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 Copy Share Image
The second part of the New Right's policy package has been the belief that free-market solutions are always best. It is this latter view… — Paul Ormerod Copy Share 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… — Paul Ormerod Copy Share Image
The linear, mechanistic view of the world which pervades orthodox economics is simply not capable of capturing the richness and complexity of the rhythms… — Paul Ormerod Copy Share Image
But Adam Smith was a philosopher as well as well as an economist, famous in his time as much for his Theory of Moral… — Paul Ormerod Copy Share 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 Copy Share 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… — Paul Ormerod Copy Share 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… — Paul Ormerod Copy Share 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… — Paul Ormerod Copy Share Image
Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible. — Paul Ormerod Copy Share Image
Many Europeans, while admiring the strength and power of the American economy, undoubtedly feel that the system of social values which prevails in the… — Paul Ormerod Copy Share Image
By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking. — Paul Ormerod Copy Share 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… — Paul Ormerod Copy Share Image
