Paul Ormerod: Concept

Paul Ormerod is English economist. Explore interesting quotes on concept.
Paul Ormerod: 40   quotes 0   likes

“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 thinking about the economy is to imagine it as a living organism.”

Paul Ormerod book The Death of Economics

Part II, Chapter 7, Attractor Points, p. 151
The Death of Economics (1994)

Way , Imagination , Thinking , Help

“Even in financial markets, the concept of market efficiency does not hold.”

Paul Ormerod book The Death of Economics

Part II, Chapter 8, The Dynamics of Unemployment, p. 176
The Death of Economics (1994)

“Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.”

Paul Ormerod book The Death of Economics

Part II, Chapter 7, Attractor Points, p. 140
The Death of Economics (1994)

Failure