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No economic model can describe “the world as it really is”.
The most important source of economic advance comes not from doing the same things better, but from achieving the same objective in a completely different way.
Anthropology helps us understand the world, in ways that are helpful whether we are talking about the internal contradictions of communism or the pathologies of financial crises.
Big data can help us understand the past and the present but it can help us understand the future only to the extent that the future is, in some relevant way, contained in the present.
Economics is not a method but a subject – one defined by the problems it sets out to tackle not the techniques it uses.
The monetary rewards attached to different occupations and social positions change from one period of history to another. The houses remain, the backgrounds of their occupants change.
Cricketers as gifted as Mr Tendulkar will appear from time to time, but it is unlikely that one as skilful as Bradman will appear in the entire history of the world.
Nuclear power and financial systems both have the capacity to blow up the world. Perhaps there are lessons from one for the other.
Financial economics, for half a century a showpiece in economic departments, is today struggling to maintain credibility in the face of the financial instability of the past two decades.
My decision not to read the terms of agreement when purchasing a new television is not the result of my stupidity and ignorance, but my wisdom.