8 quotes
Actual economic systems are constantly subjected to change and disturbances, which would result in irregularity.
The Mechanism of Economic Systems (1953)
Consideration of a further possibility, namely that of constructing physical systems that are analogues of the economic system, and of observing and recording their behaviour.
The Mechanism of Economic Systems (1953)
The analysis of engineering systems and the understanding of economic structure have advanced since then, and the time is now more ripe to bring these topics into a potentially fruitful marriage.
The Mechanism of Economic Systems (1953)
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.
The Mechanism of Economic Systems (1953)
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 Mechanism of Economic Systems (1953)
The ‘theory of control systems’ in engineering is now a well-developed subject, making use of some remarkably powerful concepts and methods of analysis, especially in relation to problems of stabilization and the prevention of unwanted oscillations.
The Mechanism of Economic Systems (1953)
An economic system is not a linear system, and... this fact stands in the way of the determination of the parameters of the system by methods that presume linearity, and... it introduces great difficulties in the extrapolation from past behaviour for purposes of prediction.
The Mechanism of Economic Systems (1953)
The separate excitation of the dynamo corresponds with the independently determined investment in the economic model, and the total excitation with income. Perhaps in this electrical age, the conventional metaphor of ‘priming the pump’ might be dropped in favour of ‘exciting the dynamo’.
The Mechanism of Economic Systems (1953)