Oskar Morgenstern

“By the end of the war the new game theoretic methods that had been developed by von Neumann and Morgenstern were added to the toolkit and mathematical techniques that operations research scientists deployed. These proved very valuable, and game theoretic approaches took on great importance after the war.”

“My first contact with game theory was a popular article in Fortune Magazine which I read in my last high school year. I was immediately attracted to the subject matter and when I studied mathematics I found the fundamental book by von Neumann and Morgenstern in the library and studied it.”

“The theory of games was first formalised by Von Neumann & Morgenstern (1953) in reference to human economic behaviour. Since that time, the theory has undergone extensive development... Sensibly enough, a central assumption of classical game theory is that the players will behave rationally, and according to some criterion of self-interest. Such an assumption would clearly be out of place in an evolutionary context. Instead, the criterion of rationality is replaced by that of population dynamics and stability, and the criterion of self-interest by Darwinian fitness.”

“"Wherever mathematics has entered it has never again been pushed out by other developments. The mathematization of an area of human endeavor is not a passing fad; it is the prime mover of scientific and technological progress."”

“All economic decisions, whether private or business, as well as those involving economic policy, have the characteristic that quantitative and non-quantitative information must be combined into one act of decision. It would be desirable to understand how these two classes of information can best be combined.”

“Alliances are always weaker in peacetime; alliances tend to become hard and fast and strong when things are going badly... but when things are going well, cooperation is hard to achieve.”

“As far as the use of mathematics in economics is concerned, there is an abundance of formulas where such are not needed. They are frequently introduced, one fears, in order to show off. The more difficult the mathematical theorem, the more esoteric the name of the mathematician quoted, the better.”

“Recovery is therefore something much more elemental. It aims at continuation of life, on a simple and primitive basis. From mere survival, in view of perhaps a hundred million people killed within a few days, to the construction of a society which adheres to the lofty ideas we cherish today is a long way. And the survivors may develop ideals so different from ours that we may not recognize the country— should we live to make the comparison, or, living, should we care to make it even if we could.”