Thursday, October 16, 2008

Economist’s fails at basics after getting PhD in it!

Why wise economist’s fails to understand the basics of applied economics?

Professor F A Hayek wrote in his Nobel lecture in 1974 “it seems to me that this failure of the economists to guide policy more successfully is closely connected with their propensity to imitate as closely as possible the procedures of the brilliantly successful physical sciences - an attempt which in our field may lead to outright error”.

An Indian journalist had written some what doubtfully and confused with Keynes.

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