“We have defined the main task of economic analysis as the explanation of the magnitudes of economic quantities. The student will find also that the main part of this, as of most other works on the subject, is concerned with the theory of the determination of prices, wages, interest rates, incomes, and the like. He may well inquire, therefore, in the midst of so much mathematics, whether the first task of economics is not the investigation of wealth, or welfare. Some economists have endeavored to restrict the boundaries of the science to the investigation of those quantities which are numerically measurable. Well-being, under such a restriction, would not be part of economics at all.”

Source: 1940s, Economic Analysis, 1941, p. 7-8

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Kenneth E. Boulding163

British-American economist 1910–1993

Walton Hale Hamilton (1881–1958) Yale Law Professor

After all control and institutions and processes are immediate things. They can all be translated into terms of human conduct...
Source: The Institutional Approach to Economic Theory, 1919, p. 311-6

“While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the welfare theory deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one.”

John Hicks (1904–1989) British economist

Kenneth Arrow and John Hicks (1972) From Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992 ( online http://www.nobelprize.org/nobel_prizes/economics/laureates/1972/presentation-speech.html)

Kenneth Arrow (1921–2017) American economist

Arrow and Hicks (1972) From Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992 ( online http://www.nobelprize.org/nobel_prizes/economics/laureates/1972/presentation-speech.html) <br class="br">1970s-1980s

“WE have placed our psychotechnical interest at the service of economic tasks… The purpose before us was to find for every economic occupation the best-fitted personality, both in the interest of economic success and in the interest of personal development.”

Hugo Munsterberg (1863–1916) German-American psychologist, philosopher and agitator

Source: Psychology and Industrial Efficiency (1913), p. 141

“It is almost as hard to define mathematics as it is to define economics, and one is tempted to fall back on the famous old definition attributed to Jacob Viner, “Economics is what economists do,” and say that mathematics is what mathematicians do. A large part of mathematics deals with the formal relations of quantities or numbers.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1970s, Economics As a Science, 1970, p. 97

“This, at least, is the accepted explanation, though like most economic explanations it seems, under certain lights, to omit the main point.”

Ursula K. Le Guin Hainish Cycle

Source: Hainish Cycle, The Left Hand of Darkness (1969), Chapter 8 “Another Way into Orgoreyn” (p. 118)

“The historic terrain of macro-economic theory is the explanation of the levels and fluctuations of overall economic activity. Macro-economists have been especially interested in the effects of alternative fiscal, financial, and monetary policies.”

James Tobin (1918–2002) American economist

Source: "Money and Finance in the Macro-Economic Process" (1982), p. 12

“So far we have studies how, for each commodity by itself, the law of demand in connection with the conditions of production of that commodity, determines the price of it and regulates the incomes of its producers. We considered as given and invariable the prices of other commodities and the incomes of other producers; but, in reality the economic system is a whole of which the parts are connected and react on each other. An increase in the incomes of the producers of commodity A will affect the demand for commodities Band C, etc., and the incomes of their producers, and, by its reaction will involve a change in the demand for A. It seems, therefore, as if, for a complete and rigorous solution of the problems relative to some parts of the economic system, it were indispensable to take the entire system into consideration. But this would surpass the powers of mathematical analysis and of our practical methods of calculation, even if the values of all the constants could be assigned to them numerically.”

Antoine Augustin Cournot Researches into the Mathematical Principles of the Theory of Wealth

Source: Researches into the Mathematical Principles of the Theory of Wealth, 1897, p. 137

“[This book] is intended as a text from which the student can learn and the teacher can teach the methods and results of economic analysis. It also seeks to be a contribution to the development and systematization of the body of economic analysis itself. These purposes are not separate. The task of presenting a systematic, orderly, and accurate account of economic analysis is identical with the task of preparing the material for teaching. It must be emphasized, however, that the purpose of this work is not primarily to entertain the student, or to enable him to regurgitate appropriate material into examination books, or to learn a few pat phrases, or to indoctrinate him with an abstract discipline which he will never use. Economics is like photography in this respect, that under-exposure is less desirable than no exposure at all.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1940s, Economic Analysis, 1941, p. xv

“In terms of economic achievements we still need better results - still unemployment and poverty is a main concern for the government of Mongolia, so we have to focus now more on economic development issues.”

Nambaryn Enkhbayar (1958) Mongolian politician, Leader of Mongolian People's Revolutionary Party

Source: "Mongolia, US Sign Developmental Aid Agreement" in Voice of America https://www.voanews.com/a/a-13-2007-10-23-voa2/405655.html (1 November 2009)

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Kenneth E. Boulding163

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