There may be few instances in which the superstition that only measurable magnitudes can be important has done positive harm in the economic field: but the present inflation and employment problems are a very serious one.
Friedrich Hayek
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While in the physical sciences the investigator will be able to measure what, on the basis of a prima facie theory, he thinks important, in the social sciences often that is treated as important which happens to be accessible to measurement. This is sometimes carried to the point where it is demanded that our theories must be formulated in such terms that they refer only to measurable magnitudes.
Friedrich Hayek
We have defined the main task of economic analysis as the explanation of the magnitudes of economic quantities. The student will find also that the main part of this, as of most other works on the subject, is concerned with the theory of the determination of prices, wages, interest rates, incomes, and the like. He may well inquire, therefore, in the midst of so much mathematics, whether the first task of economics is not the investigation of wealth, or welfare. Some economists have endeavored to restrict the boundaries of the science to the investigation of those quantities which are numerically measurable. Well-being, under such a restriction, would not be part of economics at all.
Kenneth Boulding
Economic problems have no sharp edges. They shade off imperceptibly into politics, sociology, and ethics. Indeed, it is hardly an exaggeration to say that the ultimate answer to every economic problem lies in some other field.
Kenneth Boulding
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. ... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.
Milton Friedman
As I have already hinted, one of the directions of work which the realm of ideas of the Macy meetings has suggested concerns the importance of the notion and the technique of communication in the social system. It is certainly true that the social system is an organization like the individual, that it is bound together by a system of communication, and that it has a dynamics in which circular processes of a feedback nature play an important part. This is true, both in the general fields of anthropology and sociology and in the more specific field of economics; and the very important work, which we have already mentioned, of von Neumann and Morgenstern on the theory of games enters into this range of ideas. On this basis, Drs. Gregory Bateson and Margaret Mead have urged me, in view of the intensely pressing nature of the sociological and economic problems of the present age of confusion, to devote a large part of my energies to the discussion of this side of cybernetics.
Norbert Wiener
Hayek, Friedrich
Hayek, Salma
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