A Quote by John Kenneth Galbraith
Economics is not an exact science.
Related Quotes
Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them.
Many persons entertain a prejudice against mathematical language, arising out of a confusion between the ideas of a mathematical science and an exact science. ...in reality, there is no such thing as an exact science.
It is clear that Economics, if it is to be a science at all, must be a mathematical science ... simply because it deals with quantities... As the complete theory of almost every other science involves the use of calculus, so we cannot have a true theory of Economics without its aid.
I learned that economics was not an exact science and that the most erudite men would analyze the economic ills of the world and derive a totally different conclusion.
Economics is uncertain because its fundamental subject matter is not money but human action. That's why economics is not the dismal science, it's no science at all.
I proved to you that psychiatry is an exact science!" "An exact science?!" "Yes, you owe me exactly one hundred and forty-three dollars!
Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science.
People want to think of economics as a natural science, like physics, with the comforting reliability of simple-to-understand theories like F=MA. Unfortunately, it isn't. Economics is a social science, and the so-called theories are really social and moral constructs.
It is a common observation that a science first begins to be exact when it is quantitatively treated. What are called the exact sciences are no others than the mathematical ones.
Economics has increasingly become the science of human behavior in general, and it's all the more unlikely to think that it can possibly be value-free - and, in fact, it isn't. Economics rests on un-argued assumptions that need to be examined.
Positive economics is in principle independent of any particular ethical position or normative judgment...In short, positive economics is or can be an "objective" science.
My research career has been devoted to understanding human decision-making and problem-solving processes. The pursuit of this goal has led me into the fields of political science, economics, cognitive psychology, computer science and philosophy of science, among others.
Economics never was a dismal science. It should be a realistic science.
It is clear that economics, if it is to be a science at all, must be a mathematical science.
If you ask ... the man in the street ... the human significance of mathematics, the answer of the world will be, that mathematics has given mankind a metrical and computatory art essential to the effective conduct of daily life, that mathematics admits of countless applications in engineering and the natural sciences, and finally that mathematics is a most excellent instrumentality for giving mental discipline... [A mathematician will add] that mathematics is the exact science, the science of exact thought or of rigorous thinking.
Although this may seem a paradox, all exact science is dominated by the idea of approximation. When a man tells you that he knows the exact truth about anything, you are safe in inferring that he is an inexact man. Every careful measurement in science is always given with the probable error ... every observer admits that he is likely wrong, and knows about how much wrong he is likely to be.
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