Paul Ormerod: Economy

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

“At 2 per cent growth a year, an economy doubles in size in just thirty years.”

Paul Ormerod book The Death of Economics

Part I, Chapter 2, Measuring Prosperity, p. 23
The Death of Economics (1994)

“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

“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 book The Death of Economics

Part I, Chapter 4, Professional Reservations, p. 79
The Death of Economics (1994)

Behavior

“The importance to Smith of the overall set of values in which the economy operates is generally ignored by his followers in the late twentieth century. His economics, based upon individual self-interest, is remembered, but his moral framework is not.”

Paul Ormerod book The Death of Economics

Part I, Chapter 1, Economics in Crisis, p. 14
The Death of Economics (1994)

“The linear, mechanistic view of the world which pervades orthodox economics is simply not capable of capturing the richness and complexity of the rhythms and fluctuations of developed economies.”

Paul Ormerod book The Death of Economics

Part II, Chapter 8, The Dynamics of Unemployment, p. 162
The Death of Economics (1994)

World

“Many Europeans, while admiring the strength and power of the American economy, undoubtedly feel that the system of social values which prevails in the United States, manifested in the acute problems evident in the inner cities and the level of violent crime, for example, leaves much to be desired.”

Paul Ormerod book The Death of Economics

Source: The Death of Economics (1994), Chapter 10, Economics Revisited, p. 206

Feeling , Problem

“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

“In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.”

Paul Ormerod book The Death of Economics

Part II, Chapter 6, Unemployment and Inflation, p. 130
The Death of Economics (1994)

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