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Quote by 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.”

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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“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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