Admiring Quote by 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 latter view…

— Paul Ormerod

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

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

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

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 way of…

— Paul Ormerod

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

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

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

— 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 in a…

— Paul Ormerod

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

— Paul Ormerod