There should be no disappointment whatsoever when an economist uses phrases such as 'perhaps', 'if we assume' and 'ceteris paribus'. When Mr Davies challenges the reader to think of any 'important proposition that macro-economics has demonstrated, beyond any reasonable doubt, to be untrue', he is asking something illogical. Propositions on their own cannot be demonstrated true or false by macro-economics. They can only have any truth-value in the context of their application. It is only when we hear an economist begin a discussion of a proposition with the word 'perhaps' that we can assume that what follows has the ability to be sensible. When this is realised, the 'disappointing feature' of macro- economics that Mr Davies alludes to vanishes.
ROBERT J. T. HILLMAN
Bromley, KentReuse content