University Of Cambridge Alumni

"Philosophy is an activity: it is a way of thinking about certain sorts of question."

"One important reason for studying philosophy is that it deals with fundamental questions about the meaning of our existence."

"I regard Mr. Hawtrey as my grandparent and Mr. Robertson as my parent in the paths of errancy, and I have been greatly influenced by them."

"Hawtrey, I think one can see, came to favor the other way out. It is the fixed rate of exchange which imposes the international constraint; if that is abandoned, the Bank can recover its authority. A system in which the rate of exchange is free to move, while internal stability is maintained by a relentless application of the Bank Rate mechanism, is theoretically conceivable, and as a model is instructive. But it would seem to depend for its working upon the maintenance of confidence in some normal rate of exchange, from which the current rate would be supposed to diverge only more or less temporarily; and it is not easy to see how such confidence could be engendered."

"Once the gold standard was suspended, there could be no doubt of the purpose of that step. In face of the exchange risk the high rate could not possibly attract foreign money. It could only be intended as a safeguard against inflation. Fantastic fears of inflation were expressed. That was to cry, Fire, Fire, in Noah's Flood. It is after depression and unemployment have subsided that inflation becomes dangerous."

"To unstable money are to be traced nearly all our economic troubles since 1918: the unemployment of the inter-war period; the over-employment and scarcity of labour since the Second World War; the labour unrest incidental to perpetual wage demands; the hardships and dislocation caused by the declining value of small savings, annuities and endowments; the vexation of continual price rises even for those whose incomes on the whole keep pace with them; the collapse of the prices of Government securities through distrust of the unit in which they are valued."

"Economic theory, in every branch, deals with practical affairs. Its subject is human welfare, and it is never entirely dissociated from the practical question of how human welfare is to be promoted. But it is a special characteristic of the art of central banking that it deals specifically with the task of an authority directly entrusted with the promotion of human welfare. Human welfare, human motives, human behaviour supply material so baffling and elusive that many people are sceptical of the possibility of building a scientific edifice on so shifting a foundation. But however complex the material, and however imperfect the data, there is always an advantage to be gained from systematic thought."

"If each member of society can be induced or impelled to do his allotted task by associating it with some motive that appears to him adequate, then he need never know how he is contributing to the real end, and need not even be aware of the end at all. It is this problem of organization that we shall call the Economic Problem. It is in fact the real subject matter of political economy."

"Man is a rational animal, and if human affairs are hard to regulate, his twofold nature is usually the cause. Reason is something ultimate; it would be the same in another planet, or in another universe, as it is here. Animal nature is something contingent; it might have been different. Our life is a compromise, a blend between the animal and the rational."

"Indeed it would have been a mean-spirited course to go back on the century-old standard on account of so trifling a premium on gold, a premium which, as it turned out, the action of the market wiped out in a few months, before any of the provisions of the Act of 1819 had come into operation."

"The use of money does not disestablish the normal process of creating credit. Money, it is true, is always being paid into the banks by the retailers and others who receive it in the course of business, and they of course receive bank credits in return for the money thus deposited. But for the manufacturers and others who have to pay money out, credits are still created by the exchange of obligations, the banker's immediate obligation being given to his customer in exchange for the customer's obligation to repay at a future date. We shall still describe this dual operation as the creation of credit. By its means the banker creates the means of payment out of nothing, whereas when he receives a bag of money from his customer, one means of payment, a bank credit, is merely substituted for another, an equal amount of cash."

"The total effective demand for commodities in the market is limited to the number of units of money of account that dealers are prepared to offer, and the number they are prepared to offer over any period of time is limited according to the number they hope to receive."

"Mehrling: So you didn’t read at that time the classic banking texts, for example, Bagehot’s Lombard Street? Volcker: Well I read some of Bagehot, and I read a lot of Hawtrey. I remember I read a lot of Hawtrey. Mehrling: Currency and Credit? The Art of Central Banking? Volcker: I don’t remember the names of the books, just being in London. In those days I used to read The Economist and the Financial Times, so I kept up with what was going on in the money markets."

"Banks lend by creating credit. They create the means of payment out of nothing."

"When credit is expanding, the rising price level and high profits bring about a high rate of interest. When the expansion has reached, the limit permitted by the stock of gold, the rate of interest is put still higher in order to bring about a fall in the price level. When the fall in prices takes effect, a low rate of interest becomes appropriate, and when credit contraction has proceeded so far that a redundant supply of gold has accumulated, the rate of interest is depressed still lower in order to bring about a renewed rise in the price level. Thus a high rate of interest corresponds first with rising, then with falling, prices, and so synchronizes with high prices. A low rate of interest corresponds first with falling, and then with rising, prices, and so synchronizes with low prices."

"Scientific treatment of the subject of currency is impossible without some form of the quantity theory … but the quantity theory by itself is inadequate, and it leads up to the method of treatment based on what I have called the consumers’ income and the consumers’ outlay – that is to say, simply the aggregates of individual incomes and individual expenditures."

"If thoughtful individuals, well read in contemporary economic theory in the 1920s, had been asked at that time which economist was most likely to revolutionise twentieth-century monetary economics (and indeed had already started doing so), it is likely that, without hesitation, they would have given the name Ralph Hawtrey, rather than that of his rival, which we would now give, John Maynard Keynes."

"We were at an age when our beliefs influenced our behaviour, a characteristic of the young which it is easy for the middle-aged to forget, and the habits of feeling formed then still persist in a recognisable degree. It is those habits of feeling, influencing the majority of us, which make this Club a collectivity and separate us from the rest. They overlaid, somehow, our otherwise extremely diiferent characters-—Moore himself was a puritan and precisian, Strachey (for that was his name at that time) a Voltaircan, Woolf a rabbi, myself a nonconformist, Sheppard a conformist and (as it now turns out) an ecclesiastic, Clive a gay and amiable dog, Sydney-Turner a quietist, Hawtrey a dogmatist and so on."

"A great deal of misunderstanding is avoided if it be remembered that the terms infinity, infinite, zero, infinitesimal must be interpreted in connexion with their context, and admit a variety of meanings according to the way in which they are defined."

"It may fairly be said that the germs of the modern algebra of linear substitutions and concomitants are to be found in the fifth section of the Disquisitiones Arithmeticae; and inversely, every advance in the algebraic theory of forms is an acquisition to the arithmetical theory."

"The invention of the symbol ≡ by Gauss affords a striking example of the advantage which may be derived from an appropriate notation, and marks an epoch in the development of the science of arithmetic."

"Strictly speaking, the theory of numbers has nothing to do with negative, or fractional, or irrational quantities, as such. No theorem which cannot be expressed without reference to these notions is purely arithmetical: and no proof of an arithmetical theorem, can be considered finally satisfactory if it intrinsically depends upon extraneous analytical theories."

"That a formal science like algebra, the creation of our abstract thought, should thus, in a sense, dictate the laws of its own being, is very remarkable. It has required the experience of centuries for us to realize the full force of this appeal."

"As Gauss first pointed out, the problem of cyclotomy, or division of the circle into a number of equal parts, depends in a very remarkable way upon arithmetical considerations. We have here the earliest and simplest example of those relations of the theory of numbers to transcendental analysis, and even to pure geometry, which so often unexpectedly present themselves, and which, at first sight, are so mysterious."

"Mathews had a knowledge of Latin and Greek as minute and accurate as that generally possessed by professional classical scholars. He wrote pure and elegant Latin."

"Mathews was an accomplished classical scholar; and besides Latin and Greek he was proficient in Hebrew, Sanskrit and Arabic. He also possessed great musical knowledge and skill. His versatility led a colleague at Bangor to assert that Mathews could equally well fill four or more chairs at the college."

"Mathematics is the fruitful Parent of, I had almost said all, Arts, the unshaken Foundation of Sciences, and the plentiful Fountain of Advantage to Human Affairs. In which last Respect, we may be said to receive from the Mathematics, the principal Delights of Life, Securities of Health, Increase of Fortune, and Conveniences of Labour: That we dwell elegantly and commodiously, build decent Houses for ourselves, erect stately Temples to God, and leave wonderful Monuments to Posterity: That we are protected by those Rampires from the Incursions of the Enemy; rightly use Arms, skillfully range an Army, and manage War by Art, and not by the Madness of wild Beasts: That we have safe Traffick through the deceitful Billows, pass in a direct Road through the tractless Ways of the Sea, and come to the designed Ports by the uncertain Impulse of the Winds: That we rightly cast up our Accounts, do Business expeditiously, dispose, tabulate, and calculate scattered 248 Ranks of Numbers, and easily compute them, though expressive of huge Heaps of Sand, nay immense Hills of Atoms: That we make pacifick Separations of the Bounds of Lands, examine the Moments of Weights in an equal Balance, and distribute every one his own by a just Measure: That with a light Touch we thrust forward vast Bodies which way we will, and stop a huge Resistance with a very small Force: That we accurately delineate the Face of this Earthly Orb, and subject the Oeconomy of the Universe to our Sight: That we aptly digest the flowing Series of Time, distinguish what is acted by due Intervals, rightly account and discern the various Returns of the Seasons, the stated Periods of Years and Months, the alternate Increments of Days and Nights, the doubtful Limits of Light and Shadow, and the exact Differences of Hours and Minutes: That we derive the subtle Virtue of the Solar Rays to our Uses, infinitely extend the Sphere of Sight, enlarge the near Appearances of Things, bring to Hand Things remote, discover Things hidden, search Nature out of her Concealments, and unfold her dark Mysteries: That we delight our Eyes with beautiful Images, cunningly imitate the Devices and portray the Works of Nature; imitate did I say? nay excel, while we form to ourselves Things not in being, exhibit Things absent, and represent Things past: That we recreate our Minds and delight our Ears with melodious Sounds, attemperate the inconstant Undulations of the Air to musical Tunes, add a pleasant Voice to a sapless Log and draw a sweet Eloquence from a rigid Metal; celebrate our Maker with an harmonious Praise, and not unaptly imitate the blessed Choirs of Heaven: That we approach and examine the inaccessible Seats of the Clouds, the distant Tracts of Land, unfrequented Paths of the Sea; lofty Tops of the Mountains, low Bottoms of the Valleys, and deep Gulphs of the Ocean: That in Heart we advance to the Saints themselves above, yea draw them to us, scale the etherial Towers, freely range through the celestial Fields, measure the Magnitudes, and determine the Interstices of the Stars, prescribe inviolable Laws to the Heavens themselves, and confine the wandering Circuits of the Stars within fixed Bounds: Lastly, that we comprehend the vast Fabrick of the Universe, admire and contemplate the wonderful Beauty of the Divine 249 Workmanship, and to learn the incredible Force and Sagacity of our own Minds, by certain Experiments, and to acknowledge the Blessings of Heaven with pious Affection."

"For to pass by those Ancients, the wonderful Pythagoras, the sagacious Democritus, the divine Plato, the most subtle and very learned Aristotle, Men whom every Age has hitherto acknowledged as deservedly honored, as the greatest Philosophers, the Ring-leaders of Arts; in whose Judgments how much these Studies [mathematics] were esteemed, is abundantly proclaimed in History and confirmed by their famous Monuments, which are everywhere interspersed and bespangled with Mathematical Reasonings and Examples, as with so many Stars; and consequently anyone not in some Degree conversant in these Studies will in vain expect to understand, or unlock their hidden Meanings, without the Help of a Mathematical Key: For who can play well on Aristotle’s Instrument but with a Mathematical Quill; or not be altogether deaf to the Lessons of natural Philosophy, while ignorant of Geometry? Who void of (Geometry shall I say, or) Arithmetic can comprehend Plato’s 218 Socrates lisping with Children concerning Square Numbers; or can conceive Plato himself treating not only of the Universe, but the Polity of Commonwealths regulated by the Laws of Geometry, and formed according to a Mathematical Plan?"

"The Mathematics which effectually exercises, not vainly deludes or vexatiously torments studious Minds with obscure Subtilties, perplexed Difficulties, or contentious Disquisitions; which overcomes without Opposition, triumphs without Pomp, compels without Force, and rules absolutely without Loss of Liberty; which does not privately overreach a weak Faith, but openly assaults an armed Reason, obtains a total Victory, and puts on inevitable Chains; whose Words are so many Oracles, and Works as many Miracles; which blabs out nothing rashly, nor designs anything from the Purpose, but plainly demonstrates and readily performs all Things within its Verge; which obtrudes no false Shadow of Science, but the very Science itself, the Mind firmly adheres to it, as soon as possessed of it, and can never after desert it of its own Accord, or be deprived of it by any Force of others: Lastly the Mathematics, which depend upon Principles clear to the Mind, and agreeable to Experience; which draws certain Conclusions, instructs by profitable Rules, unfolds pleasant Questions; and produces wonderful Effects; which is the fruitful Parent of, I had almost said all, Arts, the 47 unshaken Foundation of Sciences, and the plentiful Fountain of Advantage to human Affairs."

"Smiling always with a never fading serenity of countenance, and flourishing in an immortal youth."

"Virtue is not a mushroom, that springeth up of itself in one night when we are asleep, or regard it not; but a delicate plant, that groweth slowly and tenderly, needing much pains to cultivate it, much care to guard it, much time to mature it, in our untoward soil, in this world's unkindly weather."

"Thus we see that in the time of Barrow, Newton, and Leibniz the ground had been surveyed, and in many directions levelled; all the material was at hand, and it only wanted the master mind to "finish the job." This was possible in two directions, by geometry or by analysis; each method wanted a master mind of a totally different type, and the men were forthcoming. For geometry, Barrow; for analysis, Newton, and Leibniz with his inspiration in the matter of the application of the simple and convenient notation of his calculus of s to s and to geometry. With all due honour to these three mathematical giants, however, I venture to assert that their discoveries would have been well-nigh impossible... if they had lived a hundred years earlier; with the possible exception of Barrow, who, being a geometer, was more dependent on the ancients and less on the moderns of his time than were the two analysts, they would have been sadly hampered but for the preliminary work of Descartes and the others I have mentioned (and some I have not—such as Oughtred), but especially Descartes."

"Here then we have all the essentials for the calculus; but only for explicit integral algebraic functions, needing the binomial expansion of Newton, or a general method of rationalization which did not impose too great algebraic difficulties, for their further development; also, on the authority of Poisson, Fermat is placed out of court, in that he also only applied his method to certain special cases. Following the lead of Roberval, Newton subsequently used the third definition of a tangent, and the idea of time as the independent variable, although this was only to insure that one at least of his working variables should increase uniformly. This uniform increase of the independent variable would seem to have been usual for mathematicians of the period and to have persisted for some time; for later we find with Leibniz and the Bernoullis that d(dy/dx) = (d2y/dx2)dx. Barrow also used time as the independent variable in order that, like Newton, he might insure that one of his variables, a moving point or line or superficies, should proceed uniformly; ...Barrow... chose his own definition of a tangent, the second of those given above; and to this choice is due in great measure his advance over his predecessors. For his areas and volumes he followed the idea of Cavalieri and Roberval."

"Fermat... adopted Kepler's notion of the increment of the variable becoming evanescent near a maximum or minimum value, and upon it based his method of drawing tangents. Fermat's method of finding the maximum or minimum... involved the differentiation of any explicit algebraic function, in the form that appears in any beginner's text book of today (though Fermat does not seem to have the "function" idea); that is, the maximum or minimum values of f(x) are the roots of f'(x) = 0, where f'(x) is the limiting value of [f(x+h) - f(x)]/h; only Fermat uses the letter e or E instead of h."

"What Cavalieri and Roberval did for the integral calculus, Descartes... accomplished for the differential branch by his... application of algebra to geometry. Cartesian coordinates made possible the extension of... drawing... tangents to... curves of any kind. ...[H]e habitually used the index notation ...this had a very great deal to do with ...Newton's discovery of the general binomial expansion and of many other infinite series. Descartes failed, however, to make... great progress... in... drawing of s, owing to... an unfortunate choice of a definition for a tangent to a curve in general. Euclid's circle-tangent definition being more or less hopeless in the general case, Descartes had the choice of three:—"

"The next step was... more analytical... [B]y the method of indivisibles, Wallis... reduced... many areas and volumes to... the series (0^m + 1^m + 2^m +... n^m) / (n + 1)n^m, i.e. the ratio of the mean of all the terms to the last term, for integral values of n; and later he extended his method, by a theory of , to fractional values of n. Thus the idea of the Integral Calculus was in a fairly advanced stage in the days immediately antecedent to Barrow."

"In 1635 Cavalieri published a theory of "indivisibles," in which he considered a line as made up of an infinite number of points, a superficies as composed of a succession of lines, and a solid as a succession of superficies, thus laying the foundation for the "aggregations" of Barrow. Roberval seems... first, or... an independent, inventor of the method; but he lost credit... because he did not publish it, preferring to keep the method... for his own use... a usual thing... of that time, due perhaps to... professional jealousy. The method was severely criticized... especially by Guldin, but Pascal... showed that the method of indivisibles was as rigorous as... exhaustions... they were practically identical. ...[T]he progress... is much indebted to this defence by Pascal. Since this method is... analogous to... integration, Cavalieri and Roberval have... claim... as... inventors of... one branch of the calculus; if it were not for the fact that they only applied it to special cases, and seem... unable to generalize... owing to cumbrous algebraical notation, or to have failed to perceive the inner meaning... concealed under a geometrical form. Pascal... applied the method with great success, but also to special cases only; such as his work on the ."

"Galileo... would appear to have led the way, by the introduction of the theory of composition of motions into mechanics; he also was one of the first to use infinitesimals in geometry, and from... what is equivalent to "virtual velocities" it is... inferred that the idea of time as the independent variable is due to him. Kepler... was the first to introduce... infinity into geometry and to note that the increment of a variable was evanescent for values of the variable in the immediate neighbourhood of a maximum or minimum; in 1613, an abundant vintage drew his attention to the defective methods in use for estimating the cubical contents of vessels, and his essay on the subject (Nova Stereometria Doliorum) entitles him to rank amongst those who made the discovery of the infinitesimal calculus possible."

"The beginnings of the Infinitesimal Calculus... arose from determinations of areas and volumes, and the finding of tangents to plane curves. The ancients attacked the problems in a strictly geometrical manner, making use of the "s." ... This was the method by means of which Archimedes proved most of his discoveries. But there seems to have been some distrust of the method, for we find... many... discoveries... proved by a '..."

"I have used three distinct kinds of type: the most widely spaced type has been used for Barrow’s own words; only very occasionally have I inserted anything of my own in this, and then it will be found enclosed in heavy square brackets, that the reader will have no chance of confusing my explanations with the text... Barrow makes use of parentheses very frequently, so that the reader must understand that only remarks in heavy square brackets are mine... The small type is used for footnotes only. In the notes I... use the Leibniz notation, because it will... convey my meaning better; but there was really no absolute necessity for this, Barrow’s a and e, or its modern equivalent, h and k, would have done quite as well."

"I have to all intents rewritten Barrow’s book; although throughout I... adhered... to Barrows own words. I have only retained those parts which seemed... essential for the purpose in hand. This was necessary... that room might be found for... critical notes on the theorems.., proofs omitted by Barrow, which when given in Barrow’s style, and afterwards translated into analysis, had an important bearing on the point as to how he found out the more difficult of his constructions; and lastly for deductions therefrom that point steadily, one after the other, to the fact that Barrow was writing a calculus and knew that he was inventing a great thing."

"[T]he conclusion is the effect of a gradual accumulation of evidence... I have given a wholly inadequate account of the work of Barrow’s immediate predecessors; but... to a sufficiency for... showing... the time was... ripe for the work of Barrow, Newton, and Leibniz."

"Only on completing my annotation of the last chapter of this volume, Lect. XII, App. III, did I come to the conclusion that is given as the opening sentence of this Preface; for I then found that a batch of theorems.., on careful revision, turned out to be the few missing standard forms, necessary for completing the set for integration; and that one of his problems was a practical rule for finding the area under any curve, such as would not yield to the theoretical rules he had given, under the guise of an "inverse-tangent" problem."

"My attention was arrested by a theorem in which Barrow... rectified the cycloid, which... has usually been ascribed to Sir C. Wren. ...What I found induced me to treat a number of the theorems ...I came to the conclusion that Barrow had got the calculus; but I queried even then whether Barrow himself recognized the fact."

"Leibniz bought a copy of Barrow’s work in 1673, and was able "to communicate a candid account of his calculus to Newton" in 1677. In... the face of Leibniz’ persistent denial that he received any assistance whatever from Barrow’s book... bear... in mind Leibniz’ twofold idea of the "calculus":— (i) the freeing of the matter from geometry, (ii) the adoption of a convenient notation. ...[O]n these two points ...he derived not the slightest assistance from Barrow’s work; for the first ...would be dead against Barrow’s practice and instinct, and of the second Barrow had no knowledge whatever. ...[F]or [these points] ...the world has to thank Leibniz; but their inception does not mean the invention of the infinitesimal calculus. This, the epitome of the work of his predecessors, and its completion by his own discoveries until it formed a perfected method of dealing with the problems of tangents and areas for any curve in general, i.e. ...the differentiation and integration of any function whatever (such as were known in Barrow’s time), must be ascribed to Barrow."

"During the next year Newton began to "reflect on his method of fluxions," and actually did produce his Analysis per Æquationes. This, though composed in 1666, was not published until 1711."

"He further developed... [infinitesimal calculus] in the years 1662-3-4, and in the latter year probably had it fairly complete. In this year he communicated to Newton the great secret of his geometrical constructions... and it was probably this that set Newton to... attempt to express everything as a sum of powers of the variable."

"Barrow was familiar with the paraboliforms, and s and areas connected with them, in from 1655 to 1660 at the very latest; hence he could... differentiate and integrate by his own method any rational positive power of a variable, and thus also a sum of such powers."

"By the "Infinitesimal Calculus," I intend "a complete set of standard forms for both the differential and integral sections of the subject, together with rules for their combination, such as for a product, a quotient, or a power of a function; and also a recognition and demonstration of the fact that differentiation and integration are inverse operations.""

"Isaac Barrow was the first inventor of the Infinitesimal Calculus; Newton got the main idea of it from Barrow by personal communication; and Leibniz also was in some measure indebted to Barrow’s work, obtaining confirmation of his own original ideas, and suggestions for their further development, from the copy of Barrow’s book that he purchased in 1673."