"If there is any profession that needs help, its the economic profession. Economists have got too caught up in esoteric mathematical models, and so have financial engineers. What there economists and financial engineers have forgotten is that an economy is not a physical system. Economic life does not follow normal distribution curves, where certain things are only supposed to happen once in 100 years. Economic life is ruled by human beings, who can be very awkward. We need to remember that economics is a social science, if it's a science at all."
Paul Volcker, when he was at a 90-minute dialogue at the Lee Kuan Yew School of Public Policy at the National University of Singapore.
No comments:
Post a Comment