There may be few instances in which the superstition that only measurable magnitudes can be important has done positive harm in the economic field: but the present inflation and employment problems are a very serious one.
Attribution disputed; shown as originally published.
Some economic factors still need measurement to be understood.
The social sciences, like much of biology but unlike most fields of the physical sciences, have to deal with structures of essential complexity, i.e. with stru…
I confess that I prefer true but imperfect knowledge, even if it leaves much indetermined and unpredictable, to a pretence of exact knowledge that is likely to…
There may thus well exist better 'scientific' evidence for a false theory, which will be accepted because it is more 'scientific', than for a valid explanation…
All my adult life I have seen British governments driven off their virtuous pursuit of low inflation by market problems or political pressures. I was under no …
We had to dispel the notion that the way to economic success lies through a sort of fiscal levitation. That was the abiding post-war delusion-that governments …
'When we leave out people on the grounds of ethnicity we limit our options. As such, we become poorer because we are not making optimum use of our human resour…