The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level.
Books proliferate, and occasionally sell in very large numbers, which claim to have found the rule, or small set of rules, which will guarantee busin… - Paul Ormerod
Books proliferate, and occasionally sell in very large numbers, which claim to have found the rule, or small set of rules, which will guarantee busin…
- Paul Ormerod
Even in financial markets, the concept of market efficiency does not hold. - Paul Ormerod
Even in financial markets, the concept of market efficiency does not hold.
Baseball players or cricketers do not need to be able to solve explicitly the non-linear differential equations which govern the flight of the ball. … - Paul Ormerod
Baseball players or cricketers do not need to be able to solve explicitly the non-linear differential equations which govern the flight of the ball. …
We need to abandon the economist's notion of the economy as a machine, with its attendant concept of equilibrium. A more helpful way of thinking abou… - Paul Ormerod
We need to abandon the economist's notion of the economy as a machine, with its attendant concept of equilibrium. A more helpful way of thinking abou…
I am often asked by would-be entrepreneurs seeking escape from life within huge corporate structures, ‘How do I build a small firm for myself?’ The a… - Paul Ormerod
I am often asked by would-be entrepreneurs seeking escape from life within huge corporate structures, ‘How do I build a small firm for myself?’ The a…
The linear, mechanistic view of the world which pervades orthodox economics is simply not capable of capturing the richness and complexity of the rhy… - Paul Ormerod
The linear, mechanistic view of the world which pervades orthodox economics is simply not capable of capturing the richness and complexity of the rhy…
In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate … - Paul Ormerod
In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate …
The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to e… - Paul Ormerod
The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to e…
Many Europeans, while admiring the strength and power of the American economy, undoubtedly feel that the system of social values which prevails in th… - Paul Ormerod
Many Europeans, while admiring the strength and power of the American economy, undoubtedly feel that the system of social values which prevails in th…
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