Monday, April 06, 2015

Boom and Bust

"Science may announce the probability of the recurrence of a certain measurement within the system of its own observations, but to demand more than this, to demand that a science of economics should predict categorically a slump or boom in trade, is to demand what, indeed, some economists have promised, but what an economic science could never afford." -- Michael Oakeshott, Experience and Its Modes, p. 228

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