Letter to Michael, Without Date (2)

Text in English to re-read

… [169] In a way the result of closer investigation surprised me greatly. You have heard us {doubt} of all the {poker} between H.D. Dickinson, Lange, Hayek, etc. as to whether the trouble of {noto}sing a few thousand simultaneous linear equation would be excessive or not. Well, I [170] never quite knew what they were talking about and now it turns out they did not know either. There are few instances, if any, in which the given data of a problem experienced by a not of simultaneous equations are measured with sufficient accuracy to wholly be evaluation of more than 10 equations forming a simultaneous set. Ten! – {au}. They were talking about the labour of solving thousand. It has nothing to do with the labour, for above ten or so the numerical result is so inaccurate as to be meaningless. Incidentally, we can less compute now that the time required for evaluating a set of 1000 equations (of there were any rational purpose in doing so) would be about one year – if the use of electronic computer {repairing} 1/100 sec. on the average {n} one multiplication. The faster in existence.

This is where my model of the market comes in. The individuals operations, in it ‘evaluate’ the Walras-Pareto-Barone set of equilibrium equations by the logic of Southwell’s Relaxation method. That was the idea which apparently struck Karl Popper as interesting. I picked it up on a pire-watching right when I discussed economic planning, with a socialist mathematician. He produced the Relaxation method to convince me that central planning was positive, but actually he gave me the mathematical model for proving the contrary and {astegym} individualistic action “from centre to centre”. Well, I shall show you the paper one day. So I say, form caused me {barbe} on it now and {xxxxxx} it from oblivion. I read some of your paper and found it a little difficult, so I should have another go at it and write to you afterwards.

Have you thought of it when you could come to see me in Manchester? Or perhaps I had better go to see you in London? I have cancelled my trip at Lausanne. However, at the moment I would not like to promise anything, for I must go {re-Marted} on my work first of all.

Give my love to Ilona. She will notably be able to explain to you about Relaxation Method better than I can.

All good wishes and my whole heart for you.

Misi

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Reference:
KPA: 57/05, 169