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Quotation of the Day…

… is from page 28 of Frank Graham‘s 1942 essay “On the Role of Values in the Work of Economists,” as reprinted as Chapter 2 of Daniel B. Klein, ed., What Do Economists Contribute? (1999):

Economics has always been under suspicion as a ‘science,’ and the consequent defensive attempts on the part of its exponents to force their theory into rigid scientific forms has frustrated its application to the facts of life.  Not only have postulates, which originally represented an approach to reality, been progressively ‘refined,’ and thereby made less real, but the persistent trend of economic institutions has been away from the forms for which the doctrines were, in the first place, cast.