Leonid Hurwicz: Working

Leonid Hurwicz was Russian-American economist and mathematician. Explore interesting quotes on working.

Leonid Hurwicz: 12 quotes 0 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

School , Idea , Departure , Knowledge

“There were times when other people said I was on the short list, but as time passed and nothing happened, I didn’t expect the recognition would come because people who were familiar with my work were slowly dying off.”

Leonid Hurwicz

Quoted in: William Grimes, " Leonid Hurwicz, Nobel Economist, Dies at 90 http://www.nytimes.com/2008/06/26/business/26hurwicz.html?_r=0" at nytimes.com, June 26, 2008.

People , Time

“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.

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