Economics
Hotelling has a crucial place in the growth of mathematical economics; several areas of active research were influenced by his economics papers. While at the University of Washington, he was encouraged to switch from pure mathematics toward mathematical economics by the famous mathematician Eric Temple Bell. Later, at Columbia University (where during 1933-34 he taught Milton Friedman statistics) in the '40s, Hotelling in turn encouraged young Kenneth Arrow to switch from mathematics and statistics applied to actuarial studies towards more general applications of mathematics in general economic theory. Hotelling is the eponym of Hotelling's law, Hotelling's lemma, and Hotelling's rule in economics.
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Famous quotes containing the word economics:
“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (1894–1961)
“Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)