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Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. It is compel… - John Maynard Keynes
" "Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. It is compelled to be this, because, unlike the typical natural science, the material to which it is applied is, in too many respects, not homogeneous through time. The object of a model is to segregate the semi-permanent or relatively constant factors from those which are transitory or fluctuating so as to develop a logical way of thinking about the latter, and of understanding the time sequences to which they give rise in particular cases.
Good economists are scarce because the gift for using "vigilant observation" to choose good models, although it does not require a highly specialised intellectual technique, appears to be a very rare one.
English
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About John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes of Tilton (5 June 1883 – 21 April 1946) was a British economist whose ideas, known as Keynesian economics, had a major impact on modern economic and political theory and on many governments' fiscal policies.
Biography information from Wikiquote
Also Known As
Alternative Names:
Lord Keynes
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Baron Keynes of Tilton
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John Maynard Keynes, 1st Baron Keynes
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Keynes
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Additional quotes by John Maynard Keynes
But when we come to consider the problem of party positively—by what attracts... the aspect is dismal in every party alike, whether we put our hopes in measures or in men. ...The historic party questions of the nineteenth century are as dead as last week's mutton; and whilst the questions of the future are looming up, they have not yet become party questions, and they cut across the old party lines.
Are the solutions offered us always to be too late? Shall we in Great Britain invite three-quarters of the world, including the whole of our Empire, to join with us in evolving a new currency system which shall be stable in terms of commodities? Or would the gold standard countries be interested to learn the terms, which must needs be strict, on which we should be prepared to re-enter the system of a drastically reformed gold standard?
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