Economists Have “the Tools to Slap Together a Model to ‘Explain’ Any and All Phenomena”

(p. 755) The economist of today has the tools to slap together a model to ‘explain’ any and all phenomena that come to mind. The flood of models is rising higher and higher, spouting from an ever increasing number of journal outlets. In the midst of all this evidence of highly trained cleverness, it is difficult to retain the realisation that we are confronting a complex system ‘the working of which we do not understand’. . . . That the economics profession might be humbled by recent events is a realisation devoutly to be wished.

Leijonhufvud, Axel. “Out of the Corridor: Keynes and the Crisis.” Cambridge Journal of Economics 33, no. 4 (July 2009): 741-57.
(Note: ellipsis added.)
(Note: the passage above was quoted on the back cover of The Cato Journal 30, no. 2 (Spring/Summer 2010).)

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