Arnold Tustin Quotes
14 Sourced Quotes
The separate excitation of the dynamo corresponds with the independently determined investment in the economic model, and the total excitation with income. Perhaps in this electrical age, the conventional metaphor of 'priming the pump' might be dropped in favour of 'exciting the dynamo'.
The striking parallel between the economic models that are currently under discussion and some engineering systems suggests the hope that in some way the rapid progress in the development of the theory and practice of automatic control in the world of engineering may contribute to the solution of the economic problems.
Once a full-employment policy has been adopted... the economic 'system' just on that account is significantly different. Its equilibrium position has been shifted to a rising curve of trend close to and following the employment ceiling. The conditions of stability about this new level are radically different because the region of operation is now within the less flexible and sharply non-linear range of employment saturation