The truth of good economic doctoring is to know the general principles, and to really know the specifics. To understand the context, and also, to understand that an economy may need some tender loving care, not just the so-called hard truths, if it's going to get by.

Summary

This quote emphasizes the importance of both general principles and specific knowledge in economics. It suggests that a good economist needs to have a solid understanding of the fundamental principles that govern economic systems, but also be aware of the specific context in which those principles are being applied. Additionally, it highlights the need for flexibility and sensitivity in economic decision-making, stating that sometimes an economy may require nurturing and care rather than solely relying on rigid and objective truths.

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