David Orrell: System

David Orrell is Canadian mathematician. Explore interesting quotes on system.

David Orrell: 52 quotes0 likes

“The economy is a nonlinear fractal system, where the smallest scales are linked to the largest, and the decisions of the central bank are affected by the gut instincts of the people on the street.”

Source: The Other Side Of The Coin (2008), Chapter 7, Straight Versus Crooked, p. 229

“Adam Smith's invisible hand does exist, but as an emergent property of a complex system. It has a fuzzy tendency to reduce big price discrepancies, but it acts in a rather haphazard way.”

Source: The Other Side Of The Coin (2008), Chapter 4, Right Versus Left, p. 135

“The entire thrust of neoclassical thought is to argue that the free market economy is an efficient system that will optimize utility for all mankind, if only government will get out of the way. It therefore departs from classical economists such as Adam Smith, who recognized the importance of governments for regulating markets and preventing monopolies.”

Source: The Other Side Of The Coin (2008), Chapter 9, Square Versus Oblong, p. 284

“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.”

Source: The Other Side Of The Coin (2008), Chapter 6, At Rest Versus In Motion, p. 197

“The invisible hand is an emergent property of this system, which never reaches an optimal equilibrium, but instead is fundamentally dynamic and unstable, with complex effects on society.”

Introduction, p. 19
The Other Side Of The Coin (2008)

“The idea that money begets money, and that the rich and powerful enjoy unfair advantages, goes against what we are taught - or like to believe - about the capitalist system.”

Source: The Other Side Of The Coin (2008), Chapter 9, Square Versus Oblong, p. 280

“Perfect order is boring, perfect randomness is boring, but complex systems are interesting.”

Source: The Other Side Of The Coin (2008), Chapter 4, Right Versus Left, p. 131

“The strength of capitalism does not lie in the neoclassical idea of stability, but in its ability to unleash this creative energy. like a chaotic mathematical system, it is capable of producing surprise.”

Source: The Other Side Of The Coin (2008), Chapter 6, At Rest Versus In Motion, p. 194