Macro Quotes - page 2

Macro rational expectations, as I have labeled the hypothesis, seems to say that expectations in an economist's model must be perfectly consistent with his model that embodies these expectations. In other words, the agents of his model must all share his views of the relevant economic mechanisms, as well as his data. Why? Because if he holds them they must believe they are God's truth and, if so, rational people can have no other views (and of course we should never ask how they would come by these views and data, that not even other specialists may have heard of yet, let alone accepted). I submit that this view is pretty absurd--I would almost say offensive! I certainly believe that I know more about economics and the economy than (almost) everybody else, and i can even prove it: If everybody shared my vies, then the economy could not be in today's troubles (though it might conceivably be in some different ones!). (Franco Modigliani)
I think time will show that the new approach, emphasizing emergent "macro" control, is equally valid in all the physical sciences, and that the behavioral and cognitive disciplines are leading the way to a more valid framework for all science. Although the theoretic changes make little difference in physics, chemistry, molecular biology, and so on, they are crucial for the behavioral, social, and human sciences. They don't change the analytic, reductive methodology, just the interpretations and conclusions. There seems little to lose, and much to gain. View quote
Roger Wolcott Sperry