“Methods by which engineers stabilise their mechanisms suggest analogous possibilities for stabilising economic systems.”

— Arnold Tustin

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

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Arnold Tustin 18

British engineer 1899–1994

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“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.”

Arnold Tustin (1899–1994) British engineer

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

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“It is possible that the major collaboration between economists and engineers is still to come, in the greater use of physical analogues and computers of the analogue type to avoid the difficulties of calculation. Apart from their major use as possible tools for economic regulation, physical analogues have a subsidiary use, for there are students of economics, as there are many students of engineering, who can better understand the significance of the somewhat formidable mathematics that tends to be used in this field, if they can first acquaint themselves with the types of behaviour in question as exhibited by physical objects that can be seen, felt, handled and experimented with. It may also be suggested that economists may find that what they have to say about economic policy will be very readily assimilated by one group of attentive pupils, namely the scientists, engineers and technicians of industry, if explanatory notions can be drawn from the theory of automatic control, which is now part of a normal engineering education. The aim of this essay has been to give explanations of system behaviour, and some approaches to its analysis, using geometrical construction and physical analogy where possible to clarify the implications of the more usual formal algebraic approach.”

Arnold Tustin (1899–1994) British engineer

Source: The Mechanism of Economic Systems (1953), p. 2

“The topic that I have attempted to explore is the usefulness of these notions of the engineer, about feeds-back, harmonic components and the like, in application to the analogous problems of economic fluctuation and economic regulation.”

Arnold Tustin (1899–1994) British engineer

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

“There is really nothing more pathetic than to have an economist or a retired engineer try to force analogies between the concepts of physics and the concepts of economics.”

Paul A. Samuelson (1915–2009) American economist

Source: 1950s–1970s, Maximum Principles in Analytical Economics, 1970, p. 69
Context: There is really nothing more pathetic than to have an economist or a retired engineer try to force analogies between the concepts of physics and the concepts of economics. How many dreary papers have I had to referee in which the author is looking for something that corresponds to entropy or to one or another form of energy. Nonsensical laws, such as the law of conservation of purchasing power, represent spurious social science imitations of the important physical law of the conservation of energy; and when an economist makes reference to a Heisenberg Principle of indeterminacy in the social world, at best this must be regarded as a figure of speech or a play on words, rather than a valid application of the relations of quantum mechanics.