Gunnar Myrdal - Theoretical Quotes

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The further away a scholarly opinion is from direct observation and the more abstract and 'theoretical' it is, the more defenseless it becomes against insidious opportunist errors of judgment. In economics, model thinking in particular creates scope for systematic biases... But of course all social studies must nevertheless aim at generalization. It is thus important to be able to think concretely at the same time, as I learnt from Gustav Cassel.

Gunnar Myrdal
An important distinction exists between prospective and retrospective methods of calculating economic quantities such as incomes, savings, and investments; and... a corresponding distinction of great theoretical importance must be drawn between two alternative methods of defining these quantities. Quantities defined in terms of measurements made at the end of the period in question are referred to as ex post; quantities defined in terms of action planned at the beginning of the period in question are referred to as ex ante.

Gunnar Myrdal
A criticism of Keynes and Hayek would have to begin by pointing out the fact that in their theoretical systems there is no place for the uncertainty factor and anticipations.

Gunnar Myrdal
It is good proof of Keynes' intuitive genius that he reaches practical results that in many respects are very much superior to his deficient statements of certain theoretical problems.

Gunnar Myrdal