“With the publication of J. M. Keynes’s General Theory in 1936 and the mathematical formalizations of his theory by J. R. Hicks (1937) and others, the language of macro-economic theory became systems of simultaneous equations. These are general equilibrium systems of interdependence in the sense that the relationships describe an entire national economy, not just a particular industry or sector. The systems are usually not completely closed; they depend on exogenous parameters including instruments controlled by policy-makers. Seeking definite relationships of economic outcomes to policies and other exogenous variables, qualitative and quantitative, these models sacrifice detail and generality, limiting the number of variables and equations by aggregations over agents, commodities, assets, and time.”

— James Tobin

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

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James Tobin 22

American economist 1918–2002

Roy R. Grinker, Sr. (1900–1993) American psychiatrist and neurologist

Grinker (1976) in General systems. Vol.19, p. 57

“No matter how abstractly formulated are a general theory of systems, a general theory of evolution and a general theory of communication, all three theoretical components are necessary for the specifically sociological theory of society. They are mutually interdependent.”

Niklas Luhmann (1927–1998) German sociologist, administration expert, and social systems theorist

Luhmann (1982) The Differentiation of Society, Translated by Stephen Holmes and Charles Larmore. Columbia University Press, New York, 1982, pp. 261. Cited in: Loet Leydesdorff (2000) " Luhmann, Habermas, and the Theory of Communication http://www.leydesdorff.net/montreal.htm".

“General Systems Theory is a name which has come into use to describe a level of theoretical model-building which lies somewhere between the highly generalized constructions of pure mathematics and the specific theories of the specialized disciplines. Mathematics attempts to organize highly general relationships into a coherent system, a system however which does not have any necessary connections with the "real" world around us. It studies all thinkable relationships abstracted from any concrete situation or body of empirical knowledge.”

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

Source: 1950s, General Systems Theory - The Skeleton of Science, 1956, p. 197: Opening sentences

“The most general form of systems theory is a set of logical or mathematical statements about all conceptual systems. A subset of this concerns all concrete systems. A subsubset concerns the very special and very important living systems, i. e., general living systems theory.”

James Grier Miller (1916–2002) biologist

Source: Living systems, 1978, p. 41

“Since it can be argued that both science and engineering are concerned with the study of real systems and their behavior, it follows that a general theory should be concerned with the study of general systems… It suffices for the present discussion to consider a general system as an abstract analogue or model of a class of real systems. General systems theory is then a theory of general models.”

Mihajlo D. Mesarovic (1928) Serbian academic

Mesarovic (1964) cited in: Shatrughna P. Sinha (1991) Instant encyclopaedia of geography. 1. Introduction to geography. Mittal Publications, p. 467

“A later writer, such as Leijonhufvud, I knew to have it wrong, when he later argued the merits of Keynes’s subtle intuitions and downplayed the various (identical!) mathematical versions of The General Theory. The so-called 1937 Hicks or later Hicks–Hansen IS–LM diagram will do as an example for the debate.”

Paul A. Samuelson (1915–2009) American economist

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

“System theory is basically concerned with problems of relationships, of structure, and of interdependence rather than with the constant attributes of objects. In general approach it resembles field theory except that its dynamics deal with temporal as well as spatial patterns. Older formulations of system constructs dealt with the closed systems of the physical sciences, in which relatively self-contained structures could be treated successfully as if they were independent of external forces. But living systems, whether biological organisms or social organizations, are acutely dependent on their external environment and so must be conceived of as open systems”

Daniel Katz (1903–1998) American psychologist

Source: The Social Psychology of Organizations (1966), p. 22

“In the first place, economic theory provides a comparatively detailed specification of the demand relationships for individual consumers' goods, but is by no means so specific about the system into which these relationships fit. It would be possible to close the system in very many ways, and the precise way selected would influence the regression estimates in a model involving simultaneous equations.”

Richard Stone (1913–1991) British economist, Nobel Memorial Prize winner

Source: Studies in the National Income and Expenditure of the United Kingdom, 1954, p. 295; as cited in: John Chipman (2013) Advanced Econometric Theory, p. 275

“An important object of the Journal should be the publication of papers dealing with attempts at statistical verification of the laws of economic theory, and further the publication of papers dealing with the purely abstract problems of quantitative economics, such as problems in the quantitative definition of the fundamental concepts of economics and problems in the theory of economic equilibrium.
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"
1920

“General systems theory deals with the most fundamental concepts and aspects of systems. Many theories dealing with more specific types of systems (e. g., dynamical systems, automata, control systems, game-theoretic systems, among many others) have been under development for quite some time. General systems theory is concerned with the basic issues common to all these specialized treatments. Also, for truly complex phenomena, such as those found predominantly in the social and biological sciences, the specialized descriptions used in classical theories (which are based on special mathematical structures such as differential or difference equations, numerical or abstract algebras, etc.) do not adequately and properly represent the actual events. Either because of this inadequate match between the events and types of descriptions available or because of the pure lack of knowledge, for many truly complex problems one can give only the most general statements, which are qualitative and too often even only verbal. General systems theory is aimed at providing a description and explanation for such complex phenomena.”

Mihajlo D. Mesarovic (1928) Serbian academic

Mihajlo D. Mesarovic and Y. Takahare (1975) General Systems Theory, Mathematical foundations. Academic Press. Cited in: Franz Pichler, Roberto Moreno Diaz (1993. Computer Aided Systems Theory. p. 134

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