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The importance to Smith of the overall set of values in which the economy operates is generally ignored by his followers in the late twentieth century. His economics, based upon individual self-interest, is remembered, but his moral framework is not.

— Paul Ormerod The Death of Economics (1994)

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More quotes by Paul Ormerod

By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking.

The Death of Economics (1994)

Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.

The Death of Economics (1994)

Even in financial markets, the concept of market efficiency does not hold.

The Death of Economics (1994)

At 2 per cent growth a year, an economy doubles in size in just thirty years.

The Death of Economics (1994)

The reader might reflect that an awful lot of supposing has to take place in order for the quantity theory of money to be true.

The Death of Economics (1994)

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