Done Quote by Robert Higgs

“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

Modern economics is sick. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding…

— Mark Blaug

There is much of economic theory which is pursued for no better reason than its intellectual attraction; it is a good game. We have…

— Sir John Richard Hicks

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

What good does the theory [of economics] do if it is not working for people?

— Muhammad Yunus

The modern history of economic theory is a tale of evasions of reality.

— Thomas Balogh, Baron Balogh

Existing economics is a theoretical system which floats in the air and which bears little relation to what happens in the real world.

— Ronald Coase

“To put it bluntly, the discipline of economics has yet to get over its childish passion for mathematics and for purely theoretical and often…

— Thomas Piketty

Economists got away from really questioning how the world works, how decisions actually got made. If something doesn't conform to neoclassical models ... people…

— W. Brian Arthur

The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).

— George Soros

“Some people argue that economics is an exception to this general story. Economics, they say, provides a much more analytically precise and tightly integrated…

— Thomas Homer-Dixon

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