“Keynesian economics is really just models and numbers and how things would work in a laboratory, not how things work in the real world.”

—  Glenn Jacobs

07:20&amp;#8211;08:05. <br class="br"> &quot;Glenn &#x27;Kane&#x27; Jacobs Mental Smackdown of Tennessee Lt Governor&quot; http://www.youtube.com/watch?v=-bWJwJr-R68 (2013) <br class="br">Context: Keynesian economics is really just models and numbers and how things would work in a laboratory, not how things work in the real world. The beauty of Austrian economics is [that] it studies how things work in the real world. Economics is not a predictive science, okay? You can&#x27;t say, &quot;If we do this, this is what&#x27;s gonna happen.&quot; It is a descriptive science; in other words, it describes what&#x27;s going on. Austrian economics says the economy runs itself, and all that we&#x27;re trying to do is understand how the economy really works.

Adopted from Wikiquote. Last update Sept. 14, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Keynesian economics is really just models and numbers and how things would work in a laboratory, not how things work in…" by Glenn Jacobs?
Glenn Jacobs photo
Glenn Jacobs15
American professional wrestler and actor 1967

Related quotes

Paul Krugman photo

“Many of the stories economists tell take the form of models—for whatever else they are, economic models are stories about how the world works.”

Paul Krugman (1953) American economist

Preface
Economics (4th ed., 2015)

“I would get up and explain how things really work. That was my job.”

Clair Cameron Patterson (1922–1995) American chemist and geochemist

In a Interview With Shirley K. Cohen http://oralhistories.library.caltech.edu/32/1/OH_Patterson.pdf

Steven D. Levitt photo

“Morality, it could be argued, represents the way that people would like the world to work, wheareas economics represents how it actually does work.”

Steven D. Levitt (1967) American economist

Source: Freakonomics: A Rogue Economist Explores the Hidden Side of Everything

Lars Peter Hansen photo

“I view the work I've done related to statistics and economics as roughly speaking, how to do something without having to do everything. So economic models -- how any model by definition isn't right. When someone just says, 'Oh, your model is wrong.' That's not much of an insight. What you want to know is, is wrong in important ways or wrong in ways that are less relevant? And you want to know what does the data really say about the model?”

Lars Peter Hansen (1952) American economist

Source: David Brancaccio (2013) &quot; Nobel Prize in Economics winner Lars Peter Hansen on imperfect models http://www.marketplace.org/topics/economy/nobel-prize-economics-winner-lars-peter-hansen-imperfect-models&quot; at marketplace.org.

William Gibson photo

“When you want to know how things really work, study them when they're coming apart.”

William Gibson book Zero History

Source: Zero History

Doris Lessing photo

“This world is run by people who know how to do things. They know how things work. They are equipped. Up there, there's a layer of people who run everything. But we — we're just peasants. We don't understand what's going on, and we can't do anything.”

Doris Lessing book The Good Terrorist

The Good Terrorist (1985)

Jim Al-Khalili photo

“All scientists must communicate their work, for what is the point of learning new things about how the world works if you don't tell anyone about them?”

Jim Al-Khalili (1962) British theoretical physicist, author and broadcaster

We can&#x27;t hide in our labs and leave the talking to Dawkins http://www.guardian.co.uk/commentisfree/2008/nov/25/comment-science-secularism-society-dawkins, The Guardian, Tuesday 25 November 2008.

“Thanks to the work of John Maynard Keynes and of Milton Friedman, we now have a better understanding of how governments can (at least in principle) reduce the severity of major economic downturns. Keynesian economics taught us that government spending can raise GDP and reduce unemployment.”

Martin Feldstein (1939–2019) American economist

"Economic Conditions and U.S. National Security in the 1930s and Today" (2009).

Ward Cunningham photo

“People can and do trust works produced by people they don’t know. The real world is still trying to figure out how Wikipedia works.”

Ward Cunningham (1949) American computer programmer who developed the first wiki

Crucible of Creativity (2005)
Context: People can and do trust works produced by people they don’t know. The real world is still trying to figure out how Wikipedia works. A fantastic resource. Open source is produced by people that you can’t track down, but you can trust it in very deep ways. People can trust works by people they don’t know in this low communication cost environment.

Related topics