Quotes in Economics
On Arsene Wenger, Arsenal & Economics
| "Though already planning a life in football, Wenger went to university to study economics ... of the million or so Britons who call themselves Arsenal fans, approximately none appears unhappy with Wenger. Besides transforming their club, the Alsation has created several great players and changed British football management. The game needs more economists-turned-youth coaches." Simon Kuper, On Sport, Financial Times, May 17/18, 2003 |
On Choosing Assumptions
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"I adhere to the view that the main objective of economic theory is to deduce interesting relationships between concepts that appear in our reasoning on interactive situations. Adopting this approach makes it important to examine the plausibility of the assumptions, and not only the conclusions." Ariel Rubinstein (1998), Modeling Bounded Rationality, MIT Press. |
On the Purpose of a Theoretical Model
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"The purpose of every theoretical model is to define an equilibrium concept that yields a unique solution for endogenous variables for given values of the model's parameters." Oz Shy (2001), The Economics of Network Industries, Cambridge University Press. |