If economists wished to study the horse, they wouldn’t go and look at horses. They’d sit in their studies and say to themselves, "what would I do if I were a horse?"

If economists wished to study the horse, they wouldn’t go and look at horses. They’d sit in their studies and say to themselves, "what would I do if I were a horse?"

Ronnie had it right calling it Torture. That is a much more accurate description the way I see it.

If you torture the data long enough, it will confess.

I hate when people ask me to: "Massage the data".

A firm, therefore, consists of the system of relationships which comes into existence when the direction of resources is dependent on an entrepreneur... As a firm gets larger, there may be decreasing returns to the entrepreneur function, that is, the costs of organising additional transactions within the firm may rise.

In my youth it was said that what was too silly to be said may be sung. In modern economics it may be put into mathematics.