Paul Ormerod

The second part of the New Right's policy package has been the belief that free-market solutions are always best. It is this…

— Paul Ormerod

Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in…

— Paul Ormerod

The linear, mechanistic view of the world which pervades orthodox economics is simply not capable of capturing the richness and complexity of…

— Paul Ormerod

But Adam Smith was a philosopher as well as well as an economist, famous in his time as much for his Theory…

— 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

We need to abandon the economist's notion of the economy as a machine, with its attendant concept of equilibrium. A more helpful…

— Paul Ormerod

In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but…

— Paul Ormerod

The obstacles facing academic economists are formidable, for tenure and professional advancement still depend to a large extent on a willingness to…

— Paul Ormerod

Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.

— Paul Ormerod

Many Europeans, while admiring the strength and power of the American economy, undoubtedly feel that the system of social values which prevails…

— Paul Ormerod

By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking.

— Paul Ormerod

The model of competitive equilibrium which has been discussed so far is set in a timeless environment. People and companies all operate…

— Paul Ormerod

The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to…

— Paul Ormerod

I am often asked by would-be entrepreneurs seeking escape from life within huge corporate structures, ‘How do I build a small firm…

— Paul Ormerod

Books proliferate, and occasionally sell in very large numbers, which claim to have found the rule, or small set of rules, which…

— 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…

— Paul Ormerod

The reader might reflect that an awful lot of supposing has to take place in order for the quantity theory of money…

— Paul Ormerod

At 2 per cent growth a year, an economy doubles in size in just thirty years.

— Paul Ormerod

Despite the high salaries involved, employing economists is a cost-effective way for banks, and stockbrokers to secure exposure in the media.

— Paul Ormerod

Even in financial markets, the concept of market efficiency does not hold.

— Paul Ormerod