“Economics as currently learned and taught in graduate school and practiced afterward is more theory-intensive and less observation-intensive than perhaps any other science. I think the statement that "no mere fact ever was a match in economics for a consistent theory" accurately describes the prevailing attitude in the profession”

— Vernon L. Smith

Milgrom and Roberts, 1987, p. 185
Source: "Theory, experiment and economics," 1989, p. 151.

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Vernon L. Smith 20

American economist 1927

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