Look who’s bashing macroeconomics

by Sandy Ikeda

“We think of experiments of particle physics and space explorers as being extraordinarily expensive, and so they are.  But the costs are as nothing compared with the incomprehensibly huge resources that banks, industries, governments and the international institutions like the World Bank, the International Monetary Fund, and the United Nations have poured into tests of macro-economic theory.  Never has a science, or supposed science, been so generously indulged.  And never have experiments left in their wakes more wreckage, unpleasant surprises, blasted hopes and confusion, to the point that the question seriously arises whether the wreckage is reparable; if it is, certainly not with more of the same.”

(Answer is under the fold.)

Jane Jacobs, Cities and the Wealth of Nations (1984), p.6.

6 thoughts on “Look who’s bashing macroeconomics

  1. Sandy,

    “…(Answer is under the fold.)…”

    With IE8 (accessed from email) I have neither a fold nor an answer.

    Regards, Don

  2. Dear Sandy,

    This is not exactly the appropriate topic, but if you’re still interested in coffehouses I recommend this essay by George Steiner, The Idea of Europe (Nexus Institute, 2005). The title doesn’t betray it, but it is actually an introduction to the “macroeconomics” of the coffehouse business, in a way.

  3. It seems, it will approach.
    Interesting theme, I will take part. I know, that together we can come to a right answer.
    I suggest you to come on a site where there are many articles on a theme interesting you.
    Allow to help you?
    It is good idea. I support you.

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