"My work in this area started around 1950 when I was still with the . I was writing a more or less expository paper dealing with activity analysis…and happened to use the term “decentralization,” which was then often applied to the market mechanism as a sort of a selling point. But when I used the word “decentralization” I thought I should explain what I meant. So I made a footnote mark, went to the bottom of the page, and began writing, “By decentralization we mean…” But then it struck me that I did not know what we meant by decentralization. That was the beginning of many years of work trying to clarify the concept, because I thought that if we think this property is so important, we should be able to define what it is."
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Jews from the United StatesJewsEconomists from the United StatesNobel laureates in EconomicsEconomists from Poland
Original Language: English
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In: David Warsh, "The Road to a System that Works (Without Shooting People)" at economicprincipals.com, October 21, 2007.
https://en.wikiquote.org/wiki/Leonid_Hurwicz
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Leonid Hurwicz
Leonid "Leo" Hurwicz (August 21, 1917 – June 24, 2008) was a Polish-American economist and mathematician. He was among the first economists to recognize the value of game theory and was a pioneer in its application. Hurwicz shared the 2007 Nobel Memorial Prize in Economic Sciences with Eric Maskin and Roger Myerson for their work on .
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