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TorgoX (1933)


"Il est beau comme la retractilité des serres des oiseaux rapaces [...] et surtout, comme la rencontre fortuite sur une table de dissection d'une machine à coudre et d'un parapluie !" -- Lautréamont

Journal of TorgoX (1933)

Thursday December 09, 2004
06:05 PM

Unsuitable as material for the differential calculus

[ #22243 ]
Dear Log,

«To say that net output to-day is greater, but the price-level lower, than ten years ago or one year ago, is a proposition of a similar character to the statement that Queen Victoria was a better queen but not a happier woman than Queen Elizabeth — a proposition not without meaning and not without interest, but unsuitable as material for the differential calculus. Our precision will be a mock precision if we try to use such partly vague and non-quantitative concepts as the basis of a quantitative analysis.»

-- from Chapter 4 of John Maynard Keynes's The General Theory of Employment, Interest and Money