The change began with John Stuart Mill and the Utopians. When Mill pointed out that economics had no ultimate solution to the problem of distribution, that society might do with the fruits of its toil as it saw fit, he introduced into the mechanical calculus of the market a conflicting calculus of moral judgment.
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Chapter XI, Beyond the Economic Revolution, p. 307Robert Heilbroner
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In general the position as regards all such new calculi is this - That one cannot accomplish by them anything that could not be accomplished without them. However, the advantage is, that, provided such a calculus corresponds to the inmost nature of frequent needs, anyone who masters it thoroughly is able - without the unconscious inspiration of genius which no one can command - to solve the respective problems, yea to solve them mechanically in complicated cases in which, without such aid, even genius becomes powerless. Such is the case with the invention of general algebra, with the differential calculus, and in a more limited region with Lagrange's calculus of variations, with my calculus of congruences, and with Mobius's calculus. Such conceptions unite, as it were, into an organic whole countless problems which otherwise would remain isolated and require for their separate solution more or less application of inventive genius.
Carl Friedrich Gauss
PLEASURE and pain are undoubtedly the ultimate objects of the calculus of economics. To satisfy our wants to the utmost with the least effort - to procure the greatest amount of what is desirable at the expense of the least that is undesirable - in other words, to maximize pleasure, is the problem of economics.
William Stanley Jevons
Like John Stuart Mill, he would often begin by stating the other side better than its advocate had stated it himself.
Learned Hand
I am in full agreement, also, with Dr. Hayek's rebuttal of John Stuart Mill's well-known dictum that "there cannot, in short, be intrinsically a more insignificant thing, in the economy of society, than money," which he expresses admirably in the following passage from his last lecture: "it means also that the task of monetary theory is a much wider one than is commonly assumed; that its task is nothing less than to cover a second time the whole field which is treated by pure theory under the assumption of barter, and to investigate what changes in the conclusions of pure theory are made necessary by the introduction of indirect exchange. The first step towards a solution of this problem is to release monetary theory from the bonds which a too narrow conception of its task has created."
Friedrich Hayek
Rate of change is this mathematics known as Calculus. ... Now I hope you understand this, because I've never been able to make head nor tail of it. It must be some sort of a Black Magic operation, started out by the Luce cult — some immoral people who are operating up in New York City, Rockefeller Plaza — been thoroughly condemned by the whole society. Anyway, their rate-of-change theory — I've never seen any use for that mathematics, by the way — I love that mathematics, because it — I asked an engineer, one time, who was in his 6th year of engineering, if he'd ever used Calculus, and he told me yeah, once, once I did, he said. When did you use it? And he said I used it once. Let me see, what did you use it on? Oh yeah. Something on the rate-of-change of steam particles in boilers. And then we went out and tested it and found the answer was wrong.
L. Ron Hubbard
Heilbroner, Robert
Heimel, Cynthia
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