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A theory is appropriate as long as it fits into the fact; when a theory doesn't fit in the fact, it's wise to walk with the fact.

Tuesday, October 18, 2016

The Trouble with Macroeconomics

Paul Romer, a renowned macroeconomist and the current Chief Economist, World Bank writes on importance of science and facts in the paper 'The Trouble with Macroeconomics'. 

Probably, the most striking words came out from this paper through the following statement: "an indifferent tolerance of obvious error is even more corrosive to science than committed advocacy of error."

So true!