Category Archives: To market, to market

Why economics a dismal science

You try and you try but still can’t be sure.

However greatly our theories and techniques of investigation [using economic models and testing them through statistical trials] assist us to interpret the observed facts, they give little help in ascertaining all those particulars which enter into the determination of the complex patterns, and which we would have to know to achieve complete explanation, or precise predictions.

Which is where the free market comes in, millions  of buyers and sellers and their “complex patterns,” which no  man or woman or gang of eight or ten or a thousand can explain completely or predict precisely.

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