THOMAS SCHELLING
(Thomas Crombie Schelling)
With promises the success lies in following through and keeping the promise which is usually very costly. A threat that fails meanwhile can be the most expensive thing. We make a threat to deter a foreign power from something. Failure occurs when they are not intimidated and go ahead anyway. Then if we follow through on the threat, that is very costly—a war, a trade embargo, or whatever. Not following through on the threat is the costliest of all as we lose our credibility, trust and honor.
Thomas Crombie Schelling was an American economist and professor of foreign policy, national security, nuclear strategy, and arms control at the School of Public Policy at University of Maryland, College Park. He was also co-faculty at the New England Complex Systems Institute. He was awarded the 2005 Nobel Memorial Prize in Economic Sciences (shared with Robert Aumann) for "having enhanced our understanding of conflict and cooperation through game-theory analysis."