"I think that it is a relatively good approximation to truth - which is much too complicated to allow anything but approximations-that mathematical ideas originate in empirics, although the genealogy is sometimes long and obscure. But, once they are so conceived, the subject begins to live a peculiar life of its own and is better compared to a creative one, governed by almost entirely aesthetical motivations, than to anything else and, in particular, to an empirical science. There is, however, a further point which, I believe, needs stressing. As a mathematical discipline travels far from its empirical source, or still more, if it is a second and third generation only indirectly inspired by ideas coming from "reality" it is beset with very grave dangers. It becomes more and more purely aestheticizing, more and more purely I'art pour I'art. This need not be bad, if the field is surrounded by correlated subjects, which still have closer empirical connections, or if the discipline is under the influence of men with an exceptionally well-developed taste. But there is a grave danger that the subject will develop along the line of least resistance, that the stream, so far from its source, will separate into a multitude of insignificant branches, and that the discipline will become a disorganized mass of details and complexities. In other words, at a great distance from its empirical source, or after much "abstract" inbreeding, a mathematical subject is in danger of degeneration. At the inception the style is usually classical; when it shows signs of becoming baroque, then the danger signal is up."
John Von Neumann, written in his article The Mathematician
I'm inclined to disagree. Deep abstraction gives us powerful tools for solving less abstract problems, including those that come out of the empirical sciences. Even fields developed with a deliberate eye to avoiding practical applications have sometimes turned out to make significant contributions to the sciences (I understand knot theory, for example, began this way, but has since turned out to have important applications in biochemistry).
It looks like, this month, I get to be the one to start the quotes thread.