An economic ‘theory of everything’
"There is not, and never will be, an economic theory of everything. Physics may, or may not, be different. But the knowledge we can hope to have in economics is piecemeal and provisional, and different theories will illuminate different but particular situations. We should observe empirical regularities and—as in other applied subjects such as medicine and engineering—we will often find pragmatic solutions that work even though our understanding of why they work is incomplete."Extract from John Kay in the Financial Times
Posted on 04/22 at 12:07 PM.
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