“There was a limited literature on external economies and international trade before 1978. It was never, however, very influential, because it seemed terminally messy; even the simplest models became bogged down in a taxonomy of possible outcomes. What has since become clear is that this messiness arose in large part because the modelers were asking their models to do what traditional trade models do, which is to predict a precise pattern of specialization and trade.”

—  Paul Krugman

How I Work (1993)

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "There was a limited literature on external economies and international trade before 1978. It was never, however, very i…" by Paul Krugman?
Paul Krugman photo
Paul Krugman 106
American economist 1953

Related quotes

Russell L. Ackoff photo

“The usefulness of the models in constructing a testable theory of the process is severely limited by the quickly increasing number of parameters which must be estimated in order to compare the predictions of the models with empirical results.”

Anatol Rapoport (1911–2007) Russian-born American mathematical psychologist

Source: 1960s, Prisoner's dilemma: A study in conflict and cooperation (1965), p. 150

Milton Friedman photo

“MDA per se is relaxed about exactly what models it transforms, so long as the modeling language in which the models are expressed can be defined.”

Stephen J. Mellor (1952) British computer scientist

Source: MDA Distilled. Principles of Model-Driven Architecture, 2003, p. 36.

Sheyene Gerardi photo

“Because planned economies have historically failed, new modeling techniques are needed.”

Sheyene Gerardi Venezuelan actor and model

[Sheyene Institute Founder`s Letter, http://www.aero-news.net/index.cfm?do=main.textpost&id=38c46884-5abc-491a-89aa-c9bb0b71195c]

Ram Dass photo
Enoch Powell photo

Related topics