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The model of competitive equilibrium which has been discussed so far is set in a timeless environment. People and companies all operate in a world in which there is no future and hence no uncertainty.

— 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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Quote text and notes from Wikiquote: Paul Ormerod (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.