"The nature of the instability of an unregulated free-enterprise system is only now beginning to be clearly understood. Perhaps the degree of understanding already attained ensures that the grosser shortcomings have gone for ever, and to that extent the conflict between Capitalism and Communism is about issues that belong to the past. It may now be too late. The gods must smile to note how different the state of the world might have been if the progress of economic thought of the last twenty years had been advanced by even ten years. The possibility of a stable economic life with full utilization of our resources is still not sufficiently assured, and it is extremely important that it should be so assured, and that the whole world should accept this as a fact. The work that is being done in econometrics is massive, and undaunted by mathematical difficulties, but it appears, at any rate as viewed from outside, to be unclear as to its aim."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Electrical engineersAcademics from the United KingdomEducators from EnglandCyberneticistsSystems engineers
Original Language: English
Available Languages (1)
Sources
p. 1
https://en.wikiquote.org/wiki/Arnold_Tustin
Revision History
No revisions have been submitted for this quote.
Categories
Arnold Tustin
Arnold Tustin (July 16, 1899 – January 9, 1994) was a British engineer, and Professor of Engineering at the University of Birmingham and at Imperial College London, who made important contributions to the development of control engineering and its application to electrical machines.
24 quotes on TrueQuotesView all quotes by Arnold Tustin →
Related Quotes
"He is transported to that curious world of decibels and negative frequencies where filter experts live."
"Methods by which engineers stabilise their mechanisms suggest analogous possibilities for stabilising economic systems."
"When beliefs need some modification, We make it with much trepidation, For our world is then new, And things seem all…"
"Feedback: It is the fundamental principle that underlies all self-regulating systems, not only machines but also the …"
"Already well known to engineers all over the world as a pioneer in the development of automatic control, it may well …"
"The analysis of engineering systems and the understanding of economic structure have advanced since then, and the tim…"
"The ‘theory of control systems’ in engineering is now a well-developed subject, making use of some remarkably powerfu…"
"Consideration of a further possibility, namely that of constructing physical systems that are analogues of the econom…"
"An economic system is not a linear system, and... this fact stands in the way of the determination of the parameters …"
"The topic that I have attempted to explore is the usefulness of these notions of the engineer, about feeds-back, harm…"