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Paul Ormerod

Paul Ormerod Quotes

Economist

Paul Ormerod is a British economist born in 1969. He has conducted extensive research in the field of economics, particularly in the areas of economic behavior and complex systems theory. Ormerod's work often explores the irrationality of economic decisions and the instability of markets.

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Famous Paul Ormerod Quotes

“In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.”

Facts Levels Economy Western Rate Unemployment Inflation Rate Of Change

Author:Paul Ormerod

“The obstacles facing academic economists are formidable, for tenure and professional advancement still depend to a large extent on a willingness to comply with and to work within the tenets of orthodox theory.”

Stills Theory Depends Obstacles Orthodox Willingness Academic Economist Advancement Formidable Tenure

Author:Paul Ormerod

“At 2 per cent growth a year, an economy doubles in size in just thirty years.”

Years Growth Economy Size Thirty Cents Thirty Years

Author:Paul Ormerod

“The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to economists' musings.”

Use Air Authority Mathematics Temptation Appropriate Economist Irresistible Precision Musings

Author:Paul Ormerod

“The model of competitive equilibrium which has been discussed so far is set in a timeless environment. People and companies all operate in a world in which there is no future and hence no uncertainty.”

People World Has Beens Company Environment Models Uncertainty Timeless Equilibrium

Author:Paul Ormerod

“The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level.”

Whole Individual Levels Economy Behavior Built Equations Macro

Author:Paul Ormerod

“The reader might reflect that an awful lot of supposing has to take place in order for the quantity theory of money to be true.”

Might Order Theory Reader Being True Awful Quantity Supposing Supposing That

Author:Paul Ormerod

“Baseball players or cricketers do not need to be able to solve explicitly the non-linear differential equations which govern the flight of the ball. They just catch it.”

Needs Able Player Baseball Balls Solve Flight Equations Linear Baseball Player Cricketers Differential Equations

Author:Paul Ormerod

“By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking.”

States Whole Discipline Economics Reasonable Lacking Criteria

Author:Paul Ormerod

“Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.”

Skills Understood Luck Lunch Unemployment Inflation Free Lunch Luck And Skill True Relationship

Author:Paul Ormerod

“Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.”

States Shows Levels Economy Clear Example Particular Demand Concepts Dues Settling Labour Unemployment Equilibrium Market Economy Keynes Market Failure

Author:Paul Ormerod

“The linear, mechanistic view of the world which pervades orthodox economics is simply not capable of capturing the richness and complexity of the rhythms and fluctuations of developed economies.”

World Views Economy Capable Economics Rhythm Complexity Orthodox Richness Linear Fluctuation

Author:Paul Ormerod

“Even in financial markets, the concept of market efficiency does not hold.”

Doe Concepts Financial Efficiency Financial Markets Market Efficiency

Author:Paul Ormerod

“Many Europeans, while admiring the strength and power of the American economy, undoubtedly feel that the system of social values which prevails in the United States, manifested in the acute problems evident in the inner cities and the level of violent crime, for example, leaves much to be desired.”

Feels States Problem Values Social Levels United Cities United States Economy Crime Example Violent Evident Admiring Inner City American Economy Violent Crimes Social Values

Author:Paul Ormerod

“Books proliferate, and occasionally sell in very large numbers, which claim to have found the rule, or small set of rules, which will guarantee business success. But business is far too complicated, far too difficult an activity to distil into a few simple commands ... It is failure rather than success which is the distinguishing feature of corporate life.”

Book Found Difficult Simple Numbers Activity Claims Sells Complicated Command Corporate Features Guarantees Business Success Large Numbers

Book:Why Most Things Fail

Source: Why Most Things Fail

“Despite the high salaries involved, employing economists is a cost-effective way for banks, and stockbrokers to secure exposure in the media.”

Way Media Involved Cost Despite Secure Economist Exposure Salary Employing Stockbrokers

Author:Paul Ormerod

“But Adam Smith was a philosopher as well as well as an economist, famous in his time as much for his Theory of Moral Sentiments as for The Wealth of Nations. And as he understood so well, society is more than the sum of its individual parts.”

Wells Individual Nations Wealth Moral Theory Understood Philosopher Sentiments Adam Economist Wealth Of Nations

Author:Paul Ormerod

“The second part of the New Right's policy package has been the belief that free-market solutions are always best. It is this latter view which is profoundly mistaken. Markets and profits are crucial, but the pure free-market model itself is deeply flawed.”

Has Beens Belief Views Policy Pure Models Solutions Profit Latter Crucial Mistaken Free Market Flawed Packages

Author:Paul Ormerod

“I am often asked by would-be entrepreneurs seeking escape from life within huge corporate structures, ‘How do I build a small firm for myself?’ The answer seems obvious: Buy a very large one and just wait.”

Seems Would Be Waiting Answers Huge Structure Entrepreneur Obvious Seeking Corporate Firm

Book:Why Most Things Fail

Source: Why Most Things Fail

“We need to abandon the economist's notion of the economy as a machine, with its attendant concept of equilibrium. A more helpful way of thinking about the economy is to imagine it as a living organism.”

Thinking Way Needs Economy Imagine Concepts Machines Notion Helpful Abandon Organisms Economist Way Of Thinking Equilibrium Living Organisms

Author:Paul Ormerod

About the Author

Born: 1969
Known for: Economist
Quotes: 20

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