One advantage of exhibiting a hierarchy of systems in this way is that it gives us some idea of the present gaps in both theoretical and empirical knowledge. Adequate theoretical models extend up to about the fourth level, and not… — Kenneth E. Boulding Copy Share Image
Economic science concerns itself primarily with theoretical and empirical generalizations about the behavior of individuals, institutions, markets, and national economies. Most academic research falls in this category. — Ben Bernanke Copy Share Image
