Professor [Max] Planck, of Berlin, the famous originator of the Quantum Theory, once remarked to me that in early life he had thought of studying economics, but had found it too difficult! Professor Planck could easily master the whole corpus of mathematical economics in a few days. He did not mean that! But the amalgam of logic and intuition and the wide knowledge of facts, most of which are not precise, which is required for economic interpretation in its highest form is, quite truly, overwhelmingly difficult for those whose gift mainly consists in the power to imagine and pursue to their furthest points the implications and prior conditions of comparatively simple facts which are known with a high degree of precision.

The equations of dynamics completely express the laws of the historical method as applied to matter, but the application of these equations implies a perfect knowledge of all the data. But the smallest portion of matter which we can subject to experiment consists of millions of molecules, not one of which ever becomes individually sensible to us. We cannot, therefore, ascertain the actual motion of anyone of these molecules; so that we are obliged to abandon the strict historical method, and to adopt the statistical method of dealing with large groups of molecules ... Thus molecular science teaches us that our experiments can never give us anything more than statistical information, and that no law derived from them can pretend to absolute precision. But when we pass from the contemplation of our experiments to that of the molecules themselves, we leave a world of chance and change, and enter a region where everything is certain and immutable.

There is nothing new to be discovered in physics now. All that remains is more and more precise measurement.

[It] may be laid down as a general rule that, if the result of a long series of precise observations approximates a simple relation so closely that the remaining difference is undetectable by observation and may be attributed to the errors to which they are liable, then this relation is probably that of nature.