Quote

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

Change background

T
T
T

Change font

TAGS & TOPICS

Paul Ormerod
Age: 54
Economist
Problems
Desired
Much
United
Levels
Evident
Social
Cities
Leaves
Prevails
Power
Example
Violent
Manifested
Problem
System
Inner
Acute
States
Crime
Admiring
Many
Economy
Level
Undoubtedly
Feel
American
Strength
Europeans
Feels
Values

More quotes by Paul Ormerod

Image
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
Image
Even in financial markets, the concept of market efficiency does not hold.
Paul Ormerod
Image
At 2 per cent growth a year, an economy doubles in size in just thirty years.
Paul Ormerod
Image
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
Image
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
Image
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
Image
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
Image
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
Image
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
Image
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
Image
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