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Theory Quotes

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Theory Quotes

“The most important feature of an information economy, in which information is defined as surprise, is the overthrow, not the attainment, of equilibrium. The science that we have come to know as information theory establishes the supremacy of the entrepreneur because it appreciates the powerful connection between destruction and what Schumpeter described as "creative destruction," between chaos and creativity.”

“I may remark parenthetically that the modern apparatus of the theory of small samples, once it goes beyond the determination of its own specially defined parameters and becomes a method for positive statistical inference in new cases, does not inspire me with any confidence unless it is applied by a statistician by whom the main elements of the dynamics of the situation are either explicitly known or implicitly felt.”