Friday, November 22, 2019

Economics of Patterns

Kapil Viswanathan has good piece in Livemint on economics of modern vs traditional. Some excerpts:



"Friedrich von Hayek, the Nobel prize-winning economist, believed that there are no laws in economics; only patterns, and we must learn to recognize these. Doing so involves breaking away from a Newtonian mindset of definitive and predictive models and equilibria, and approaching the study of economics from a fundamentally different perspective."

"As Hayek advises, we must attempt not to shape results as a craftsman shapes his handiwork, but rather to cultivate growth by providing the appropriate environment, as a gardener does for plants."

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