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Gunnar Myrdal - Quantities Quotes

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An important distinction exists between prospective and retrospective methods of calculating economic quantities such as incomes, savings, and investments; and... a corresponding distinction of great theoretical importance must be drawn between two alternative methods of defining these quantities. Quantities defined in terms of measurements made at the end of the period in question are referred to as ex post; quantities defined in terms of action planned at the beginning of the period in question are referred to as ex ante.

Gunnar Myrdal
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Some of these quantities refer directly to a point of time. That is true of "capital value" as also of such quantities as demand and supply prices. Other terms – as e. g. "income", "revenue", "return", "expenses", "savings", "investments" – imply, however, a time period for which they are reckoned. But in order to be unambiguous they must also refer to a point of time at which they are calculated.

Gunnar Myrdal

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What we observe is not nature itself but nature exposed to our method of questioning. Our scientific work in physics consists in asking questions about nature in the language that we possess and trying to get an answer from experiment by the means that are at our disposal.
Werner Heisenberg

Gunnar Myrdal

Gunnar Myrdal
Creative Commons

Born: December 6, 1898
Died: May 17, 1987 (aged 88)
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