“I have already remarked that the 'theory of scarcity has been a dominating influence in many of our economic policies. In the case of taxation, however, there is involved the 'theory of plenty' and there must now be involved the 'theory of plenty more.' Every dollar of the billions that are being indiscriminately spent without accountability is a mortgage on the income, the savings, as well as the security of the people. There must be brought home to the consciousness of all that the more the government takes, the less each one has no one can possibly escape.”

New York Times interview, 1935

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Alfred P. Sloan47

American businessman 1875–1966

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“We must move toward a soundly based and widely distributed economic well-being. This is the 'theory of plenty' as distinguished from the 'theory of scarcity' which has dominated our recent economic thinking and politics. Our yardstick, according to my thinking, I consists of the most effective balance between the following: First, the reduction in the real costs and selling! prices of goods and services; second, a more economic balance of national income through policies affecting wages, hours, prices and profits.”

Alfred P. Sloan (1875–1966) American businessman

Cited in: Charles Cullen Chapman (1936), The development of American business and banking thought, 1913-1936. p. 265
New York Times interview, 1935

“Our view of life must account for how we know life; biological theories must allow for their own discovery and employment. Theories of evolution must provide for the creative acts which brought such theories into existence. Beginning with our own embodiment our theory of knowledge must endorse the ways we manifestly transcend our embodiment by acts of indwelling and extension into more subtle and intangible realms of being, where we meet our ultimate ends.”

Michael Polanyi (1891–1976) Hungarian-British polymath

Transcendence And Self-Transcendence (1970)

“Everything must be taken into account. If the fact will not fit the theory — let the theory go.”

Agatha Christie book The Mysterious Affair at Styles

Source: The Mysterious Affair at Styles (1920)

“[A rival theory that has to be better than the dominant “90 percent explanation” cannot go wrong very often and still stay in the contest. For the challenger of a 50 percent incumbent, some shortcomings are not that fatal. This comparative situation has to be remembered as argued by James Burnham:]… we must keep in mind an obvious principle of scientiﬁc method. To disprove the theory, it is not enough to show that it is not 100% certain, that difﬁculties confront it, and certain evidence seems to be against it. It must be further shown that it is less certain than alternative theories covering the same subject matter, that there are in its case more difﬁculties, more negative evidence than in the case of at least one alternative theory. No theory about what actually happens and will happen is ever ‘certain’.”

James Burnham (1905–1987) American philosopher

Source: The Managerial Revolution, 1941, p. 274; As cited in: Jan Tullberg "Comparatism — A constructive approach in the philosophy of science." The Journal of Socio-Economics 40 (2011) 444–453

“Multivariate analysis indicates that economic elites and organized groups representing business interests have substantial independent impacts on U. S. government policy, while average citizens and mass-based interest groups have little or no independent influence. The results provide substantial support for theories of Economic-Elite Domination and for theories of Biased Pluralism, but not for theories of Majoritarian Electoral Democracy or Majoritarian Pluralism.”

Benjamin Page (1939) Professor of Decision Making

Martin Gilens and Benjamin I. Page, "Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens," Perspectives on Politics, vol. 12, no. 3 (September 2014)

“Although quantum theory involves the use of nonlocal states, such as wave packets and entangled states, there is nothing in the theory, or in the real world so far as it is accurately described by quantum theory, that corresponds to the sorts of instantaneous nonlocal influences which have often been thought to arise in the situation envisaged in the EPR paradox, or implied by the fact that quantum theory violates Bell inequalities.”

Robert Griffiths (physicist)

"Quantum Locality", Found Phys (2011) 41: 705–733

“There [is]… a list of five tests which any body of doctrine which aspires to the name of economic theory must be able to meet:
1. Economic theory should unify economic science. - The task of a general body of theory in any subject is to give unity to its investigations…
2. Economic theory should be relevant to the modern problem of control. - Students of economics should spend their efforts upon subjects worth investigation…
3. The proper subject-matter of economic theory is institutions. - The demand that economic theory relate to institutions is implicit in the plea for its relevancy…
4. Economic theory is concerned with matters of process. - If economic theory is to treat of institutions it must know both the kinds of things institutions are and the kinds of things they are not…
5. Economic theory must be based upon an acceptable theory of human behavior.”

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

“John Maynard Keynes may have had more influence on policy makers, Milton Friedman on citizens, Kenneth Arrow on economic theory, but Samuelson had more influence on the way economics is done today, and the purposes to which it is put, than any other economist of the twentieth century.”

David Warsh (1944) American journalist

David Warsh, "The Enormous Black Box" http://www.economicprincipals.com/issues/2009.12.13/841.html (2009)

“An explanation of the "institutional approach" to economic theory is a plea for a particular kind of theory. It is possible to come upon the same object from different angles; but more often those who take different routes chance upon different things. The "institutional approach" doubtless has some importance because it is a happy way to acceptable truth, but its significance lies in its being the only way to the right sort of theory. An appeal for "institutional economics" implies no attack upon the truth or value of other bodies of economic thought, but it is a denial of the claims of other systems of thought to be "economic theory." This, however, is no pointless struggle in method to be carried on by breaking syllogisms over concepts and by engaging in polemics over niceties in statement. On the contrary, it involves the very nature of the problems which the theorist should set himself; its real issue is over what economic theory is all about.”

Walton Hale Hamilton (1881–1958) Yale Law Professor

Source: The Institutional Approach to Economic Theory, 1919, p. 309: Introduction

“Mainstream economics scholarship produces theory without facts ("pure theory") and facts without theory”

Michel Chossudovsky (1946) Canadian economist

"applied economics"
Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 2, Global Falsehoods, p. 27

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Alfred P. Sloan47

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