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Quote by 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.”

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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“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.”

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

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“Being aware of your fear is smart. Overcoming it is the mark of a successful person.”

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“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.”

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“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.”

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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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