Quote by John Kenneth Galbraith

Economics is not an exact science.

Economics is not an exact science.

Summary

This quote suggests that economics is not a field that can provide precise and predictable results or formulas. Unlike certain natural sciences such as physics or chemistry, economics deals with complex human behavior, subjective preferences, and unpredictable market dynamics. It acknowledges that economic theories and models are subject to various interpretations and are unable to provide definite or universally applicable solutions. The quote highlights the inherent limitations of economic analysis and the need for continuous inquiry and debate within the discipline.

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By John Kenneth Galbraith

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