“A major social problem we face today is how to control the political process that is eroding the free enterprise market system. Although I am pessimistic that we will in fact ever resolve this problem completely, we will surely never solve it unless we develop a viable positive theory of the political process. Such a political theory will not be complete until we also have developed a theory that explains why we get the results we do out of the mass media.”

— Michael Jensen

Michael C. Jensen, 'Toward a Theory of the Press,' in Economics and Social Institutions, Karl Brunner, Editor (Martinus Nijhoff Publishing Company, 1979).

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Michael Jensen8

American economist 1939

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“This paper integrates elements from the theory of agency, the theory of property rights and the theory of finance to develop a theory of the ownership structure of the firm. We define the concept of agency costs, show its relationship to the 'separation and control' issue, investigate the nature of the agency costs generated by the existence of debt and outside equity, demonstrate who bears the costs and why, and investigate the Pareto optimality of their existence. We also provide a new definition of the firm, and show how our analysis of the factors influencing the creation and issuance of debt and equity claims is a special case of the supply side of the completeness of markets problem.”

Michael Jensen (1939) American economist

Source: "Theory of the firm: Managerial behavior, agency costs and ownership structure", 1976, p. 305 Abstract

“We still think and talk of the basic problems of an industrial society as problems that can be solved by changing the system, that is the superstructure of political organization. Yet the real problems lie within the [industrial] enterprise. …our representative institution… a mirror in which we look when we want to see ourselves.”

Peter F. Drucker (1909–2005) American business consultant

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“Essentially the fault lies in the fact that the democratic political process is at best regulated rivalry; it does not even in theory have the desirable properties that price theory ascribes to truly competitive markets.”

John Rawls book A Theory of Justice

Source: A Theory of Justice (1971; 1975; 1999), Chapter IV, Section 36, p. 226

“The essence of slavery is to imagine yourself to be a process, to have past and future, to have history. In fact, we have no history, we are not a process, we do not develop, nor decay (…).”

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“I have tried to show that psychiatric research can be empirical and experimental, controlled, and operational and not dependent on inferences, analogies, or anecdotes. Hypotheses can be derived which are testable. Theory is a different matter. At the present we rely heavily on psychoanalytic theory or on still poorly formulated and defined general systems theory, information theory, or transactional theory. To explain the depth and variety of the interrelationship of somatopsychosocial facets of the totality of human behavior in process requires a unified theory of human behavior which we have not yet even approached. Integration or synthesis of biological, psychological, and social theory is not enough.”

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“This fact, that all charges are integral multiples of a fundamental unit, is still one of the unexplained puzzles of fundamental physics. It does not in any way contradict electromagnetic theory, but it is not predicted by it, and until we have a more fundamental theory that explains it, we shall not feel that we really understand electromagnetic phenomena thoroughly. Presumably its explanation will not come until we understand quantum theory more thoroughly than we do at present.”

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“A more viable model, one much more faithful to the kind of system that society is more and more recognized to be, is in process of developing out of, or is in keeping with, the modern systems perspective (which we use loosely here to refer to general systems research, cybernetics, information and communication theory, and related fields). Society, or the sociocultural system, is not, then, principally an equilibrium system or a homeostatic system, but what we shall simply refer to as a complex adaptive system.”

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“The answer is in the problem, not away from the problem. I go through the searching, analysing, dissecting process, in order to escape from the problem. But, if I do not escape from the problem and try to look at the problem without any fear or anxiety, if I merely look at the problem — mathematical, political, religious, or any other — and not look to an answer, then the problem will begin to tell me. Surely, this is what happens. We go through this process and eventually throw it aside because there is no way out of it. So, why can’t we start right from the beginning, that is, not seek an answer to a problem?”

Jiddu Krishnamurti (1895–1986) Indian spiritual philosopher

which is extremely arduous, isn’t it? Because, the more I understand the problem, the more significance there is in it. To understand, I must approach it quietly, not impose on the problem my ideas, my feelings of like and dislike. Then the problem will reveal its significance. Why is it not possible to have tranquillity of the mind right from the beginning? <br class="br"> "Eighth Talk in The Oak Grove, 7 August 1949" http://www.jkrishnamurti.org/krishnamurti-teachings/view-text.php?tid=320&chid=4643&w=%22The+answer+is+in+the+problem%2C+not+away+from+the+problem%22, J.Krishnamurti Online, JKO Serial No. 490807, Vol. V, p. 283 <br class="br">Posthumous publications, The Collected Works

“All such problems can be formulated as mathematical programming problems. Naturally, we can propose many sophisticated algorithms and a theory but the final test of a theory is its capacity to solve the problems which originated it.”

George Dantzig (1914–2005) American mathematician

Source: Linear programming and extensions (1963), p. vii.

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Michael Jensen8

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