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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.
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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
Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some.
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If A was in love with B and believed that B reciprocated his feelings, whereas in fact B did not, but was in love with C, the state of affairs was certainly not so good as it would have been if A had been right, but was it worse or better than it would have become if A discovered his mistake? If A was in love with B under a misapprehension as to B’s qualities, was this better or worse than A’s not being in love at all? If A was in love with B because A’s spectacles were not strong enough to see B’s complexion, did this altogether, or partly, destroy the value of A’s state of mind?
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