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Taming Economists

In: The Confiscation of American Prosperity

Author

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  • Michael Perelman

Abstract

John Maynard Keynes once recalled an encounter with Max Planck, an originator of quantum theory. Planck told Keynes that he had considered studying economics when he was young, but he found the subject too difficult (Keynes 1924, fn 186). How in the world could Professor Planck, whose work rivaled that of Albert Einstein, be intimidated by the study of economics? Keynes himself suggested an answer to that question in a letter to a fellow economist: “Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. It is compelled to be this, because, unlike the typical natural science, the material to which it is applied is, in too many respects, not homogeneous through time” (Keynes 1938, 296).

Suggested Citation

  • Michael Perelman, 2007. "Taming Economists," Palgrave Macmillan Books, in: The Confiscation of American Prosperity, chapter 0, pages 169-177, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-60706-4_12
    DOI: 10.1057/9780230607064_12
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