Pioneers in The Field
The recursive paradigm originated in control theory with the invention of dynamic programming by the American mathematician Richard E. Bellman in the 1950s. Bellman described possible applications of the method in a variety of fields, including Economics, in the introduction to his 1957 book Stuart Dreyfus, David Blackwell, and Ronald A. Howard all made major contributions to the approach in the 1960s.
In addition, some scholars also cite the Kalman filter invented by Rudolf E. Kalman and the theory of the maximum formulated by Lev Semenovich Pontryagin as forerunners of the recursive approach in economics.
Read more about this topic: Recursive Economics
Famous quotes containing the words pioneers and/or field:
“Printer, philosopher, scientist, author and patriot, impeccable husband and citizen, why isn’t he an archetype? Pioneers, Oh Pioneers! Benjamin was one of the greatest pioneers of the United States. Yet we just can’t do with him. What’s wrong with him then? Or what’s wrong with us?”
—D.H. (David Herbert)
“The woman ... turned her melancholy tone into a scolding one. She was not very young, and the wrinkles in her face were filled with drops of water which had fallen from her eyes, which, with the yellowness of her complexion, made a figure not unlike a field in the decline of the year, when the harvest is gathered in and a smart shower of rain has filled the furrows with water. Her voice was so shrill that they all jumped into the coach as fast as they could and drove from the door.”
—Sarah Fielding (1710–1768)