Arnold Tustin citations (18 citations)

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.”

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Arnold Tustin

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

“Feedback: It is the fundamental principle that underlies all self-regulating systems, not only machines but also the processes of life and the tides of human affairs.”

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Arnold Tustin

Arnold Tustin (1952) as cited in: Daniel L. Young, Seth Michelson (2011) Systems Biology in Drug Discovery and Development. p. 49

“Simulators set up the required system of interdependences, usually between electrical potentials or voltages as variables, by means of valve-amplifiers and electrical networks. Since the voltage across a capacitance is proportional to the integral of a current, that across an inductance to the first derivative of a current, and that across a resistor to the current itself, it is possible to arrange a network of electrical elements, with amplifiers and feeds-back where necessary, so that a given linear differential equation is caused to relate an ’output’ voltage to an ’input’ voltage. Thus a given linear system of interdependences can be simulated, either directly or in any convenient transformation. If non-linear relationships are required there is no universally applicable simple device, but there do exist a great variety of non-linear elements with non-linear characteristics that are known and to some extent; adjustable. These include non-linear resistors… and the characteristic curves of thermionic valves, of rectifiers and discharge vessels and of magnetic materials. Limits may be set by the use of neon tubes that become conducting when a certain voltage is exceeded, or by relays, and so on”

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Arnold Tustin

Source: The Mechanism of Economic Systems (1953), p. 128; As cited in: Prices Revalued as Information: Circuit Elements, online document 2013

“When beliefs need some modification, We make it with much trepidation, For our world is then new, And things seem all askew, 'til we're used to the new formulation.”

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Arnold Tustin

Arnold Tustin in: Judith L Mitrani (2001) Ordinary People and Extra-ordinary Protections. p. 147

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

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Arnold Tustin

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

“The writer, who as an engineer has spent most of his life in factories, is inclined to look at the basis for investment from a technological point of view… Consider … the class of industrial investments only… The situation is one of entrepreneurs and boards of directors considering, from time to time, various ’possibilities of investment’, such as extra lathes or looms, an extension to a factory, a venture in some completely new product, and so on. It is helpful to think of these ’opportunities for investment’ as existing, in a given situation, in great number and variety, whether they are at that moment under active consideration or not. When any such possibility is considered it is assessed in respect of ’expected profitability’. One may conveniently think of all possibilities of investment as ’quanta’ that can be placed in a schedule of small ranges of expected profitability according to these assessments. The placement of a given ’opportunity for investment’ on this schedule has some ’margin of uncertainty”

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Arnold Tustin

a curious analogy with the case of the quanta of physics
Source: The Mechanism of Economic Systems (1953), p. 103; As cited in: Prices Revalued as Information: Circuit Elements, online document 2013