A Quote by George Akerlof

Economic theorists, like French chefs in regard to food, have developed stylized models whose ingredients are limited by some unwritten rules. Just as traditional French cooking does not use seaweed or raw fish, so neoclassical models do not make assumptions derived from psychology, anthropology, or sociology. I disagree with any rules that limit the nature of the ingredients in economic models.

George Akerlof

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Anthropology Any Assumptions Chefs Cooking Derived Developed Disagree Does Economic Economic Models Fish Food French French Cooking Ingredients Just Like Limit Limited Make Models Nature Psychology Raw Regard Rules Seaweed Sociology Some Stylized Theorists Traditional Unwritten Unwritten Rules Use Whose

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George Akerlof
American - Economist
Born: June 17, 1940

There are great slender models, great tall models, Amazonian models, great busty models - my point is models of all shapes and sizes, age, ethnic background should be embraced and celebrated.

Erin O'Connor

The climate-studies people who work with models always tend to overestimate their models. They come to believe models are real and forget they are only models.

Freeman Dyson

My attempt has been really to, beyond making a record of contemporary life, which is what you inevitably do, is trying to make beautiful books - books that are in some way beautiful, that are models of how to use the language, models of honest feeling, models of care.

John Updike

Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with everyday observation.

Joseph Stiglitz

Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with every day observation.

Joseph Stiglitz

There are no rules, no models; rather, there are no rules other than the general laws of Nature.

Victor Hugo

I could try to incorporate or reflect in my models what it is that an employee, manager, or entrepreneur does: to recognize that most are engaged in their work, form expectations and evolve beliefs, solve problems, and have ideas. Trying to put these people into economic models became my project.

Edmund Phelps

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

Warren Buffett

The traditional fast food model is built on buying the cheapest ingredients - and that usually means poor-quality, heavily processed foods. But you can use quality ingredients, cook food using classic cooking techniques, and still serve something that's fast and inexpensive.

Steve Ells

Of course there are some models who are not good, but it has been proven that some models can act. Look at Kim Basinger, Sharon Stone or Andie MacDowell, who were all models - they are really fantastic actresses.

Claudia Schiffer

Modern economics is a set of formal models and equations purporting to fully determine human behaviour, at least in the economic realm. And there is no way that uncertainty can be compressed into determinate mathematical models.

Murray Rothbard

Prior to the early 1960s, economic theorists rarely constructed models customized to capture unique institutions or specific market characteristics.

George Akerlof

All models are approximations. Essentially, all models are wrong, but some are useful. However, the approximate nature of the model must always be borne in mind.

George E. P. Box

The most glaring deficiency in traditional economic models is that they completely ignore the role of context in evaluation.

Robert H. Frank

I did gymnastics, I wanted to be like Dominique Dawes. But the good think about role models is that you don't just have them when you are kid. My role models from WWE came when I was older. When I was 27, my role models from WWE became Jacqueline and Beth Phoenix.

Bianca Belair

The challenge for me, and for Asian models in general has been convincing editors, stylists and photographers that we can have mass appeal, but Asian, especially Chinese models have become a stronger presence. Just a season or two ago, there weren't many models for me to talk with backstage in my native Mandarin. Now I usually have no trouble finding someone at any show.

Liu Wen

A Quote by George Akerlof

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