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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.
--
Part I, Chapter 4, Professional Reservations, p. 76

 

Paul Ormerod

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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.

 

Friedrich Hayek

 

"I think the problem with the country is that we operate on a sickness model, not a wellness model... Basically, we treat people who become ill. What we don't do is do a very good job in keeping them healthy in the first place... We lose all the educational benefits, all the things we could be doing, all the things we ought to be doing, in terms of food safety... because the emphasis is on sickness. But I really don't think there's a conspiracy to make people sick so we can heal them. That I don't agree with."

 

Howard Dean

 

Leave the old and dying America and use your creative energies to help form a new America, which would be de-militarized, more humanistic, where the police are less hostile and closer to the community, where the wealthy are not given unleashed power for the exploitation of the people. And, mostly because it's now a matter of life and death, reassert an ecological balance with the environment, which means the people in the oil companies and the car companies and the space industry and all the other industries will have to be brought into account, so that there will be a new definition of government which has to be closer to the people and less close to special interests which are far more harmful than any revolutionaries.

 

Phil Ochs

 

In this crucial sense, the theory of punctuated equilibrium adopts a very conservative position. The theory asserts no novel claim about modes or mechanisms of speciation; punctuated equilibrium merely takes a standard microevolutionary model and elucidates its expected expression when properly scaled into geological time.

 

Stephen Jay Gould

 

Great leaders recognize that companies must innovate to remain competitive, and they nurture environments that encourage creative thinking... Innovation is rarely accidental — it takes an organizational commitment that starts at the executive level. The idea is not enough. As Thomas Edison said, innovation is 1% inspiration and 99% perspiration. Too often companies forget the ‘perspiration’ or execution part of the equation.

 

Gregory Balestrero