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Function Quotes

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“Much of the early engineering development of digital computers was done in universities. A few years ago, the view was commonly expressed that universities had played their part in computer design, and that the matter could now safely be left to industry. [...] Apart from the obvious functions of keeping in the public domain material that might otherwise be hidden, universities can make a special contribution by reason of their freedom from commercial considerations, including freedom from the need to follow the fashion.”

“I pay tribute to John Major's achievement in persuading the other 11 Community Heads of Government that they could move ahead to a Social Chapter but not within the treaty and without Britain's participation. It sets a vital precedent. For an enlarged Community can only function if we build in flexibility of that kind... John Major deserves high praise for ensuring at Maastricht that we would not have either a Single Currency or the absurd provisions of the Social Chapter forced upon us: our industry, workforce, and national prosperity will benefit as a result.”

“A colleague saw the same model-calibrating the elasticity of demand facing a Cournot oligopolist as a function of the number of firms in the industry--described at the University of Chicago and at M.I.T. A Chicago economist derived the formula and said, "Look at how few firms you need to get close to infinite elasticities and perfect competition." An M.I.T. economist derived the same formula and said, "Look at how large n has to be before you get anywhere close to an infinite elasticity and perfect competition."”