Nobel Laureates From England

"While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one."

"There is much of economic theory which is pursued for no better reason than its intellectual attraction; it is a good game. We have no reason to be ashamed of that, since the same would hold for many branches of pure mathematics."

"The purpose of income calculations in practical affairs is to give people an indication of the amount which they can consume without impoverishing themselves. Following out this idea, it would seem that we ought to define a man's income as the maximum value which he can consume during a week, and still expect to be as well off at the end of the week as he was at the beginning."

"Income No. 3 must be defined as the maximum amount of money which the individual can spend this week, and still be able to spend the same amount in real terms in each ensuing week."

"So long as we confine our attention to income from property, and leave out of account any increment or decrement in the value of prospects due to changes in people's own earning power (accumulation or decumulation of “Human Capital”), Income No. 1 ex post is not a subjective affair, like other kinds of income; it is almost completely objective."

"The standard stream corresponding to Income No. 3 is constant in real terms... We ask... how much he would be receiving if he were getting a standard stream of the same present value as his actual expected receipts. This amount is his income."

"We must give the system sufficient factors of stability to enable it to work; but we must not assume that these forces are so powerful as to prevent the system from being liable to fluctuations. There must be a tendency to rigidity of certain prices, particularly wage-rates; but there must also be a tendency to rigidity of certain price-expectations as well, in order to provide an explanation for the rigidity of these prices... Indeed we should do better to assume a good deal of variation in different people’s elasticities of expectations... Of course the way in which a population is divided with respect to this sort of sensitivity will vary very much in different circumstances... We have to be prepared to deal with a range of possible cases, varying from that of a settled community, which has been accustomed to steady conditions in the past (and which, for that reason, is not easily disturbed in the present), to that of a community which has been exposed to violent disturbances of prices (and which may have to be regarded, in consequence, as being economically neurotic."

"I remember Robbins asking me if I could turn the Hayek model into mathematics... it began to dawn on me that... the model must be better specified. It was claimed that, if there were no monetary disturbance, the system would remain in 'equilibrium'. What could such an equilibrium mean? This, as it turned out, was a very deep question; I could do no more, in 1932, than make a start at answering it. I began by looking at what had been said by... Pareto and Wicksell. Their equilibrium was a static equilibrium, in which neither prices nor outputs were changing... That, clearly, would not do for Hayek. His 'equilibrium' must be progressive equilibrium, in which real wages, in particular, would be rising, so relative prices could not remain unchange … The next step in my thinking, was … equilibrium with perfect foresight. Investment of capital, to yield its fruit in the future, must be based on expectations, of opportunities in the future. When I put this to Hayek, he told me that this was indeed the direction in which he had been thinking. Hayek gave me a copy of a paper on 'intertemporal equilibrium', which he had written some years before his arrival in London; the conditions for a perfect foresight equilibrium were there set out in a very sophisticated manner."

"The 'new theory of money and the cycle' which is spoken of in the opening paragraph is of course Hayek's. It was from Hayek that I began - where I got to will be seen. Even at the end, I was minimising my differences from Hayek. I could do so because, as I have elsewhere explained (Economic Perspectives, p. 141n), I still thought, like Pigou and Robertson, and Hayek, but by that time unlike Keynes, that 'we were talking about fluctuations, which, since they did not result in complete collapse or complete explosion, could not have engendered an expectation of going on forever. Booms could then be considered as times of high prices, slumps as times of low prices - with regard to some norm, which throughout the which throughout the fluctuations would not be changed, or not much changed'."

"There were four years, 1931-1935, when I was myself a member of Hayek's seminar in London; it has left a deep mark on my thinking... At the end of the discussions in that seminar … we were, I believe, on the point of taking what now seems to me to be a decisive step. I was, at least, on the point of taking it myself. There is evidence for that in my "Value and Capital", much of the groundwork for which was done before I left London."

"Hayek was making us think of the productive process as a process in time, inputs coming before outputs."

"I did not begin from Keynes: I began from Pareto, and Hayek."

"Anyway, I enrolled in Economics and one of the things I read was a brand new book, Hick's Value and Capital. You know, after reading though the mish-mash like Marshall and things like that, suddenly there was this clear, well-organized view, you knew exactly what was happening. Just the sort of thing to appeal to me. There was a whole, messy, confused literature on capital theory; all those great debates between Knight and von Hayek and all that. And now here was just the idea of dated commodities and suddenly scales fell from your eyes. A simple idea like dated commodities made whole issues transparent. But as I read Hicks, I could see there were things left out. I turned to this again when I returned from the War, which was really pretty much of a hiatus in any work I was doing - I was gone and very busy for about three and a half years. I had done all my examinations before I had left. So now it was just a question of my thesis. I decided to take Value and Capital and redo it properly. I could see all kinds of specific points that were of concern. I wanted to combine it with Samuelson's stability theory, which he had developed in the meanwhile, the papers on dynamic stability in '41 and '42. Maybe I would add some stochastic elements to the story because as a student of probability and statistics theory I could see noise in the system. Well, it was a lifetime of work, really; it was a very unrealistic thesis."

"Sir John Hicks (1904–89) was a leading economic theorist of the twentieth century, and along with Kenneth Arrow was awarded the Nobel Prize in 1972. His work addressed central topics in economic theory, such as value, money, capital, and growth. An important unifying theme was the attention to economic rationality ‘in time’ and his acknowledgment that apparent rigidities and frictions might exert a positive role as a buffer against excessive fluctuations in output, prices, and employment. This emphasis on the virtue of imperfection significantly distances Hicksian economics from both the Keynesian and monetarist approaches."

"The British economist John Hicks is known for four contributions. The first is his introduction of the idea of the elasticity of substitution... His second major contribution is his invention of what is called the , a graphical depiction of the argument John Maynard Keynes gave in his ' (1936) about how an economy could be in equilibrium with less than full employment... Hicks’s third major contribution is his 1939 book ', in which he showed that most of what economists then understood and believed about value theory (the theory about why goods have value) can be derived without having to assume that utility is measurable... Hicks’s fourth contribution is the idea of the compensation test."

"Science is, on the whole, an informal activity, a life of shirt sleeves and coffee served in beakers."

"There are some great men of science whose charm consists in having said the first word on a subject, in having introduced some new idea which has proved fruitful; there are others whose charm consists perhaps in having said the last word on the subject, and who have reduced the subject to logical consistency and clearness. I think by temperament Lord Rayleigh belonged to the second group."

"The only merit of which I personally am conscious was that of having pleased myself by my studies, and any results that may be due to my researches were owing to the fact that it has been a pleasure for me to become a physicist."

"In science by a fiction as remarkable as any to be found in law, what once been published even though it be in the Russian language, is spoken of as known, and it is too often forgotten that the rediscovery in the library may be a more difficult and uncertain process than the first discovery in the laboratory."

"The history of this paper suggests that highly speculative investigations, especially by an unknown author, are best brought before the world through some other channel than a scientific society, which naturally hesitates to admit into its printed records matter of uncertain value. Perhaps one may go further, and say that a young author who believes himself capable of great things would usually do well to secure the favourable recognition of the scientific world by work whose scope is limited, and whose value is easily judged, before embarking upon higher flights."

"Without encroaching upon grounds appertaining to the theologian and the philosopher, the domain of natural sciences is surely broad enough to satisfy the wildest ambition of its devotees. In other departments of human life and interest, true progress is rather an article of faith than a rational belief; but in science a retrograde movements is, from the nature of the case, almost impossible. Increasing knowledge brings with it increasing power, and great as are the triumphs of the present century, we may well believe that they are but a foretaste of what discovery and invention have yet in store for mankind. … The work may be hard, and the discipline severe; but the interest never fails, and great is the privilege of achievement."

"Sometimes one can improve the theories in the sense of discovering a quicker, more efficient way of doing a given calculation."

"Chemistry has been termed by the physicist as the messy part of physics, but that is no reason why the physicists should be permitted to make a mess of chemistry when they invade it."

"Some of the beliefs and legends bequethed to us by Antquity are so universally and firmly established that we have become accustomed to consider them as being almost as ancient as humanity itself. Nevertheless we are tempted to inquire how far the fact that some of these beliefs and legends have so many features in common is due to chance, and wether the similarity between them may not point to the exestience of an ancient, totally unknown and unsuspected civilization of which all other traces have disappeared."

"As scientific men we have all, no doubt, felt that our work has been put often to base uses, which must lead to disaster. But what sin is to the moralist and crime to the jurist so to the scientific man is ignorance. On our plane knowledge and ignorance are the immemorial adversaries. Scientific men can hardly escape the charge of ignorance with regard to the precise effect of the impact of modern science upon the mode of living of the people and upon their civilisation. For them, such a charge is worse than that of crime."

"When you look at a vacuum in a quantum theory of fields, it isn't exactly nothing."

"It's very nice to be right sometimes ... it has certainly been a long wait."

"Higgs mechanism should be renamed the “ABEGHHK'tH mechanism”"

"The point came when people were doing things I didn't feel competent to do myself. I'm not being modest, I honestly get lost. I was lucky in spotting what I did when I did, but there comes a point where you realise what you're doing is not going to be much good."

"It’s about understanding! Understanding the world!"

"There is a sort of mythology that grows up about what happened, which is different from what really did happen."

"The way that the background fields generates mass is rather like the way in which when light passes through a transparent medium like glass or water, it gets slowed down. It no longer travels with the fundamental velocity of light c. And that's the way to think of the generation of mass."

"This summer I have discovered something totally useless."

"The people who do make big discoveries are the ones who somehow manage to free themselves from conventional ways of thinking and to see the subject from a new perspective."

"There are very few things that can be proved rigorously in condensed matter physics."

"Remember that no piece of honestly conducted research is ever wasted, even if it seems so at the time. Put it away in a drawer, and ten, twenty or thirty years down the road, it will come back and help you in ways you never anticipated."

"We must put our energies into solving the difficult problems, in many disciplines, which are involved in renewable sources - on which both the developed and the developing countries must eventually depend."

"If we are to survive, we must not accept the official indoctrination of the purpose of nuclear 'power' stations, radiation health risks, the 'need' for further nuclear weapons and the reality of nuclear war."

"The benefits of medical research are real - but so are the potential horrors of genetic engineering and embryo manipulation. We devise heart transplants, but do little for the 15 million who die annually of malnutrition and related diseases. Our cleverness has grown prodigiously - but not our wisdom."

"[Ryle] lived through an epic period of scientific history, starting his career in the turmoil of wartime electronic countermeasures, and turning eventually to a deep concern about the future of mankind in the age of nuclear power and warfare."

"The glorious years of discovery in radio astronomy in the Cavendish Laboratory, Cambridge were dominated by the personality of Martin Ryle."

"[The steady-state theory] was a minority view, but [Hoyle] and a few like-minded theorists were able to keep the plate spinning for years. Another Cambridge luminary, Martin Ryle, finally brought it crashing down. An irascible, hardheaded experimenter, Ryle thought theorists like Hoyle were daffy. In a colloquium on sunspots, Mitton reports, Ryle became so incensed by Hoyle's speculations that he dashed to the blackboard and angrily erased the equations."

"J. J. Thomson was about to make the most significant find of the late nineteenth century... Thomson had been investigating the nature of cathode rays. He was convinced that they were some kind of electrified particles and, to prove his theory, began testing their behavior in electric or magnetic fields. By measuring both the extent to which such fields deflected them and their electric charge, he discovered that cathode rays consisted of very small negatively charged particles whose mass was about eighteen hundred times smaller than the lightest known substance—the hydrogen atom. ...He initially named these tiny carriers of electricity "corpuscles." Later they would become known as "electrons." The corpuscles were, in fact, the first subatomic particles to be found..."

"His reluctance to pay for elaborate or expensive equipment, perhaps the result of an impoverished childhood, had established the legendary "sealing wax-and-string" tradition of the Cavendish, where everyday materials were ingeniously used to make and patch up experimental equipment, with sealing wax proving particularly useful for vacuum seals."

"Cathode Rays... he adheres to the hypothesis that the rays are due to the violent projection of the negatively charged particles from the cathode. In another abstract from presumably the same lecture, he states that in the cathode discharge the matter is in something beyond the ordinary state and that the carriers of the discharge in a cathode ray are not atoms but something very much smaller; his conclusions are that the particles carrying the charge must be in a much more finely divided state than the ordinary molecule and possibly may be the primordial element; the numerical ration of the mass of the particle to the charge carried is about 1,100 times less than that deduced electrolytically for the hydrogen ion, showing that either the charge must be very great or the particle very small, and it is the latter which he thinks is the case."

"The electron: may it never be of any use to anybody!"

"This example illustrates the differences in the effects which may be produced by research in pure or applied science. A research on the lines of applied science would doubtless have led to improvement and development of the older methods—the research in pure science has given us an entirely new and much more powerful method. In fact, research in applied science leads to reforms, research in pure science leads to revolutions, and revolutions, whether political or industrial, are exceedingly profitable things if you are on the winning side."

"I have described at some length the application of Positive Rays to chemical analysis; one of the main reasons for writing this book was the hope that it might induce others, and especially chemists, to try this method of analysis. I feel sure that there are many problems in chemistry, which could be solved with far greater ease by this than any other method. The method is surprisingly sensitive — more so than even that of spectrum analysis, requires an infinitesimal amount of material, and does not require this to be specially purified; the technique is not difficult if appliances for producing high vacua are available."

"We see from Lenard's table that a cathode ray can travel through air at atmospheric pressure a distance of about half a centimetre before the brightness of the phosphorescence falls to about half its original value. Now the mean free path of the molecules of air at this pressure is about 10-5 cm., and if a molecule of air were projected it would lose half its momentum in a space comparable with the mean free path. Even if we suppose that it is not the same molecule that is carried, the effect of the obliquity of the collisions would reduce the momentum to half in a short multiple of that path. Thus, from Lenard's experiments on the absorption of the rays outside the tube, it follows on the hypothesis that the cathode rays are charged particles moving with high velocities, that the size of the carriers must be small compared with the dimensions of ordinary atoms or molecules. The assumption of a state of matter more finely subdivided than the atom of an element is a somewhat startling one; but a hypothesis that would involve somewhat similar consequences—viz. that the so-called elements are compounds of some primordial element—has been put forward from time to time by various chemists."

"The discovery by Monsieur and Madame Curie that a sample of radium gives out sufficient energy to melt half its weight of ice per hour has attracted attention to the question of the source from which the radium derives the energy necessary to maintain the radiation; this problem has been before us ever since the original discovery by Becquerel of the radiation from uranium."