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Economists can never be free of from difficulties unless they will distinguish between a theory and the application of a theory.
--
Chapter IV, Theory of Exchange, p. 108

 

William Stanley Jevons

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Fifth Theory.—This is our theory, or that of our Law. ...The theory of man's perfectly free will is one of the fundamental principles of the Law of our teacher Moses, and of those who follow the Law. According to this principle man does what is in his power to do, by his nature, his choice, and his will; and his action is not due to any faculty created for the purpose. All species of irrational animals likewise move by their own free will. This is the Will of God; that is to say, it is due to the eternal divine will that all living beings should move freely, and that man should have the power to act according to his will or choice within the limits of his capacity.

 

Maimonides

 

Any physical theory is always provisional, in the sense that it is only a hypothesis: you can never prove it. No matter how many times the results of experiments agree with some theory, you can never be sure that the next time the result will not contradict the theory. On the other hand, you can disprove a theory by finding even a single observation that disagrees with the predictions of the theory. As philosopher of science Karl Popper has emphasized, a good theory is characterized by the fact that it makes a number of predictions that could in principle be disproved or falsified by observation. Each time new experiments are observed to agree with the predictions the theory survives, and our confidence in it is increased; but if ever a new observation is found to disagree, we have to abandon or modify the theory.

 

Stephen Hawking

 

"The issue of 'science' does not intrude itself directly upon the occasion of the performance of a musical work, at least a non-electronically produced work, since—as has been said—there is at least a question as to whether the question as to whether musical composition is to be regarded as a science or not is indeed really a question; but there is no doubt that the question as to whether musical discourse or—more precisely—the theory of music should be subject to the methodological criteria of scientific method and the attendant scientific language is a question, except that the question is really not the normative one of whether it 'should be' or 'must be,' but the factual one that it is, not because of the nature of musical theory, but because of the nature and scope of scientific method and language, whose domain of application is such that if it is not extensible to musical theory, then musical theory is not a theory in any sense in which the term ever has been employed. This should sound neither contentious nor portentous, rather it should be obvious to the point of virtual tautology.”

 

Milton Babbitt

 

It is probable that when future historians of economic thought look back over this century, the thirties will appear as an era of rapid development in economic theory. Not only has there been unusual activity in monetary theory, theory of value. but extensive transformations have also been made in the basic theory of value. The outstanding publications in this field are, of course, Joan Robinson's Theory of Imperfect Competition and Chamberlin's Theory of Monopolistic Competition, the first produced in Cambridge, England, and the second in Cambridge, Massachusetts. These volumes mark the explicit recognition of the theory of the firm as an integral division of economic analysis upon which rests the whole fabric of equilibrium theory. General equilibrium is nothing more than the problem of the interaction of individual economic organisms, under various conditions and assumptions; as a necessary preliminary to its solution, an adequate theory of the individual organism itself is necessary.

 

Kenneth Boulding

 

Third Theory.—According to this theory, there is nothing in the whole Universe... that is due to chance; everything is the result of will, intention, and rule. It is a matter of course that he who rules must know. The Mohametan Ashariyah adhere to this theory, notwithstanding evident absurdities implied in it. ...The Ashariyah were therefore compelled to assume that motion and rest of living beings are predestined, and that it is not in the power of a man to do a certain thing or to leave it undone. ...It follows also from this theory, that precepts are perfectly useless, since the people to whom any law is given... can neither do what they are commanded nor abstain from what they are forbidden. ...According to this theory, it must also be assumed that the actions of God have no final cause. All these absurdities are admitted by the Ashariyah for the purpose of saving this theory.

 

Maimonides