Wednesday, September 14, 2005

Normative economics* is like religion without the aesthetics.

--Nassim Nicholas Taleb, "Fooled By Randomness," pg. 174.

*Where normative is the claim that economic theory represents an attempt to describe how things ought to be: it's prescriptive.

2 Comments:

Blogger henry said...

But perfect competition IS beautiful!

Seriously.

1:30 PM  
Blogger Isaac said...

True.

9:24 PM  

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