Source: David Brancaccio (2013) " 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" at marketplace.org.
“I do not mean to say that formal economic analysis is worthless, and that anybody's opinion on economic matters is as good as anyone else's. On the contrary! I am a strong believer in the importance of models, which are to our minds what spear-throwers were to stone age arms: they greatly extend the power and range of our insight. In particular, I have no sympathy for those people who criticize the unrealistic simplifications of model-builders, and imagine that they achieve greater sophistication by avoiding stating their assumptions clearly. The point is to realize that economic models are metaphors, not truth. By all means express your thoughts in models, as pretty as possible (more on that below). But always remember that you may have gotten the metaphor wrong, and that someone else with a different metaphor may be seeing something that you are missing.”
" How I Work http://web.mit.edu/krugman/www/howiwork.html", American Economist (1993)
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Paul Krugman 106
American economist 1953Related quotes
Source: 1950s, The Skills of the Economist, 1958, p. 19
Inside the Actor's Studio interview by James Lipton, New School University, November 21, 2004 http://www.natalieportman.com/npcom.php?page_number=24&limit=100&view=
Education (1902)
Context: I am not of those who believe in lackadaisical methods. On the contrary, I advocate a vigorous, thorough, exact mental training which shall fit the mind to expand upon and grasp large things and yet properly to perceive in their just relation the significance of small ones to discriminate accurately as to quantity and quality and thus to develop individual judgment, capacity and independence.
But at the same time I am of those who believe that gentleness is a greater, surer power than force, and that sympathy is a safer power by far than is intellect. Therefore would I train the individual sympathies as carefully in all their delicate warmth and tenuity as I would develop the mind in alertness, poise and security.
Nor am I of those who despise dreamers. For the world would be at the level of zero were it not for its dreamers gone and of today. He who dreamed of democracy, far back in a world of absolutism, was indeed heroic, and we of today awaken to the wonder of his dream.
Source: The Return of Depression Economics and The Crisis of 2008 (2009), Chapter 10. The Return of Depression Economics
Kenneth Boulding (1961). "Contemporary economic research: . In Donald P. Ray (Ed.) Trends in social science. p..19 cited in: Erik Angner & George Loewenstein (2006) Behavioral Economics http://www.cmu.edu/dietrich/sds/docs/loewenstein/BehavioralEconomics.pdf
1960s