Paul Ormerod Quotes

English economist

Paul Ormerod (born in 1969) is a British economist who is researching complexity, complex systems, nonlinear feedback, the boom and bust cycle of business and economic competition. Ormerod uses a multidisciplinary approach, making use of biology, physics, mathematics, statistics and psychology as sources of results that can be applied to economics.

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But Adam Smith was a philosopher as well as well as an economist, famous in his time as much for his Theory of Moral Sentiments as for The Wealth of Nations. And as he understood so well, society is more than the sum of its individual parts.

At 2 per cent growth a year, an economy doubles in size in just thirty years.

The reader might reflect that an awful lot of supposing has to take place in order for the quantity theory of money to be true.

In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.

Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.