Body Quote by Stephen J. Dubner
“When most people think of economists, they think of macro-economists. Macro-economists try to describe or - even harder - predict the movements of a hugely dynamic system. They're like a transplant surgeon trying to simultaneously transplant every failing organ in someone's body.”
About This Quote
Source Book: Freakonomics, 2005
Economists attempt to model complex economies, but the task is as impossible as transplanting every failing organ at once.
In simple terms: Economics is too complex to predict fully.
Recognize limits of economic forecasting.
Themes
Mood
Type
When to use this quote
- policy making
- investment strategy
- academic research
Key Concepts
Questions to Reflect On
- How can we improve economic models?
- What alternative approaches exist?
Overemphasis on prediction can mislead decisions.