Paul Ormerod: Level

Paul Ormerod is English economist. Explore interesting quotes on level.

Paul Ormerod: 40 quotes 0 likes

“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

“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)

Change