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:
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."
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