Quote of the day
From the New Yorker profile of Paul Krugman:
“Krugman went to Yale, in 1970, intending to study history, but he felt that history was too much about what and not enough about why, so he ended up in economics. Economics, he found, examined the same infinitely complicated social reality that history did but, instead of elucidating its complexity, looked for patterns and rules that made the complexity seem simple. ”
Later in the same article:
“But failure to represent reality accurately is rarely a fatal flaw in an economics model—what’s valued is the model’s usefulness as an analytic tool. The most successful paper Krugman ever wrote was about target zones, and it was completely wrong.”
Not to bash on Krugman… I like the fellow, and anyone who’s a sci-fi nerd is alright with me. Just more proof of the superiority of historians….