John Rutledge, Claremont Graduate University February 14, 2012
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This lecture deals with recent developments in an area I call Far-From-Equilibrium economics and applies the work to both the recent financial crisis and optimal portfolio theory.
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Editor's Notes
- Fisher, Josiah Gibbs. (dissertation supervisor, Fisher financed Gibbs Collected Works Samuelson (1998, p. 1376). āPerhaps most relevant of all for the geneses if Foundations , Edwin Bidwell Wilson was at Harvard. Wilson was the great (Josiah) Willard Gibbsās last (and, essentially only) protĆ©gĆ© at Yale . He was a mathematician, a mathematical physicist, a mathematical statistician, a mathematical economist, a polymath who had done first-class work in many fields of the natural and social sciences. I was perhaps his only disciple ā¦ I was vaccinated early to understand that economics and physics could share the same formal mathematical theorems.ā Gibbs products, coined term statistical mechanics (explain laws of thermo using stat properties of ensembles of particles, with Boltzmann, Maxwell), invented vector calculus, Gibbs free energy. 1 st US PHD in engineering from Yale in 1863 Einsteinā¦āgreatest mind in American historyā (letters to Poincare, Hilbert, Boltzmann, Mach, le Chatalier, van der Waals, Planck