Government economic policy, like almost any realistic decision problem, has two fundamental characteristics: it is sequential and it is uncertain. - Kenneth Arrow

The aim of achieving an equal distribution of political power requires a restriction on the inequalities of wealth and income.

According to this point of view, knowledge is, so to speak, a by-product of production or of investment. In research, on the contrary, it can be said that knowledge is the primary product. The distinction between products and by-products is not important for ordinary goods, because in a competitive regime the marginal costs of the two must be equal. But since knowledge does not have the normal properties of an economic good, it is necessary to study each mode of its production.

Uncertainty means that we do not have a complete description of the world which we fully believe to be true.