Quote of the Day 8-1-2016

The train of logic departs from a picture that economists of a hundred years ago would recognize as familiar – Robinson Crusoe allocating effort between fish and bananas, say –  but barrels along at uncomfortable speed, picking up loads of subscripts on the way, into a fantasy land where the assumptions made about what people are able to know, to forecast and to calculate would leave them utterly bewildered and incredulous.
Axel Leijonhufvud “Episodes in a Century of Macroeconomics”

Leave a Reply

Your email address will not be published. Required fields are marked *