“Economic history matters. Students of economics should read Charles MacKay and Charles Kindleberger, and should study the history of the Wall Street Crash as well as the theory and the mathematics required to formalize it.”

— Adair Turner, Baron Turner of Ecchinswell

Source: Economics after the crisis : objectives and means (2012), Ch. 2 : Financial Markets: Efficiency, Stability, and Income Distribution

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Adair Turner, Baron Turner of Ecchinswell 7

British businessman 1955

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

“There is no doubt of the need for an up-to-date, balanced, and comprehensive work on the history of atomism, drawing ideas, mathematics, and experiment together into a single story. When available, it should become required reading for all students of the exact sciences.”

Lancelot Law Whyte (1896–1972) Scottish industrial engineer

p, 125
Essay on Atomism: From Democritus to 1960 (1961)

“Both the existence of these parallels and their tragic nature would not have escaped Charles Kindleberger, whose World in Depression, 1929-1939 was published exactly 40 years ago, in 1973. Where Kindleberger’s canvas was the world, his focus was Europe. While much of the earlier literature, often authored by Americans, focused on the Great Depression in the US, Kindleberger emphasised that the Depression had a prominent international and, in particular, European dimension. It was in Europe where many of the Depression’s worst effects, political as well as economic, played out. And it was in Europe where the absence of a public policy authority at the level of the continent and the inability of any individual national government or central bank to exercise adequate leadership had the most calamitous economic and financial effects.”

Barry Eichengreen (1952) Economist

J. Bradford DeLong and Barry Eichengreen, "New preface to Charles Kindleberger, The World in Depression 1929-1939" http://www.voxeu.org/article/new-preface-charles-kindleberger-world-depression-1929-1939 (2012)

“Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.”

John Kenneth Galbraith book The New Industrial State

Source: The New Industrial State (1967), Chapter X, Section 5, p. 122 (Mr. Galbraith was originally an agricultural economist...)

“The history of economic geography of the study of the location of economic activity is more like the story of geological thought about the shapes and location of continents and mountain ranges.”

Paul Krugman (1953) American economist

Development, Geography, and Economic Theory (1995), Ch. 2. Geography Lost and Found

“My notion of a fruitful economic science would be that it can help us explain and understand the course of actual economic history. A scholar who seriously addresses commentary on contemporary monthly and yearly events is, in this view, practicing the study of history—history in its most contemporary time phasing.”

Paul A. Samuelson (1915–2009) American economist

New millennium, An Interview with Paul A. Samuelson, 2003

“The approach to the study of economic history that dominates the presentation of the subject in this volume is that of the economist whose immediate and primary function is to study the production and distribution of wealth with the objective of learning how the nation's economic progress can be promoted and its standard of living advanced. It can be called the functional approach to economic history. Although the narrative should provide such knowledge of the general background of economic history as is needed for most purposes in the interpretation of political history, and has frequently been turned aside to indicate the reactions thus involved, this has been a secondary rather than a primary consideration in the selection and organization of the material. Some material has been included because it served certain of the other objectives mentioned in the introductory chapter, though for the most part these objectives are served also by the material primarily of significance in relation to the major objective.”

Chester W. Wright (1879–1966) American economic historian

Chester W. Wright (1941). Economic History of the United States, p. xi-xii " Wright (1941)

“It has never been in my power to study anything, — mathematics, ethics, metaphysics, gravitation, thermodynamics, optics, chemistry, comparative anatomy, astronomy, psychology, phonetics, economics, the history of science, whist, men and women, wine, metrology, except as a study of semeiotic.”

Charles Sanders Peirce (1839–1914) American philosopher, logician, mathematician, and scientist

Letter to Victoria (23 December 1908)

“It is all too easy to forget that there are emotional motivations in history, as well as economic ones.”

Isaac Asimov (1920–1992) American writer and professor of biochemistry at Boston University, known for his works of science fiction …

The Shaping of England (1969), p. 15
General sources

“Economic theory is devoted to the study of equilibrium positions.”

George Soros (1930) Hungarian-American business magnate, investor, and philanthropist

The Alchemy of Finance: Reading the Mind of the Market (1987)
Context: Economic theory is devoted to the study of equilibrium positions. The concept of equilibrium is very useful. It allows us to focus on the final outcome rather than the process that leads up to it. But the concept is also very deceptive. It has the aura of something empirical: since the adjustment process is supposed to lead to an equilibrium, an equilibrium position seems somehow implicit in our observations. That is not true. Equilibrium itself has rarely been observed in real life — market prices have a notorious habit of fluctuating.

“Economic history matters. Students of economics should read Charles MacKay and Charles Kindleberger, and should study the history of the Wall Street Crash as well as the theory and the mathematics required to formalize it.”

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Adair Turner, Baron Turner of Ecchinswell 7

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