Skip to content

The circular flow diagram occurs in virtually all modern introductory economics textbooks as a way of explaining flows of income between firms and households and their measurement in the national accounts.

— Mark Blaug ‎P. J. Lloyd (2010)

Another quote →

More quotes by Mark Blaug

Nothing is more difficult than to turn and entire discipline around, asking itself to jettison its own history over the last 200 years.

Hayek's career raises many puzzles and sometimes takes on the appearance of an endless trail of unresolved or only partly resolved issues.

Hayek revisited (1993)

The Keynesian Revolution is one of the most remarkable episodes in the entire history of economic thought; certainly never before and perhaps never since has the economics profession been won over so rapidly and so massively to a new economic theory.

There were many Hayeks: Hayek, the political scientist; Hayek, the economist; Hayek, the philosopher of social science; Hayek, the psychologist. Even in these different roles, he played many parts.

Hayek revisited (1993)

All Mark Blaug quotes →

Attribution

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