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Even if ...

An economist at work attended a lecture on what economics can learn from other social scientists. One of the speakers was Paul Ormerod who is an economist but not mainstream. I read his Butterfly Economics some years ago, it's about introducing dynamics into economics and attacks the idea of equilibrium.

Anwyay, here's a glorioous quote from the review of the talk, and an excellent summary of economics:
"Paul Ormerod believes that the economics profession should give more weight to empirical findings even if they are not backed up by economic theory."


( 1 comment — Leave a comment )
Mar. 24th, 2010 11:12 am (UTC)
Reminds me of the quote from Niels Bohr (?) about "your finding is great in practice -- but how can we make it work in theory?"
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