Wednesday, January 2, 2013

A Humorous Quote On The State Of Macroeconomics

The global financial system created problems in the global economy that are not easily explained by economic theory.  Moreover, there has been a battle within macroeconomics about how to deal with the global economic problems that we have created.  I was in the middle of one these discussions when I found the following quote among the comments.  I thought that it was both funny, and closer to the real issues than many of the discussions on this topic.  Some of you may also appreciate the humor.

"Macroeconomics is the attempt to find a mathematical justification for pre-existing preferences about what governments ought to do. Those preferences are usually the result of the economist’s childhood experiences and Minnesota Multiphasic Personality Inventory score."

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