Kenneth Boulding - Economists Quotes

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Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist.

Kenneth Boulding
Physicists can only talk to other physicists and economists to economists... sociologists often cannot even understand each other.

Kenneth Boulding
Economists and technologists bring the "bits", but it requires the social scientists and humanists to bring the "wits."

Kenneth Boulding
The essential measure of the success of the economy is not production and consumption at all, but the nature, extent, quality, and complexity of the total capital stock, including in this the state of the human bodies and minds included in the system. In the spaceman economy, what we are primarily concerned with is stock maintenance, and any technological change which results in the maintenance of a given total stock with a lessened throughput (that is, less production and consumption) is clearly a gain. This idea that both production and consumption are bad things rather than good things is very strange to economists, who have been obsessed with tile income-flow concepts to the exclusion, almost, of capital-stock concepts.

Kenneth Boulding
What might be called, perhaps somewhat grandiloquently, the Epistemological Question has received rather scant attention at the hands of economists. There are, of course, a number of epistemological questions, some of which lie more in the province of the philosopher than they do the economist or the social sceintist. The one with which I am particularly concerned here is that of the role of knowledge in social systems, both as a product of the past and as a determinant of the future.

Kenneth Boulding
The ability to work with systems of general equilibrium is perhaps one of the most important skills of the economist — a skill which he shares with many other scientists, but in which he has perhaps a certain comparative advantage.

Kenneth Boulding
There are, of course, a number of epistemological questions, some of which lie more in the province of the philosopher than they do the economist or the social scientist. The one with which I am particularly concerned here is that of the role of knowledge in social systems, both as a product of the past and as a determinant of the future.

Kenneth Boulding
Physicists only talk to physicists, economists to economists-worse still, nuclear physicists only talk to nuclear physicists and econometricians to econometricians. One wonders sometimes if science will not grind to a stop in an assemblage of walled-in hermits, each mumbling to himself words in a private language that only he can understand.

Kenneth Boulding
In spite of the moderate usefulness of what the economist has to say on this subject... there is a cry for a cultural anthropologist or even a psychologist when the economist runs into sacred cows, extended families, traditional motivations, levels of achievement, and social morale, all of which may be more important to economic development than any of the traditional economic variables. We still await a true synthesis of the insights of economics with those of other social sciences in the area

Kenneth Boulding
[The notion of equilibrium] is a notion which can be employed usefully in varying degrees of looseness. It is an absolutely indispensable part of the toolbag of the economist and one which he can often contribute usefully to other sciences which are occasionally apt to get lost in the trackless exfoliations of purely dynamic systems.

Kenneth Boulding
We have defined the main task of economic analysis as the explanation of the magnitudes of economic quantities. The student will find also that the main part of this, as of most other works on the subject, is concerned with the theory of the determination of prices, wages, interest rates, incomes, and the like. He may well inquire, therefore, in the midst of so much mathematics, whether the first task of economics is not the investigation of wealth, or welfare. Some economists have endeavored to restrict the boundaries of the science to the investigation of those quantities which are numerically measurable. Well-being, under such a restriction, would not be part of economics at all.

Kenneth Boulding
A distinguished economist, on being asked to define the subject matter of his science, once replied, "Economics is what economists do."

Kenneth Boulding
It is almost as hard to define mathematics as it is to define economics, and one is tempted to fall back on the famous old definition attributed to Jacob Viner, Economics is what economists do, and say that mathematics is what mathematicians do. A large part of mathematics deals with the formal relations of quantities or numbers.

Kenneth Boulding
In view of the importance of philanthropy in our society, it is surprising that so little attention has been given to it by economic or social theorists. In economic theory, especially, the subject is almost completely ignored. This is not, I think, because economists regard mankind as basically selfish or even because economic man is supposed to act only in his self-interest; it is rather because economics has essentially grown up around the phenomenon of exchange and its theoretical structure rests heavily on this process.

Kenneth Boulding
It [knowledge] is clearly related to information, which we can now measure; and an economist especially is tempted to regard knowledge as a kind of capital structure, corresponding to information as an income flow. Knowledge, that is to say, is some kind of improbable structure or stock made up essentially of patterns — that is, improbable arrangements, and the more improbable the arrangements, we might suppose, the more knowledge there is.

Kenneth Boulding
One of the most important skills of the economist, therefore, is that of simplification of the model. Two important methods of simplification have been developed by economists. One is the method of partial equilibrium analysis (or microeconomics), generally associated with the name of Alfred Marshall and the other is the method of aggregation (or macro-economics), associated with the name of John Maynard Keynes.

Kenneth Boulding
The concept of need is often looked upon rather unfavorably by economists, in contrast with the concept of demand. Both, however, have their own strengths and weaknesses. The need concept is criticized as being too mechanical, as denying the autonomy and individuality of the human person, and as implying that the human being is a machine which "needs" fuel in the shape of food, engine dope in the shape of medicine, and spare parts provided by the surgeon.

Kenneth Boulding