Quotes About Economics By Economists

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Quotes About Economics By Economists

My folks are economists and have taught economics and social science so I grew up with those kind of conversations around the dinner table.
— Seth Gordon —

The economics we need is of the "seminar room" variety, not the "rule-of-thumb" kind. It is an economics that recognizes its limitations and caveats and knows that the right message depends on the context. The fine print is what economists have to contribute.

— Dani Rodrik

Muhammad Yunus Quotes: What i did not know yet about hunger but
What I did not know yet about hunger, but would find out over the next twenty-one years, was that brilliant theorists of economics do not find it worthwhile to spend time discussing issues of poverty and hunger. They believe that these will be resolved when general economic prosperity increases. These economists spend all their talents detailing the process of development and prosperity, but rarely reflect on the origin and development of poverty and hunger. A a result, poverty continues.

— Muhammad Yunus

I once interviewed Robert Solow, winner of the 1987 Nobel Prize in Economics and a noted baseball enthusiast. I asked if it bothered him that he received less money for winning the Nobel Prize than Roger Clemens, who was pitching for the Red Sox at the time, earned in a single season. "No," Solow said. "There are a lot of good economists, but there is only one Roger Clemens." That is how economists think.

— Charles Wheelan

Steve Keen Quotes: The fallacy that dynamic processes must
The fallacy that dynamic processes must be modeled as if the system is in continuous equilibrium is probably the most important reason for the intellectual failure of neoclassical economics. Mathematics, science and engineering developed tools long ago to model outside of equilibrium processes. This dynamic approach to thinking about the economy should become second nature to economists.

— Steve Keen

Capitalism is too important and complex a subject to be left to economists. Achieving a critical comprehension of it requires perspectives beyond those characteristic of modern economics. That is why this is a history not of economic ideas, but of ideas beyond the capitalist economy.

— Jerry Z. Muller

Kurt Bills Quotes: Discovering various economists economic
Discovering various economists, economic works, reading financial periodicals and keeping up on current events in geopolitics and economics around the world opened my eyes to many facets of how the extended order works.

— Kurt Bills

Economists agree about economics - and that's a science - and they disagree about economic policy because that's a value judgment ... I've had profound disagreements on policy with the famous Milton Friedman. But, on economics, we agree.

— Franco Modigliani

Ha-Joon Chang Quotes: People tend to think that numbers are
People tend to think that numbers are quite objective, but numbers in economics are not like this. Some economists say they're like sausages: you don't know what they really are until you cut into them.

— Ha-Joon Chang

I've felt for some time that economics needs to be taught differently by economists who actually have had experience making a payroll or investing on Wall Street. When economics is taught by pure academics, watch out.

— Mark Skousen

My folks are economists and have taught economics and social science so I grew up with those kind of conversations around the dinner table.

— Seth Gordon

One of the profound effects of economics in our day is that the people with the money and the power have embraced the guilt-free, external-less, everything-will-turn-out-okay-in-the-end philosophy of economics in order to justify their own evil works. And the economists, for the most part, have sucked up to that money.

— Jane Smiley

Economics evolved as a more moral and more egalitarian approach to policy than prevailed in its surrounding milieu. Let's cherish and extend that heritage. The real contributions of economics to human welfare might turn out to be very different from what most people - even most economists - expect.

— Tyler Cowen

Thomas Piketty Quotes: Economists tend to think they are much
Economists tend to think they are much, much smarter than historians, than everybody. And this is a bit too much because at the end of the day, we don't know very much in economics.

— Thomas Piketty

Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending

— Nassim Nicholas Taleb

Years ago, I noticed one thing about economics, and that is that economists didn't get anything right.

— Nassim Nicholas Taleb

Matt Taibbi Quotes: What greenspan was saying in other words
What Greenspan was saying, in other words, was that there was absolutely nothing wrong with bidding up to $100 million in share value some hot-air Internet stock, because the lack of that company's "physical value" (i.e., the actual money those three employees weren't earning) could be overcome by the inherent value of their "ideas." To say that this was a radical reinterpretation of the entire science of economics is an understatement-economists had never dared measure "value" except in terms of actual concrete production. It was equivalent to a chemist saying that concrete becomes gold when you paint it yellow. It was lunacy.

— Matt Taibbi

None of this excuses anyone from mastering the basic ideas and terminology of economics. The intelligent layman must expect also to encounter good economists who are difficult writers even though some of the best have been very good writers. He should know, moreover, that at least for a few great men ambiguity of expression has been a positive asset. But with these exceptions he may safely conclude that what is wholly mysterious in economics is not likely to be important.

— John Kenneth Galbraith

Vivienne Westwood Quotes: Economists treat economics as if it is a
Economists treat economics as if it is a pure science divorced from the facts of life. The result of this false accountancy is a willful confusion under cover of which industry wreaks its havoc scot-free and ignores the environmental cost.

— Vivienne Westwood

She was one of the unfortunates trying to get some sort of human grasp of Earth's economics, and deserved all the light relief she could get. I recall that all through that year you could tell the economists by their distraught look and slightly glazed-looking eyes.

— Iain M. Banks

Economists have the correct insight that economics is a theory of choice, the key to the story is the variety of options and centralised political control limits the options. The best recipe is adaptive efficiency coping with novel uncertainty in a non-ergodic world, the maintenance of institutions which enable trial & error experiment to occur, and an effective means of eliminating unsuccessful solutions

— Douglass North

Modern economics is sick. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world. Economists have converted the subject into a sort of social mathematics in which analytical rigour is everything and practical relevance is nothing.

— Mark Blaug

Economics is too important to leave to the economists.

— Steve Keen

My principal work now lies in tracing out the exact nature and conditions of utility. It seems strange indeed that economists have not bestowed more minute attention on a subject which doubtless furnishes the true key to the problems of economics.

— William Stanley Jevons

John Kenneth Galbraith Quotes: I write with two things in mind i want
I write with two things in mind. I want to be right with my fellow economists. After all, I've made my life as a professional economist, so I'm careful that my economics is as it should be. But I have long felt that there's no economic proposition that can't be stated in clear, accessible language. So I try to be right with my fellow economists, but I try to have an audience of any interested, intelligent person.

— John Kenneth Galbraith

How should the best parts of psychology and economics interrelate in an enlightened economist's mind? ... I think that these behavioral economics ... or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology.

— Charlie Munger

I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect", under current extreme conditions.. "wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be ... what has happened inJapan ... has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.

— Charlie Munger

The unpopularity of economics is the result of its analysis of the effects of privileges. It is impossible to invalidate the economists demonstration that all privileges hurt the interests of the rest of the nation or at least a great part of it.

— Ludwig Von Mises

Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective economic value, anyway while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal Utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process.

— L. Neil Smith

Lawrence Summers Quotes: Whats the single most important thing to
What's the single most important thing to learn from an economics course today? What I tried to leave my students with is the view that the invisible hand is more powerful than the [un]hidden hand. Things will happen in well-organized efforts without direction, controls, plans. That's the consensus among economists. That's the Hayek legacy.

— Lawrence Summers

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