ABSTRACT
Introduction Bernard Schmitt’s work is quite distinctive in that it applies logic in all its rigour and is situated at a high degree of abstraction. However, he never considered abstraction as a pure academic exercise but viewed it, on the contrary, as a necessity to understand the true origins of the dysfunctions affecting modern economies. Instead of the common belief that it suffices to gather data and ‘let them speak’, Schmitt insisted on the necessity of starting with defining with precision the nature of economic magnitudes and then analysing economic operations in order to detect the real cause of the troubles. This way of proceeding has an obvious cost: it requires patience and accepting a precise step-by-step analysis instead of jumping to conclusions.
