Monday, March 7, 2011

On Differences

A follow-up to my 4-o'clock.

Something came to mind recently, a remark in a footnote from Joseph Schumpeter:

The distinction is, in a sense, quite unrealistic. But if we do not make it, we shall never be able to say any more than that everything depends upon everything.

I remember. I was gonna use it to insist on seeing a difference between money and credit. Another time, maybe.

The quote is from "An Analysis of Economic Change" by Joseph A. Schumpeter, in Readings in Business Cycle Theory, selected by a committee of the American Economic Association; The Blakiston Company, 1951.

1 comment:

The Arthurian said...

From the JSTOR "preview page" for Pitfalls in Financial Model Building by William C. Brainard and James Tobin:

"All of us seek and use simplifications to overcome the frustrating sterility of the cliché that everything depends on everything else."