“The model of competitive equilibrium which has been discussed so far is set in a timeless environment. People and companies all operate in a world in which there is no future and hence no uncertainty.”

— Paul Ormerod , book The Death of Economics

Part I, Chapter 4, Professional Reservations, p. 76
The Death of Economics (1994)

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Paul Ormerod 20

English economist

Richard D’Aveni (1953) American economist

Foreword
Hypercompetitive rivalries, 1994

“A population ecology perspective on organization-environment relations is proposed as an alternative to the dominant adaptation perspective. The strength of inertial pressures on organizational structure suggests the application of models that depend on competition and selection in populations of organizations. Several such models, as well as issues arising in attempts to apply them to the organization-environment problem, are discussed.”

Michael T. Hannan (1943) US-American sociologist of Stanford University

Source: "The Population Ecology of Organizations," 1977, p. 929; Article abstract

“Simulation is the use of models and/or the actual conditions of either the thing being modeled or the environment in which it operates, with the models or conditions in physical, mathematical, or some other form. The purpose of simulation is to explore the various results which might be obtained from the real system by subjecting the model to representative environments which are equivalent to, or in some way representative of, the situations it is desired to understand or investigate. Simulation may involve system hardware and the actual physical environment, or it may involve mathematical models subjected to mathematical forcing or disturbance functions representative of the systems conditions to be studied.”

Harold Chestnut (1917–2001) American engineer

Source: Systems Engineering Tools, (1965), p. 111 as cited in

“The worst crime against working people is a company which fails to operate at a profit.”

Samuel Gompers (1850–1924) American Labor Leader[AFL]

Quoted in Rothschild, Michael. Bionomics: Economy as Business Ecosystem. Washington, D.C.: BeardBooks, 1990, p. 115.

“The value of global modelling has been severely restricted by poor appreciation of the constraints under which governments and politicians operate. Equally, the value of governments and politicians has been severely restricted by largely ignoring the very real but less immediate problems tackled by modellers.”

Eduard Pestel (1914–1988) scholar

E. Pestel (1982) Modellers and politicians. In: Futures, Volume 14, Issue 2, April 1982, pp. 122–128.

“There is a paradigm shift towards a distributed and integrated enterprise. Currently, computer systems that support enterprise functions were created independently. This hampers enterprise integration Therefore, there is a need for a computer based data model which provides a shared and well deﬁned terminology of an enterprise, and has the capability to deductively answer common sense questions.
This paper discusses how TOVE tackles these needs by deﬁning a framework for modeling generic level representations such as activities, time, and resources. Since there has never been a well-deﬁned set of criteria to evaluate such models, this paper also introduces a set of evaluation criteria which may be used to evaluate modelling efforts.”

Mark S. Fox (1952) Canadian computer scientist and Professor of Industrial Engineering

Mark S. Fox, John F. Chionglo, and Fadi G. Fadel (1993) " A common-sense model of the enterprise http://windsor.mie.utoronto.ca/enterprise-modelling/papers/fox-ierc93.pdf." Proceedings of the 2nd Industrial Engineering Research Conference. Vol. 1. 1993.

“Investment of capital, to yield its fruit in the future, must be based on expectations, of opportunities in the future. When I put this to Hayek, he told me that this was indeed the direction in which he had been thinking. Hayek gave me a copy of a paper on 'intertemporal equilibrium', which he had written some years before his arrival in London; the conditions for a perfect foresight equilibrium were there set out in a very sophisticated manner.”

John Hicks (1904–1989) British economist

Source: Money, Interest and Wages, (1982), p. 6
Context: I remember Robbins asking me if I could turn the Hayek model into mathematics... it began to dawn on me that... the model must be better specified. It was claimed that, if there were no monetary disturbance, the system would remain in 'equilibrium'. What could such an equilibrium mean? This, as it turned out, was a very deep question; I could do no more, in 1932, than make a start at answering it. I began by looking at what had been said by... Pareto and Wicksell. Their equilibrium was a static equilibrium, in which neither prices nor outputs were changing... That, clearly, would not do for Hayek. His 'equilibrium' must be progressive equilibrium, in which real wages, in particular, would be rising, so relative prices could not remain unchange … The next step in my thinking, was … equilibrium with perfect foresight. Investment of capital, to yield its fruit in the future, must be based on expectations, of opportunities in the future. When I put this to Hayek, he told me that this was indeed the direction in which he had been thinking. Hayek gave me a copy of a paper on 'intertemporal equilibrium', which he had written some years before his arrival in London; the conditions for a perfect foresight equilibrium were there set out in a very sophisticated manner.

“American society, although it has more freedom of expression than most societies in the world, thus sets limits beyond which respectable people are not supposed to think or speak. So far, too much of the debate on Vietnam has observed these limits.”

Howard Zinn (1922–2010) author and historian

Howard Zinn on War (2000), Ch. 14: Vietnam: A Matter of Perspective http://www.thirdworldtraveler.com/Zinn/Vietnam_Perspective_HZOW.html
Context: Scholars, who pride themselves on speaking their minds, often engage in a form of self-censorship which is called "realism." To be "realistic" in dealing with a problem is to work only among the alternatives which the most powerful in society put forth. It is as if we are all confined to a, b, c, or d in the multiple choice test, when we know there is another possible answer. American society, although it has more freedom of expression than most societies in the world, thus sets limits beyond which respectable people are not supposed to think or speak. So far, too much of the debate on Vietnam has observed these limits.

“[The equilibrium model describes systems] which, in moving to an equilibrium point, typically lose organization, and then tend to hold that minimum level within relatively narrow conditions of disturbance.”

Walter F. Buckley (1922–2006) American sociologist

Source: Sociology and modern systems theory (1967), p. 40 as cited in: Jacquie L'Etang, Magda Pieczka (2006) Public Relations: Critical Debates and Contemporary Practice. p. 335.

“Among the various paradigmatic changes in science and mathematics in this century, one such change concerns the concept of uncertainty. In science, this change has been manifested by a gradual transition from the traditional view, which insists that uncertainty is undesirable in science and should be avoided by all possible means, to an alternative view, which is tolerant of uncertainty and insists that science cannot avoid it. According to the traditional view, science should strive for certainty in all its manifestations (precision, specificity, sharpness, consistency, etc.); hence, uncertainty (imprecision, nonspecificity, vagueness, inconsistency, etc.) is regarded as unscientific. According to the alternative (or modem) view, uncertainty is considered essential to science; it is not only an unavoidable plague, but it has, in fact, a great utility.”

George Klir (1932–2016) American computer scientist

Source: Fuzzy sets and fuzzy logic (1995), p. 1.

“The model of competitive equilibrium which has been discussed so far is set in a timeless environment. People and companies all operate in a world in which there is no future and hence no uncertainty.”

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Paul Ormerod 20

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