"Economic theory is devoted to the study of equilibrium positions. The concept of equilibrium is very useful. It allows us to focus on the final outcome rather than the process that leads up to it. But the concept is also very deceptive. It has the aura of something empirical: since the adjustment process is supposed to lead to an equilibrium, an equilibrium position seems somehow implicit in our observations. That is not true. Equilibrium itself has rarely been observed in real life — market prices have a notorious habit of fluctuating."
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"Our reasons for critiquing the system pointless. To analyze the system and point out what's wrong with it, without the power to alter it, is masturbatory. The whole concept behind analysis is the conc…"
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