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Economics has become increasingly an arcane branch of mathematics rather than dealing with real economic problems.
-Milton Friedman
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Economics Has Become Increasingly An Arcane Branch

Milton Friedman
Economics has become increasingly an arcane branch of mathematics rather than dealing with real economic problems.
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Real Branches Problem

More From Milton Friedman

My mother and my father taught me to look at the actual problem, not the face of it, not the veneer of it. so for me, i was never - i was impressed that it - racially, i was impressed, right, but now in america it's about economics, and it's been about economics, and honestly, everything's been about economics since i don't want to say the beginning of time, but it's been about economics for a long while.
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I started in the law; and the study of law, when it precedes the study of economics, gives you a set of foundation principles about how human beings interact. economics is very useful, and i studied economics in graduate school. but without understanding the social and organizational context of economics, it becomes a theory without any groundwork.
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Most people have some appreciation of mathematics, just as most people can enjoy a pleasant tune; and there are probably more people really interested in mathematics than in music. appearances suggest the contrary, but there are easy explanations. music can be used to stimulate mass emotion, while mathematics cannot; and musical incapacity is recognized (no doubt rightly) as mildly discreditable, whereas most people are so frightened of the name of mathematics that they are ready, quite unaffectedly, to exaggerate their own mathematical stupidity
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Srinivasa ramanujan was the strangest man in all of mathematics, probably in the entire history of science. he has been compared to a bursting supernova, illuminating the darkest, most profound corners of mathematics, before being tragically struck down by tuberculosis at the age of 33, like riemann before him. working in total isolation from the main currents of his field, he was able to rederive 100 years' worth of western mathematics on his own. the tragedy of his life is that much of his work was wasted rediscovering known mathematics.
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Whether we like it or not, it is a fact that economics cannot remain an esoteric branch of knowledge accessible only to small groups of scholars and specialists. economics deals with society's fundamental problems; it concerns everyone and belongs to all. it is the main and proper study of every citizen.
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Poetry is a sort of inspired mathematics, which gives us equations, not for abstract figures, triangles, squares, and the like, but for the human emotions. if one has a mind which inclines to magic rather than science, one will prefer to speak of these equations as spells or incantations; it sounds more arcane, mysterious, recondite.
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