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As far as the use of mathematics in economics is concerned, there is an abundance of formulas where such are not needed. They are frequently introduc… - Oskar Morgenstern
" "As far as the use of mathematics in economics is concerned, there is an abundance of formulas where such are not needed. They are frequently introduced, one fears, in order to show off. The more difficult the mathematical theorem, the more esoteric the name of the mathematician quoted, the better.
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About Oskar Morgenstern
Oskar Morgenstern (January 24, 1902 – July 26, 1977) was a German-born economist, and prominent member of the Austrian School of Economics before the Second World War. Later in collaboration with mathematician John von Neumann, he founded the mathematical field of game theory and its application to economics. Companies he served as founder/co-founder included Market Research Corporation of America, and Mathematica Policy Research Inc.
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Additional quotes by Oskar Morgenstern
All economic decisions, whether private or business, as well as those involving economic policy, have the characteristic that quantitative and non-quantitative information must be combined into one act of decision. It would be desirable to understand how these two classes of information can best be combined.
Recovery is therefore something much more elemental. It aims at continuation of life, on a simple and primitive basis. From mere survival, in view of perhaps a hundred million people killed within a few days, to the construction of a society which adheres to the lofty ideas we cherish today is a long way. And the survivors may develop ideals so different from ours that we may not recognize the country— should we live to make the comparison, or, living, should we care to make it even if we could.
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