Economics Economists Quotes

The curious mind embraces science; the gifted and sensitive, the arts; the practical, business; the leftover becomes an economist ~ Nassim Nicholas Taleb

An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today. ~ Laurence J. Peter

He never sat an examination in economics: his knowledge came from pondering problems and discussing them as much as from book-learning. ~ Richard Davenport-Hines

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

You know and I know and economists know that trickle-down economics doesn't work. ~ Dannel Malloy

In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again. ~ John Maynard Keynes

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

The world is better served by syncretic economists and policymakers who can hold multiple ideas in their heads than by 'one-handed' economists who promote one big idea regardless of context. ~ Dani Rodrik

I wonder how many such men in America would know that Communism, the New Deal, Fascism, Nazism, are merely so-many trade-names for collectivist Statism, like the trade-names for tooth-pastes which are all exactly alike except for the flavouring. ~ Albert Jay Nock

Economy is the method by which we prepare today to afford the improvements of tomorrow. ~ Calvin Coolidge

The most successful ruse of neoliberal dominance in both global and domestic affairs is the definition of economic policy as primarily a matter of neutral, technical expertise. This expertise is then presented as separate from politics and culture, and not properly subject to specifically political accountability or cultural critique. Opposition to material inequality is maligned as "class warfare," while race, gender or sexual inequalities are dismissed as merely cultural, private, or trivial. This rhetorical separation of the economic from the political and
cultural arenas disguises the upwardly redistributing goals of neoliberalism - its concerted efforts to concentrate power and resources in the hands of tiny elites. Once economics is understood as primarily a
technical realm, the trickle-upward effects of neoliberal policies can be framed as due to performance rather than design, reflecting the greater merit of those reaping larger rewards. ~ Lisa Duggan

He who cares to go to the trouble of demonstrating the uselessness of index numbers for monetary theory and the concrete tasks of monetary policy will be able to select a good proportion of his weapons from the writings of the very men who invented them. ~ Ludwig Von Mises

Scholars today are under increasing pressure to publish. Consequences of this pressure are incentives to deviate from the truth ~ Bruno Frey

How does a poor country defeat rich ones?" "Indeed, the answer is not by acquiring wealth in the sense that France has it." "Meaning vineyards, farms, peasants, cows?" "But rather to play a sort of trick and redefine wealth to mean something novel." "Currency!" "Indeed. ~ Neal Stephenson

Why do we need so many people on Earth? I ask you. What are they good for? They live out ludicrous lives of pointless desperation. Ninety-nine percent of the human population is so much wasted resources. Stubborn vermin, we humans are.

Granted, in the past, the unwashed masses were necessary. We needed them to till our fields and fight our wars. We needed them to labor in our factories making consumer crap that we flipped back at them at a handsome profit.

Alas, those days are gone. We live in a boutique economy now. Energy is abundant and cheap. Mentars and robotic labor make and manage everything. So who needs people? People are so much dead white. They eat up our profits. They produce nothing but pollution and social unrest. They drive us crazy with their pissing and moaning. I think we can all agree that Corporation Earth is in need of a serious downsizing.
...
The boutique economy has no need of the masses, so let's get rid of them. But how, you ask? Not with wars, surely, or disease, famine, or mass murder. Despots have tried all these methods through the millennia, and they're never a permanent solution.

No, all we need to do is buy up the ground from under their feet -- and evict them. We're buying up the planet, Bishop, fair and square. We're turning it into the most exclusive gated community in history. Now, the question is, in two hundred years, will you be a member of the landowners club, or will you be living in some tin ~ David Marusek

academic literature. Major influences on my thinking include Douglass North, who won the Nobel Prize for Economics for his work on institutions; the pre-eminent economist of modern Africa, Paul Collier, author of The Bottom Billion and Plundered Planet; Hernando de Soto, the Peruvian economist and author of The Mystery of Capital; Andrei Shleifer and his numerous co-authors, who have pioneered an economic approach to the comparative study of legal systems; and Jim Robinson and Daron Acemoglu, whose book Why Nations Fail asks similar questions to the ones that interest me. ~ Niall Ferguson

The first proponent of cortical memory networks on a major scale was neither a neuroscientist nor a computer scientist but .. a Viennes economist: Friedrich von Hayek (1899-1992). A man of exceptionally broad knowledge and profound insight into the operation of complex systems, Hayek applied such insight with remarkable success to economics (Nobel Prize, 1974), sociology, political science, jurisprudence, evolutionary theory, psychology, and brain science (Hayek, 1952). ~ Joaquin Fuster

This civilization is rapidly passing away, however. Let us rejoice or else lament the fact as much as everyone of us likes; but do not let us shut our eyes to it. ~ Joseph Alois Schumpeter

Recent evidence confirms that retail prices of essential consumer goods in poor countries are not appreciably lower than in the United States or Western Europe. In fact, with deregulation and "free trade", the cost of living in many Third World cities is now higher than in the United States. My experience in Latin America and Haiti is that the prices of meat, fish and fresh vegetables are about the same as in the United States. Can you imagine eating on less than one dollar a day? ~ Vincent A. Gallagher

Of valid economics pre-dating the Power Age (steam and electricity), there remains not a vestige. Of valid economics pre-dating the intensive and extensive use of electricity there will soon exist only rags and tatters. We still have to thank Adam Smith for insisting 'Consumption is the sole end and purpose of production;' but the old form of the law of demand and supply is outmoded, since supply has become practically inexhaustible. ~ Harriet Boyd Hawes

Our trust in the future has lost its innocence. We know now that anything can happen from one minute to the next. Politics, religion, economics, and the institutions of family and community all have become abruptly unsure. ~ John O'Donohue

Ludwig von Mises referred to Ayn Rand as 'the most courageous man in America.' If that doesn't say it all about the economist's man-centric frame of reference, I don't know what does. ~ Ilana Mercer

Now that virtually every career is an option for ambitious girls, it can no longer be considered regressive or reactionary to reintroduce discussion of marriage and motherhood to primary education. We certainly do not want to return to the simplistic duality of home economics classes for girls and wood shop for boys. ~ Camille Paglia

We used to think God made us in His image, and that meant we were special, until science told us we just evolved that way because it suited a landscape of trees and savannas. That's what science does: it says, look again and you'll see you're not special. But economics? Economics is also a science. And what does it say? ... It says: there is energy, and there are raw materials, and that's the cosmos. But without us the energy is random and the raw material is inert. It's only labour that makes the cosmos come alive. It's only us that make economics happen at all. And that makes us special. ~ Adam Roberts

Nothing is done. Everything in the world remains to be done or done over. The greatest picture is not yet painted, the greatest play isn't written, the greatest poem is unsung. There isn't in all the world a perfect railroad, nor a good government, nor a sound law. Physics, mathematics, and especially the most advanced and exact of the sciences are being fundamentally revised ... Psychology, economics, and sociology are awaiting a Darwin, whose work in turn is awaiting an Einstein. ~ Lincoln Steffens

One conceit of economics is that markets as a whole can perform fairly rationally, even if many of the participants within them are irrational. But irrational behavior in the markets may result precisely because individuals are responding rationally according to their incentives. ~ Nate Silver

In November, Bettina [Moreira] presented him with a framed quotation by the biologist George Wald, who had won the Nobel fifty years ago. It read: What one really needs is not Nobel laureates but love. How do you think one gets to be a Nobel laureate? Wanting love, that's how. Wanting it so bad that one works all the time and ends up a Nobel laureate. It's a consolation prize. What matters is love. 'What the hell do you want me to do with this?' said Chandra, who had come to a similar conclusion himself but would sooner be damned than tell Ms. Moreira this. ~ Rajeev Balasubramanyam

My role is to find strategic insights as to where design can have the most business impact. A designer can bring a viewpoint of not just aesthetics, but economics and usage. ~ John Maeda

Usually when people talk about the trickle-down theory, it has to do with economics. The richer people at the top of a society become, supposedly, the more wealth there is to trickle down to the people below. It never really works out that way, of course, because if there are 2 things people at the top can't stand, they have to be leakage and overflow. ~ Kurt Vonnegut

An environment of infinite economic expansion is unsustainable in a world of finite resources. ~ Bryant McGill

The problem is not capitalism, the real problem is human greed. ~ Abhijit Naskar

Many of us like to think of financial economics as a science, but complex events like the financial crisis suggest that this conceit may be more wishful thinking than reality. ~ Andrew Lo

Unless we do change our whole way of thought about work, I do not think we shall ever escape from the appalling squirrel cage of economic confusion in which we have been madly turning for the last three centuries or so, the cage in which we landed ourselves by acquiescing in a social system based upon Envy and Avarice. ~ Dorothy L. Sayers

The "human condition" is always to push forward for the better and economics is the study of that process. ~ Brian Wesbury

There are people who think that plunder loses all its immorality as soon as it becomes legal. Personally, I cannot imagine a more alarming situation. ~ Frederic Bastiat

I view the work I've done related to statistics and economics as, roughly speaking, how to do something without having to do everything. ~ Lars Peter Hansen

Finally, if we add to these observations the remark that Marx owes to the bourgeois economists the idea, which he
claims exclusively as his own, of the part played by industrial production in the development of humanity, and that
he took the essentials of his theory of work-value from Ricardo, an economist of the bourgeois industrial
revolution, our right to say that his prophecy is bourgeois in content will doubtless be recognized. These
comparisons only aim to show that Marx, instead of being, as the fanatical Marxists of our day would
have it, the beginning and the end of the prophecy, participates on the contrary in human nature: he is an
heir before he is a pioneer. His doctrine, which he wanted to be a realist doctrine, actually was realistic
during the period of the religion of science, of Darwinian evolutionism, of the steam engine and the
textile industry. A hundred years later, science encounters relativity, uncertainty, and chance; the
economy must take into account electricity, metallurgy, and atomic production. The inability of pure
Marxism to assimilate these successive discoveries was shared by the bourgeois optimism of Marx's time.
It renders ridiculous the Marxist pretension of maintaining that truths one hundred years old are
unalterable without ceasing to be scientific. Nineteenth-century Messianism, whether it is revolutionary or
bourgeois, has not resisted the successive developments of this ~ Albert Camus

With impeccable prose, dry wit, and uncommon wisdom, Ted Thompson brings to life one family's painful disappointments and powerful resilience. The Land of Steady Habits combines Austen's shrewd mastery of domestic economics with Updike's compassion for the melancholy commuter to make something elegant, fresh, and brilliant. ~ Maggie Shipstead

Competition is often conflated with capitalism, but they are not at all the same. Capitalism involves private ownership of the means of production and distribution, but the word implies nothing about the way in which privately owned firms do business. Capitalism is perfectly compatible with a society in which a powerful state doles out favors to private monopolies, protects some enterprises from others, or even sets the prices privately owned firms may charge for their products. Indeed, while capitalists tend to praise the virtues of competition, many of them would just as soon avoid it. ~ Marc Levinson

Economics and ethics are not mutually exclusive. ~ Lionel Tiger

[ ... ] it is generally accepted that the Civil War was fought over the issue of slavery. That, at best, is a half-truth. Slavery was an issue, but the primary force for war was a clash between the economic interests of the North and the South. Even the issue of slavery itself was based on economics. ~ G. Edward Griffin

The truth is that the angels of anxiety - those overpowering forces for change in politics, economics, science, morals, and social policy - were at the same time agents for self-confidence. ~ Peter Gay

We have a system that increasingly taxes work and subsidizes nonwork. ~ Milton Friedman

Fascism is definitely and absolutely opposed to the doctrines of liberalism, both in the political and economic sphere. ~ Benito Mussolini

Human Nature is not a problem that can be fixed by rules and regulations. All solutions to the existing problems must be based on how people behave, not on how we think they should behave. ~ Kirk Chisholm

Every word of etatistic thought is contradicted by the doctrines of sociology and economics; this is why etatists endeavour to prove that these sciences do not exist. In their opinion, social affairs are shaped by the State. To the law, all things are possible; and there is no sphere in which State intervention is not omnipotent. ~ Ludwig Von Mises

An economist's guess is liable to be as good as anybody else's. ~ Will Rogers

The potential gains from improved stabilization policies are on the order of hundredths of a percent of consumption, perhaps two orders of magnitude smaller than the potential benefits of available supply-side fiscal reforms. ~ Robert Lucas, Jr.