every kid understands implicitly that F-16s are not built by snapping plastic chunks out of moulded frames and gluing them together, just as every kid understands that you don’t go to the airport and get strapped onto a giant balsa wood trojan glider and hurl [yourself] off a bridge. "As you learn about mainstream economics you will be continuously urged by your textbook to apply the models you are learning to the real world, and you will be faced with constant reminders of the predictive power of these models. But the reason I’m standing here talking to you is to remind you, just as constantly, that every single morning, in offices from Wall Street to the IMF, economists are strapping entire populations to wooden planes and launching them off bridges, throwing up their hands in helpless befuddlement at the inevitable grisly results, cashing their checks, and heading out for the golf course by 2pm.” ~ Douglas Orr. Professor of Economics at City College of San Francisco
Posted on: Tue, 20 Aug 2013 08:37:33 +0000
Trending Topics
Recently Viewed Topics
© 2015