Friday, September 18, 2009

Quote of the Day

. Friday, September 18, 2009

“… the economists are at this moment called upon to say how to extricate the free world from the serious threat of accelerating inflation which, it must be admitted, has been brought about by policies which the majority of economists recommended and even urged governments to pursue. We have indeed at the moment little cause for pride: as a profession we have made a mess of things.”


That is not Paul Krugman in 2009, or even J.M. Keynes in 1937, but Friedrich Hayek in 1974. Like Krugman in 2009 and Keynes in 1937, Hayek didn't much like the quantification of the discipline.

Via Nobelist Vernon Smith at the new Causes of the Crisis blog. Other contributors so far include Dave Colander and Jeffrey Friedman, with invites out to many others.

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