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At 2 per cent growth a year, an economy doubles in size in just thirty years.
Paul Ormerod
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Paul Ormerod
Age: 54
Economist
Cent
Cents
Thirty
Size
Growth
Economy
Year
Years
Doubles
More quotes by Paul Ormerod
In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.
Paul Ormerod
Even in financial markets, the concept of market efficiency does not hold.
Paul Ormerod
Many Europeans, while admiring the strength and power of the American economy, undoubtedly feel that the system of social values which prevails in the United States, manifested in the acute problems evident in the inner cities and the level of violent crime, for example, leaves much to be desired.
Paul Ormerod
The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level.
Paul Ormerod
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.
Paul Ormerod
We need to abandon the economist's notion of the economy as a machine, with its attendant concept of equilibrium. A more helpful way of thinking about the economy is to imagine it as a living organism.
Paul Ormerod
The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to economists' musings.
Paul Ormerod
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.
Paul Ormerod
Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.
Paul Ormerod
The obstacles facing academic economists are formidable, for tenure and professional advancement still depend to a large extent on a willingness to comply with and to work within the tenets of orthodox theory.
Paul Ormerod
The model of competitive equilibrium which has been discussed so far is set in a timeless environment. People and companies all operate in a world in which there is no future and hence no uncertainty.
Paul Ormerod