Look who’s bashing macroeconomics

September 3, 2009

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 Responses to “Look who’s bashing macroeconomics”

  1. Don Lloyd Says:

    Sandy,

    “…(Answer is under the fold.)…”

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

    Regards, Don


  2. Jane Jacobs is on the mark.

  3. Sandy Ikeda Says:

    Don,

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

  4. Bogdan Enache Says:

    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.

  5. Sandy Ikeda Says:

    Thanks for the reference, Bogdan, I’ll look into it. I’m always up for coffee!

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