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Paul Ormerod Quotes

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 Picture Quote #1
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 Picture Quote #1
At 2 per cent growth a year, an economy doubles in size in just thirty years Picture Quote #1
Even in financial markets, the concept of market efficiency does not hold Picture Quote #1
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 Picture Quote #1
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 Picture Quote #1
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By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking Picture Quote #1
Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible Picture Quote #1
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 Picture Quote #1
The study of human societies and economics is of great importance, and it is not the purpose of the book to suggest otherwise. Rather it is to argue that conventional economics offers a very misleading view of how the world actually operates, and that it needs to be replaced Picture Quote #1
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 Picture Quote #1
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 Picture Quote #1
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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 Picture Quote #1
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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  (Paul Ormerod Quotes) 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  (Paul Ormerod Quotes) At 2 per cent growth a year, an economy doubles in size in just thirty years  (Paul Ormerod Quotes) Even in financial markets, the concept of market efficiency does not hold  (Paul Ormerod Quotes) 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  (Paul Ormerod Quotes) 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  (Paul Ormerod Quotes) By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking  (Paul Ormerod Quotes) Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible  (Paul Ormerod Quotes) 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  (Paul Ormerod Quotes) The study of human societies and economics is of great importance, and it is not the purpose of the book to suggest otherwise. Rather it is to argue that conventional economics offers a very misleading view of how the world actually operates, and that it needs to be replaced  (Paul Ormerod Quotes) 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  (Paul Ormerod Quotes) 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  (Paul Ormerod Quotes) 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  (Paul Ormerod Quotes)