“I have tried to make clear in this brief sketch of the nature of deductively formulated theories, at least as they occur in economics, that, although their origin lies in common observation and introspection, nevertheless they are capable of a purely mathematical development through the exact statement of a of a set of postulates which, however, since they must inevitably contain assumptions about human behaviour, require to be tested by reference to actual events.”

—  Richard Stone

Source: The Role of Measurement in Economics. 1951, p. 14-15

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Richard Stone 11
British economist, Nobel Memorial Prize winner 1913–1991

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