Create Quote by Edward C. Prescott
“Economists create their own worlds. We're like little gods with our artificial economics, wanting to see what happens.”
About This Quote
Source Lecture: Economics lecture, Stanford University, 2009
Economists build models that act like miniature universes, treating economies as controllable systems.
In simple terms: Economists create mini‑worlds.
Key Takeaway
Recognize model limits.
Themes
economics
modeling
power
Mood
analytical
critical
Type
academic
philosophical
When to use this quote
- policy design
- forecasting
- academic research
Key Concepts
systems theory
uncertainty
Questions to Reflect On
- What assumptions in economic models are most fragile?
- How can we test model predictions?
A Different Perspective
Models may oversimplify reality.
