Artistic Quote by Kenneth E. Boulding

“The fallacy that dynamic processes must be modeled as if the system is in continuous equilibrium is probably the most important reason for the…

— Steve Keen

For far too long economists have sought to define themselves in terms of their supposedly scientific methods. In fact, those methods rely on an…

— Thomas Piketty

Nothing has done more to render modern economic theory a sterile and irrelevant exercise in autoeroticism than its practitioners’ obsession with mathematical, general-equilibrium models.

— Robert Higgs

“For far too long, economists have neglected the distribution of wealth, partly because of Kuznets’s optimistic conclusions and partly because of the profession’s undue…

— Thomas Piketty

The good news is that, at least in economics, I've seen movement away from its overemphasis on mathematical models of purely rational behavior to…

— Robert J. Shiller

Economics is a good degree to have but the subject is very theoretical at Cambridge and I found it frustrating that you can't apply…

— Konnie Huq

In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that…

— Richard Thaler

Unlike physics, for example, such parts of the bare bones of economic theory as are expressible in mathematical form are extremely easy compared with…

— John Maynard Keynes

Model building is the art of selecting those aspects of a process that are relevant to the question being asked. As with any art,…

— John Henry Holland

“The Newtonian scheme became an illusion of determinism in a tempestuous world of human actions. Economists became preoccupied with mechanical models of markets and…

— George Gilder

“idea models—models that are simple enough to study via mathematics or computers but that nonetheless capture fundamental properties of natural complex systems.”

— Melanie Mitchell

Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models…

— Joseph Stiglitz