„From the beginning I could not believe that the “efficient market” hypothesis was dependent on a pure Brownian motion white noise or any truly random random walk. Place a minuscule colloidal molecule on a horizontal table that covers unlimited acres. Bombard it from every direction with thousands of minute atoms; and then if you wait long enough that original molecule can have traveled a billion miles in one direction. That’s truly a random Bachelier-Einstein walk, but not my notion of economic fluctuations.“

New millennium, An Enjoyable Life Puzzling Over Modern Finance Theory, 2009

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Paul A. Samuelson1
1915 - 2009

Citações relacionadas

W. Brian Arthur photo

„[Market outcomes] depends on the cumulation of random events.“

—  W. Brian Arthur American economist 1946

Fonte: Competing Technologies, Increasing Returns and Lock-in by Historical Events, (1989), p. 124; as cited in: Tobias Georg Meyer (2012) Path Dependence in Two-sided Markets. p. 244

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Douglas Hofstadter photo

„No reference is truly direct—every reference depends on some kind of coding scheme. It's just a question of how implicit it is.“

—  Douglas Hofstadter, livro Gödel, Escher, Bach: an Eternal Golden Braid

"Six-Part Ricercar"
Gödel, Escher, Bach: an Eternal Golden Braid (1979)

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J. J. Thomson photo

„We see from Lenard's table that a cathode ray can travel through air at atmospheric pressure a distance of about half a centimetre before the brightness of the phosphorescence falls to about half its original value. Now the mean free path of the molecules of air at this pressure is about 10-5 cm., and if a molecule of air were projected it would lose half its momentum in a space comparable with the mean free path. Even if we suppose that it is not the same molecule that is carried, the effect of the obliquity of the collisions would reduce the momentum to half in a short multiple of that path. Thus, from Lenard's experiments on the absorption of the rays outside the tube, it follows on the hypothesis that the cathode rays are charged particles moving with high velocities, that the size of the carriers must be small compared with the dimensions of ordinary atoms or molecules. The assumption of a state of matter more finely subdivided than the atom of an element is a somewhat startling one; but a hypothesis that would involve somewhat similar consequences—viz. that the so-called elements are compounds of some primordial element—has been put forward from time to time by various chemists.“

—  J. J. Thomson British physicist 1856 - 1940

Royal Institution Lecture (April 30, 1897) as quoted by Edmund Taylor Whittaker, A History of the Theories of Aether and Electricity from the Age of Descartes to the Close of the Nineteenth Century http://books.google.com/books?id=CGJDAAAAIAAJ (1910).
Quotes eat me

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Lois McMaster Bujold photo

„Acting or reacting, we carry him in us. You can't walk away from him any more than I can. Whether you travel toward or away, he'll be the compass.“

—  Lois McMaster Bujold, Vorkosigan Saga

Vorkosigan Saga, The Warrior's Apprentice (1986)
Contexto: Acting or reacting, we carry him in us. You can't walk away from him any more than I can. Whether you travel toward or away, he'll be the compass. He'll be the glass, full of subtle colors and astigmatisms, through which all new things will be viewed. I too have a father who haunts me, and I know.

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„Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Etiam egestas wisi a erat. Morbi imperdiet, mauris ac auctor dictum.“