“We need to augment and amend the existing body of classical and neoclassical economic theory to achieve a more realistic picture of economic process.”

—  Herbert A. Simon

Herbert A. Simon (1986) in Preface to: Gilad & Kaish (eds.), Handbook of Behavioral Economics, p. xvi.
1980s and later

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American political scientist, economist, sociologist, and p… 1916–2001

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Institutional economics, however, needs a more explicit and dynamic theory of information flows if it is to make more than a dent in the neoclassical defences. Having established that there exists credible institutional alternatives to markets, it needs to show how information production and exchange underpins them all, shaping their internal evolution as well as how they collaborate and compete. In effect, what is needed is a theory of social learning that extends beyond the individual or the organization to encompass more complex institutional settings. Such as theory, I believe, is foreshadowed in Douglas North’s historical studies of institutions. It now needs further development.”

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The term equilibrium theory is here interpreted as including both the classical equilibrium theory proceeding on the lines of Walras, Pareto, and Marshall, and the more general equilibrium theory which is now beginning to grow out of the classical equilibrium theory, partly through the influence of the modern study of economic statistics. Taken in this broad sense the equilibrium problems include virtually all those fundamental problems of production, circulation, distribution and consumption, which can be made the object of a quantitative study. More precisely: The equilibrium theory in the sense here used is a body of doctrines that treats all these problems from a certain point of view, which is contrasted on one side with the verbal treatment of economic problems and on the other side with the purely empirical-statistical approach to economic problems”

Ragnar Frisch (1895–1973) Norwegian economist

Frisch (1927). as quoted in: Bjerkholt, Olav, and Duo Qin. A Dynamic Approach to Economic Theory: The Yale Lectures of Ragnar Frisch. Routledge, 2010: About "Oekonometrika"
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Gordon Brown (1951) British Labour Party politician

Michael White, "The gift of tired tongues", The Guardian, 30 September 1994; Norman Macrae, "You've never had it so incoherent", Sunday Times, 2 October 1994.
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“In some respects this is intended to be a revolutionary book, but in other respects it is very traditional indeed. It is revolutionary in that we have developed a comprehensive analytical framework to examine and explain the rise of the Western world; a framework consistent with and complementary to standard neoclassical economic theory.”

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