Abstract
This quotation of Von Neumann can be found in his book: Theory of Games and Economic Behaviour,1 written in 1944 in collaboration with Morgenstern. Indeed, research has focused in the last decades on the strong understanding of the static situation of socio-economic systems. However, it is now technically possible to begin to fulfil Von Neumann’s dream (see Aubin et al2). We are more and more becoming aware of the important role that unstable and chaotic motion plays in the dynamics of macrosystems.
Our theory is thoroughly static. A dynamic theory would unquestionably be more complete and, therefore, preferable. But there is ample evidence from other branches of science that it is futile to try to build one as long as the static side is not thoroughly understood …
Our static theory specifies equilibria … A dynamic theory, when one is found — will probably describe the change in terms of simpler concepts.
J. von Neumann
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© 1989 Kluwer Academic Publishers
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Haag, G. (1989). Introduction. In: Dynamic Decision Theory. Studies in Operational Regional Science, vol 6. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-0939-7_1
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DOI: https://doi.org/10.1007/978-94-009-0939-7_1
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