Anyway that's a large part of what economics is - people…
“Anyway that's a large part of what economics is - people arbitrarily, or as a matter of taste, assigning numerical values to non-numerical things. And then pretending that they haven't just made the numbers up, which they have. Economics is like astrology in that sense, except that economics serves to justify the current power structure, and so it has a lot of fervent believers among the powerful”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Economics assigns arbitrary numbers to qualitative phenomena, presenting them as objective, thereby legitimizing existing power structures.
In simple terms: Quantification masks subjectivity.
Key Takeaway
Numbers can conceal bias.
Themes
Quantification
Power dynamics
Critique of economics
Social justification
Subjectivity
Ideology
Mood
Skeptical
Cynical
Critical
Type
Aphorism
Critique
Observation
When to use this quote
- Policy analysis
- Academic debate
- Public discourse
- Corporate strategy
- Media commentary
Key Concepts
Economic measurement
Social power
Astrology analogy
Belief systems
Practical Applications
- Critical evaluation of economic models
- Designing transparent metrics
Questions to Reflect On
- How do numbers influence perceived legitimacy?
- When does quantification become propaganda?