Quote of the Day — Michael Boskin on Math & Economic Complexity
By Greg Ransom, on April 14th, 2011
“The complexity of a dynamic market economy is not easily captured even by sophisticated modeling (an idea stressed by Friedrich Hayek and Robert Solow).”
Most of the [economics] departments came to dislike me [due to the publication of The Road to Serfdom], so much so that I can feel it to the present day. — F. A. Hayek
I guess that’s why he is credited with removing the useless components of food and energy in the CPI. Who needs these things!