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Wednesday, April 20, 2011

Quote of the Day...

"I accuse the classical economic theory of being itself one of these pretty, polite techniques which tries to deal with the present by abstracting from the fact that we know very little about the future."
-J.M. Keynes, 1937
P.S. The paper from which the above quote was drawn can be found here.  It is a must read for any aspiring economists out there. Despite all of the advances in the last 70+ years, most economic theory is still (I think) susceptible to the above critique.

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