Problem

“Methods by which engineers stabilise their mechanisms suggest analogous possibilities for stabilising economic systems.”

Arnold Tustin

Arnold Tustin (1957) " The mechanism of economic instability http://books.google.com/books?id=Nou8mkjPMPUC&pg=PA8" in: New Scientist, Oct. 27, 1957. p. 8

“The striking parallel between the economic models that are currently under discussion and some engineering systems suggests the hope that in some way the rapid progress in the development of the theory and practice of automatic control in the world of engineering may contribute to the solution of the economic problems.”

Arnold Tustin

Source: The Mechanism of Economic Systems (1953), p. 1

World , Hope , Way , Problem

“Actual economic systems are constantly subjected to change and disturbances, which would result in irregularity.”

Arnold Tustin

Source: The Mechanism of Economic Systems (1953), p. 18

Change