The striking parallel between the economic models that are … - Arnold Tustin

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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.

Arnold Tustin

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About Arnold Tustin

Arnold Tustin (July 16, 1899 – January 9, 1994) was a British engineer, and Professor of Engineering at the University of Birmingham and at Imperial College London, who made important contributions to the development of control engineering and its application to electrical machines.

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Ragnar Frisch Kenneth E. Boulding W. Brian Arthur Jay Wright Forrester Paul Ormerod

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Methods by which engineers stabilise their mechanisms suggest analogous possibilities for stabilising economic systems.

Feedback: It is the fundamental principle that underlies all self-regulating systems, not only machines but also the processes of life and the tides of human affairs.

The topic that I have attempted to explore is the usefulness of these notions of the engineer, about feeds-back, harmonic components and the like, in application to the analogous problems of economic fluctuation and economic regulation.

The striking parallel between the economic models that are currently under discussion and some engineering systems suggests the hope that in some way… - Arnold Tustin

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