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Quote by 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.”

Quote by Paul Ormerod

Author

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. more

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

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

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“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.”

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“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.”

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

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“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.”

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“Innovation is new stuff that is made useful.”

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