parameters in evolutionary systems is futile, for they probably do not exist.... Social systems have Heisenberg principles all over the place, for we cannot predict the future without changing it. There is a fundamental theorem in information theory that says information has to be surprising. Equilibrium can't exist in a system in which information is an essential element. The parameters are always changing. I describe econometrics as the attempt to find the celestial mechanics of non-existent universes. (1991) Biological evolution gives considerable emphasis to the ability of organisms to adapt to unpredictable change—their survival value. In his words, ...the perception of potential threats to survival may be much more important in determining behavior than the perceptions of potential profits, so that profit maximization is not really the driving force. It is fear of loss rather than hope of gain that limits our behavior. Boulding's observation or conjecture was made prior to widespread adoption of the same idea by economists in the eighties following work done in psychology in the seventies for which a Nobel prize was awarded in 2002. Notes External links Bibliography of Boulding's Publications Economic theories