Wednesday, December 26, 2012

"These facts from experience are a prima facie ground for questioning the adequacy of the classical analysis." (Ch. 2)

The title is a line from Keynes. Key phrase: "facts from experience".

Tom Hickey quotes Lars P Syll:

Neoclassical economics has since long given up on the real world and contents itself with proving things about thought up worlds. Empirical evidence only plays a minor role in economic theory, where models largely function as a substitute for empirical evidence.

I quote my Blogger profile:

About the first thing I noticed was that hardly any of the graphs in the textbook were based on actual numbers.

Three of a kind, I'd say.

No comments: