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Game theory, however, deals only with the way in which ultrasmart, all knowing people should behave in competitive situations, and has little to say to Mr. X as he confronts the morass of his problem.
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Prologue, p. 2

 

Howard Raiffa

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The theory is the result of listening to the problem. When the theory acquires a life of its own because some people like it more than the real world, all kinds of uninspiring, uninteresting things happen, so the key is both to listen to the problem and to study the theory. But always remember that just as much theory is bunk as there are buggy solutions. There is nothing more wrong with "theory" than "solutions" – both their quality and their applicability are orthogonal to their existence.

 

Erik Naggum

 

A mature person is one who does not think only in absolutes, who is able to be objective even when deeply stirred emotionally, who has learned that there is both good and bad in all people and all things, and who walks humbly and deals charitably with the circumstances of life, knowing that in this world no one is all-knowing and therefore all of us need both love and charity.

 

Eleanor Roosevelt

 

I'm a very lucky guy. I had so many people help me over the years that I never had many problems. If I had a problem, I could sit down with someone and they would explain the problem to me, and the problem become like a baseball game. You're at home plate now, how do you get to first? How do you get to second? How do you get to third? When you get back to home, your problem is solved. That's the way I view the business world, I view it as a baseball game. Once you start thinking the way you've been taught to think over so many years, you have no problems.

 

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In today's competitive business world, it is not enough to do your job well; no, to be truly effective, you have to develop skills and strategies for things you'll never have to do, and situations that will never come up.

 

Rob Payne

 

One of the most original and most important ideas advanced by Hayek is the role of the "division of knowledge" in economic society … [But if] I had to single out the area in which Hayek's contributions were the most fundamental and pathbreaking, I would cast my vote for the theory of capital. As I said before, when I reviewed Hayek's book on The Pure Theory of Capital, it is "my sincere conviction that this work contains some of the most penetrating thoughts on the subject that have ever been published." If two achievements may be named, I would add Hayek's contributions to the the theory of economic planning. Most of what has been written on systems analysis, computerized data processing, simulation of market processes, and other techniques of decision-making without the aid of competitive markets, appears shallow and superficial in the light of Hayek's analysis of the 'division of knowledge', its dispersion among masses of people. Information in the minds of millions of people is not available to any central body or any group of decision-makers who have to determine prices, employment, production, and investment but do not have the signals provided by a competitive market mechanism. Most plans for economic reform in the socialist countries seem to be coming closer to the realization that increasing decentralization of decision-making is needed to solve the problems of rational economic planning.

 

Friedrich Hayek