How economics lost sight of real world

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Revision as of 19:40, April 22, 2009 by Bnichols (talk | contribs) (Created page with '{{Item |author=John Kay |source=Financial Times |date=April 22, 2009 |url=http://www.ft.com/cms/s/0/35301d06-2eaa-11de-b7d3-00144feabdc0.html |quote="There is not, and never will')
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This is an opinion item.

Author(s) John Kay
Source Financial Times
Date April 22, 2009
URL http://www.ft.com/cms/s/0/35301d06-2eaa-11de-b7d3-00144feabdc0.html
Quote
"There is not, and never will be, an economic theory of everything. Physics may, or may not, be different. But the knowledge we can hope to have in economics is piecemeal and provisional, and different theories will illuminate different but particular situations. We should observe empirical regularities and – as in other applied subjects such as medicine and engineering – we will often find pragmatic solutions that work even though our understanding of why they work is incomplete"


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