Assumption Quote by W. Brian Arthur
“We're facing a danger that economics is rigorous deduction based upon faulty assumptions. Science after science gets that way from time to time. When it does, we're in real trouble.”
About This Quote
Source Book: Complexity: A Guided Tour, 2009
Economics often rests on shaky premises, leading to repeated scientific failures and real danger.
In simple terms: Economics can be built on bad assumptions, causing trouble.
Key Takeaway
Question assumptions before building models.
Themes
economics
science
risk
assumptions
Mood
cautious
analytical
Type
critical
academic
When to use this quote
- policy analysis
- financial forecasting
- academic research
- public discourse
Key Concepts
complexity theory
model uncertainty
Questions to Reflect On
- What assumptions underlie your current model?
- How can you test these assumptions?
A Different Perspective
Assumptions may be hidden and hard to test.
