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.

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.

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.

Even in financial markets, the concept of market efficiency does not hold.

Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.

By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking.

The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level.

The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to economists' musings.

At 2 per cent growth a year, an economy doubles in size in just thirty years.

Despite the high salaries involved, employing economists is a cost-effective way for banks, and stockbrokers to secure exposure in the media.