Theorizing Quotes
The main development I want to discuss has already occurred: Keynesian economics is dead [maybe ‘disappeared' is a better term]. I don't know exactly when this happened but it is true today and it wasn't true two years ago. This is a sociological not an economic observation, so the evidence for it is sociological. For example, you cannot find a good, under 40 economist who identifies himself and his work as ‘Keynesian'. Indeed, people even take offense if referred to in this way. At research seminars, people don't take Keynesian theorizing seriously any more-the audience starts to whisper and giggle to one another. Leading journals aren't getting Keynesian papers submitted any more.
Robert Lucas, Jr.
Keynes didn't make an all-out assault on Economic Man, but he often resorted to plausible psychological theorizing rather than careful analysis of what a rational decision-maker would do. Business decisions were driven by "animal spirits,” consumer decisions by a psychological tendency to spend some but not all of any increase in income, wage settlements by a sense of fairness, and so on.
But was it really a good idea to diminish the role of Economic Man that much? No, said Friedman, who argued in his 1953 essay "The Methodology of Positive Economics” that economic theories should be judged not by their psychological realism but by their ability to predict behavior. And Friedman's two greatest triumphs as an economic theorist came from applying the hypothesis of rational behavior to questions other economists had thought beyond its reach.
Paul Krugman
Today, Keynesian theorizing does not inspire whispers and giggles from the audience. There are many economists under the age of forty who do not take offense when their work is called ‘Keynesian', and I count myself as one of them. If Keynesian economics was dead in 1980, then today it has been reincarnated.
Greg Mankiw
If we are to end our wars, we have to dispense with a threatening, vengeful, bloodthirsty God. If we're to have any kind of world brotherhood, we have to dispense with a God who reserves his favors for a chosen few. Life is given to all. The sun shines freely on each of us. Would a God be less kindly? More than this, we must also dispense with our species God, and extend our ideas of divinity outward to the rest of nature which couches us and our religious theorizing with such a gracious and steady support.
Robert Butts
But frankly-may I so speak?-your CIA people's theory strikes me as a miserable bundle of random suspicions, a few separate facts strung together by an intricate structure of ad hoc theorizing, in which everyone is credited with enormous powers for intrigue. A much simpler view can be entertained with more common sense, and as a CIA employee you must be aware that, like all intelligence agencies, it lacks the faculty of common sense.
Philip K. Dick
Newton's own motto, "hypotheses non fingo" was, in a sense, disregarded by Newton himself: he rejected hypotheses only where they violated his own "regula philosophandi", that is to say, his principle of their strict parsimony. In terms of present-day methodology, we reject hypotheses as scientifically meaningless if they are incapable even of indirect test; and we reject them as superfluous or as implausible if they are too complex and artificial to conform with well established canons of inductive probability. But freedom of scientific theorizing must be preserved wherever the conditions of meaningfulness and of economy appear to be satisfied.
Arthur Beer
