Favorite Econ Quotes

"In international finance, every theory ever proposed is decisively rejected by the data. In international trade, no theory ever proposed has ever been touched by the data."~D. Davis and D. Weinstein
              2001 NBER "What Role for Empirics in Int'l Trade?"

"Partial equilibrium, of course, is why a dog chases its tail; general equilibrium is why the dog's chase is in vain."
            ~D. Davis and D. Weinstein
              2001 NBER "What Role for Empirics in Int'l Trade?"