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There is Music in Economics

In: Arrow and the Foundations of the Theory of Economic Policy

Author

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  • George R. Feiwel

Abstract

Arrow is imbued with the vision of a complex and interdependent world; where everything depends on everything else, where disparate phenomena and ideas interact, and where the indirect links are sometimes as important (or even more important) than the direct ones. One should suspect simplistic, monistic, exclusively endogenous economic explanations, partial analysis, or what not. Similarly one should suspect short statements for, as Marshall so wisely noted, every short statement in economics is wrong except this one. The same holds if one tries to explain the personality and motivations of a complex intellectual such as Arrow, subject to many human frailties and self-generated and external tensions and conflicts. The problem is magnified if one aims beyond explanation to prediction; many who work with him are often driven to exclaim that it is quite beyond them to predict what Arrow is going to do next. Talk about uncertainty!

Suggested Citation

  • George R. Feiwel, 1987. "There is Music in Economics," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Arrow and the Foundations of the Theory of Economic Policy, chapter 34, pages 713-724, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07357-3_35
    DOI: 10.1007/978-1-349-07357-3_35
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