“Theory should be ever more demanding of our empirical resources. Simultaneously, data should be ever more demanding of the empirical relevance of theory and of the theorist's expertise in working imaginatively on problems of the world, rather than on stylized problems of the imagination.”

—  Vernon L. Smith

Source: "Theory, experiment and economics," 1989, p. 168.

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Theory should be ever more demanding of our empirical resources. Simultaneously, data should be ever more demanding of …" by Vernon L. Smith?
Vernon L. Smith photo
Vernon L. Smith20
American economist 1927

Related quotes

“CONSIDERABLE attention has recently been devoted to understanding behavior in large organizational systems. Although some of this work has been based on research, it has more typically been general theorizing with little support from research data. Our interest in examining complex organizations is to study more systematically and empirically their internal functioning in relation to the demands of the external environment on the organization and the ability of the organization to cope effectively with these demands, contributing to a theory of the functioning of large organizations based on empirical research.”

Paul R. Lawrence (1922–2011) American business theorist

Source: "Differentiation and integration in complex organizations," 1967, p. 2

Imre Lakatos photo

“Our empirical criterion for a series of theories is that it should produce new facts. The idea of growth and the concept of empirical character are soldered into one.”

Imre Lakatos (1921–1974) Hungarian mathematician, philosopher

Source: Criticism and the Growth of Knowledge, 1970, p. 119.

Ragnar Frisch photo

“I believe that economic theory has arrived at a point in its development where the appeal to quantitative empirical data has become more necessary than ever. At the same time its analyses have reached a degree of complexity that require the application of a more refined scientific method than that employed by the classical economists.”

Ragnar Frisch (1895–1973) Norwegian economist

Ragnar Frisch (1926); Quoted in: &quot; Ragnar Frisch 1895-1995 https://www.ssb.no/a/histstat/doc/doc_199403.pdf.&quot; O. Bjerkholt, 1994. <br class="br">1920

“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

“Early in my professional life, I found that many areas of economics attracted me. I started working and publishing in price theory by 1938. In 1946, I published an early work on linear programming (The Cost of Subsistence) which solved the problem only approximately; George Dantzig soon presented the exact solution. In the 1940s, I began empirical work on price theory, starting with a test of the kinked oligopoly demand curve theory of rigid prices.”

George Stigler (1911–1991) American economist

"George J. Stigler - Biographical," 1982

“Of course in the present day […] the world of work begins to become — threatens to become — our only world, to the exclusion of all else. The demands of the working world grow ever more total, grasping ever more completely the whole of human existence.”

Josef Pieper (1904–1997) German philosopher

Source: Leisure, the Basis of Culture (1948), The Philosophical Act, pp. 64–65
Source: Leisure: The Basis Of Culture

Adam Smith photo

“The rulers of Great Britain have, for more than a century past, amused the people with the imagination that they possessed a great empire on the west side of the Atlantic. This empire, however, has hitherto existed in imagination only.”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: (1776), Book V, Chapter III, Part V, p. 1032 (Last Page).

John Perry Barlow photo

“Imagine discovering a continent so vast that it may have no end to its dimensions. Imagine a new world with more resources than all our future greed might exhaust, more opportunities than there will ever be entrepreneurs enough to exploit, and a peculiar kind of real estate that expands with development.”

John Perry Barlow (1947–2018) American poet and essayist

As quoted in Who Controls the Internet? : Illusions of a Borderless World (2006) by Jack Goldsmith and Tim Wu
Context: Imagine discovering a continent so vast that it may have no end to its dimensions. Imagine a new world with more resources than all our future greed might exhaust, more opportunities than there will ever be entrepreneurs enough to exploit, and a peculiar kind of real estate that expands with development. Imagine a place where trespassers leave no footprints, where goods can be stolen infinite number of times and yet remain in the possession of their original owners, where business you never heard of can own the history of your personal affairs...

Ragnar Frisch photo

“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

Anaïs Nin photo

“You are the only woman who ever answered the demands of my imagination.”

Anaïs Nin (1903–1977) writer of novels, short stories, and erotica

Source: Henry and June: From "A Journal of Love"--The Unexpurgated Diary of Anaïs Nin

Related topics