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Theory Quotes

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Theory Quotes

“From the equilibrium and spontaneous order of Adam Smith and his heirs, from invisible-handed markets and perfect competition, supply and demand, and rewards and punishments, I was pushed to theories of disequilibrium and disorder, and information and noise, as the keys to understanding economic progress.”

Source: Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World

“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.”

Source: Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World

“I put forward a pretty general theory that financial markets are intrinsically unstable. That we really have a false picture when we think about markets tending towards equilibrium.”

Thinking Theory Financial Equilibrium Unstable Financial Markets

Author:George Soros

“The theory of punctuated equilibrium, proposed by Niles Eldredge and myself, is not, as so often misunderstood, a radical claim for truly sudden change, but a recognition that ordinary processes of speciation, properly conceived as glacially slow by the standard of our own life-span, do not resolve into geological time as long sequences of insensibly graded intermediates (the traditional, or gradualistic, view), but as geologically "sudden" origins at single bedding planes.”

“The generally accepted theory is that financial markets tend towards equilibrium, and...discount the future correctly. I operate using a different theory, according to which financial markets cannot possibly discount the future correctly because the do not merely discount the future; they help to shape it.”

Different Helping Theory Shapes Financial Accepted Equilibrium Discounts Financial Markets

Author:George Soros