"Microeconomics, including the study of individual choice and of group choice in market and nonmarket processes, has generally been considered a field science as distinct from an experimental science. Hence microeconomics has sometimes been classified as "non-experimental" and closer methodologically to meteorology and astronomy than to physics and experimental psychology... But the question of using experimental or nonexperimental techniques is largely a matter of cost, and generally the cost of conducting the most ambitious and informative experiments in astronomy, meteorology, and economics varies from prohibitive down to considerable. The cost of experimenting with different solar system planetary arrangements, different atmospheric conditions, and different national unemployment rates, each under suitable controls, must be regarded as prohibitive."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Revision History
No revisions have been submitted for this quote.
Categories
Cost
9 quotes on TrueQuotesView all quotes by Cost β
Related Quotes
"True heroism is remarkably sober, very undramatic. It is not the urge to surpass all others at whatever cost, but theβ¦"
"There are in the Exhibition some beautiful examples of such amongst the productions of other countries as well as of β¦"
"Markets are institutions that exist to facilitate exchange, that is, they exist in order to reduce the cost of carryiβ¦"
"Quality means meeting customers' (agreed) requirements, formal and informal, at lowest cost, first time every time."
"Low cost relative to competitors becomes the theme running through the entire strategy, though quality, service and oβ¦"
"The superior gratification derived from the use and contemplation of costly and supposedly beautiful products is, comβ¦"
"It is always sound business to take any obtainable net gain, at any cost and at any risk to the rest of the community."
"It costs so much to be a full human being that there are very few who have the enlightenment, or the courage, to pay β¦"
"There is no short game for a venture capitalist"
"Building products has become easier and cheaper, but building brands is harder than ever"