Done Quote by Friedrich August von Hayek
“There may be few instances in which the superstition that only measurable magnitudes can be important has done positive harm in the economic field: but the present inflation and employment problems are a very serious one.”
About This Quote
Source Book: The Constitution of Liberty, 1960
Relying only on measurable data can ignore deeper economic forces, leading to serious policy errors.
In simple terms: Numbers alone don’t capture the whole economy.
Key Takeaway
Consider qualitative factors in economics.
Themes
economics
policy
measurement
Mood
analytical
critical
Type
philosophical
academic
When to use this quote
- government budgeting
- central banking
- business strategy
- academic research
- public debate
Key Concepts
quantitative bias
hidden variables
inflation
employment
macroeconomics
Questions to Reflect On
- What non‑measurable factors influence economic health?
- How can policymakers integrate qualitative insights?
A Different Perspective
Quantitative focus can miss systemic risks and social impacts.
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