Leonid Hurwicz: Point

Leonid Hurwicz was Russian-American economist and mathematician. Explore interesting quotes on point.
Leonid Hurwicz: 12 quotes0 likes

“Since I shall be indicating my disagreement with some of the points made by Professor Israel Kirzner, let me stress that I am in complete sympathy with his point of departure, namely, the emphasis on the dispersion of information among economic decision-making units (called by him, "Hayek's knowledge problem") and the consequent problem of transmission of information among those units.
Much of my own research work since the 1950s has been focused on issues in welfare economics viewed from an informational perspective. The ideas of Hayek (whose classes at the London School of Economics I attended during the academic year 1938-39) have played a major role in influencing my thinking and have been so acknowledged.”

Leonid Hurwicz

Leonid Hurwicz, in "Economic Planning and the Knowledge Problem" : A Comment" in Cato Journal Vol. 4, (Fall 1984), p. 419

“Had it merely called to our attention the existence and exact nature of certain fundamental gaps in economic theory, the Theory of Economic Behavior by von Neumann and Morgenstern would have been a book of outstanding importance. But it does more than that. It is essentially constructive: where existing theory is considered to be inadequate, the authors put in its place a highly novel analytical apparatus designed to cope with the problem.
It would be doing the authors an injustice to say that theirs is a contribution to economics only. The scope of the book is much broader. The techniques applied by the authors in tackling economic problems are of sufficient generality to be valid in political science, sociology, or even military strategy. The applicability to games proper (chess and poker) is obvious from the title. Moreover, the book is of considerable interest from a purely mathematical point of view.”

Leonid Hurwicz

Leonid Hurwicz. "The Theory of Economic Behavior," The American Economic Review, Vol. 35, No. 5 (Dec., 1945), pp. 909: Lead paragraphs of the article

“My work in this area started around 1950 when I was still with the Cowles Commission. I was writing a more or less expository paper dealing with activity analysis…and happened to use the term “decentralization,” which was then often applied to the market mechanism as a sort of a selling point. But when I used the word “decentralization” I thought I should explain what I meant. So I made a footnote mark, went to the bottom of the page, and began writing, “By decentralization we mean…” But then it struck me that I did not know what we meant by decentralization. That was the beginning of many years of work trying to clarify the concept, because I thought that if we think this property is so important, we should be able to define what it is.”

Leonid Hurwicz

Source: David Warsh, " The Road to a System that Works (Without Shooting People) http://www.economicprincipals.com/issues/2007.10.21/69.html" at economicprincipals.com, October 21, 2007.