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Economics Evolving: A History of Economic Thought QUOTES

Economics Evolving: A History of Economic Thought QUOTES

1 " The imperfect markets of the real economy display so much variation that there will probably remain a need for a relatively large arsenal of theoretical models to capture it. "

― , Economics Evolving: A History of Economic Thought

2 " At regular intervals in the past we have witnessed debates about the use of mathematics in economics. The critics of mathematics have focused on two main arguments. First, they have pointed out that mathematical models must by necessity build on so many conceptual simplifications that they are unable to capture the complexity of human relationships and the structure of social and economic life. Second, they have maintained that the increasing standard of theoretical formalization has led to unfortunate consequences for economists’ choice of topics for their research. Those who strive to achieve status and prestige among their colleagues will have an incentive to choose research problems that are easy to formalize rather than being related to important problems in the real world. "

― , Economics Evolving: A History of Economic Thought