The obstacles facing academic economists are formidable, for tenure and professional advancement still depend to a large extent on a willingness to c… - Paul Ormerod

We need to abandon the economist's notion of the economy as a machine, with its attendant concept of equilibrium. A more helpful way of thinking about the economy is to imagine it as a living organism.

Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.

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.