Lachmann Economist Quotes

I want a one-armed economist, that way he cannot say, 'on the other hand'. ~ Harry S. Truman

I'm no economist. I don't even play one on TV. I'm just a husband, a father, a taxpayer. ~ Mark McKinnon

I share your feeling that such behavior is, in some sense, unwise or erroneous, but this does not mean that it does not occur,' Amos wrote to an American economist who complained about the description of human nature implied by 'Value Theory.' 'A theory of vision cannot be faulted for predicting optical illusions. Similarly, a descriptive theory of choice cannot be rejected on the grounds that it predicts 'irrational behavior' if the behavior in question is in fact observed. ~ Michael Lewis

I need something to fall back on if fame doesn't work. I'll have to become an economist or something. ~ Nolan Gould

For complex reasons, our culture allows "economy" to mean only "money economy." It equates success and even goodness with monetary profit because it lacks any other standard of measurement. I am no economist, but I venture to suggest that one of the laws of such an economy is that a farmer is worth more dead than alive. A second law is that anything diseased is more profitable than anything that is healthy. What is wrong with us contributes more to the "gross national product" than what is right with us. ~ Wendell Berry

Labour is the source of all wealth, the political economists assert. And it really is the source
next to nature, which supplies it with the material that it converts into wealth. But it is even infinitely more than this. It is the prime basic condition for all human existence, and this to such an extent that, in a sense, we have to say that labour created man himself. ~ Friedrich Engels

Psychologists call this habituation, economists call it declining marginal utility, and the rest of us call it marriage. ~ Daniel M. Gilbert

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

One effect of benefit-cost analysis is to give any respectable engineer or economist a means for justifying almost any kind of project the national government wants to justify ... Exclusive reliance on benefit-cost analysis has been one of the greatest threats to wise decisions in water development. ~ Gilbert F. White

I had a choice. I could become an economist & managing director. I choose to do something else. I would have become much, much richer than I am. I choose to not do that. It's that simple. ~ Odd Nerdrum

An economist is someone who knows all the answers to last years' questions. ~ Robert Orben

[The notion of equilibrium ] is a notion which can be employed usefully in varying degrees of looseness. It is an absolutely indispensable part of the toolbag of the economist and one which he can often contribute usefully to other sciences which are occasionally apt to get lost in the trackless exfoliations of purely dynamic systems. ~ Kenneth E. Boulding

Struggle toward the capital-T Truth, but recognize that the task is impossible - or that if a correct answer is possible, verification certainly is impossible.
In the end, it cannot be doubted that each of us can see only a part of the picture. The doctor sees one, the patient another, the engineer a third, the economist a fourth, the pearl diver a fifth, the alcoholic a sixth, the cable guy a seventh, the sheep farmer an eighth, the Indian beggar a ninth, the pastor a tenth. Human knowledge is never contained in one person. It grows from the relationships we create between each other and the world, and still it is never complete. And Truth comes somewhere above all of them, where, as at the end of that Sunday's reading;
the sower and reaper can rejoice together. For here the saying is verified that "One sows and another reaps." I sent you to reap what you have not worked for; others have done the work, and you are sharing the fruits of their work. ~ Paul Kalanithi

Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition. ~ Milton Friedman

Report in The Economist as much as 97 per cent of the world's plant and animal species may still await discovery. Of ~ Bill Bryson

Easterly, a celebrated economist, presents one side in what has become an ongoing debate with fellow star-economist Jeffrey Sachs about the role of international aid in global poverty. Easterly argues that existing aid strategies have not and will not reduce poverty, because they don't seriously take into account feedback from those who need the aid and because they perpetuate western colonial tendencies. ~ Amy Lockwood

I mean, to talk about "corporate greed" is like talking about "military weapons" or something like that―there just is no other possibility. A corporation is something that is trying to maximize power and profit: that's what it is. There is no "phenomenon" of corporate greed, and we shouldn't mislead people into thinking there is. It's like talking about "robber's greed" or something like that―it's not a meaningful thing, it's misleading. A corporation's purpose is to maximize profit and market share and return to investors, and all that kind of stuff, and if its officers don't pursue that goal, for one thing they are legally liable for not pursuing it. There I agree with Milton Friedman [right-wing economist] and those guys: if you're a C.E.O., you must do that―otherwise you're in dereliction of duty, in fact dereliction of duty. And besides that, if you don't do it, you'll get kicked out by the shareholders or the Board of Directors, and you won't be there very long anyway. ~ Noam Chomsky

An economist is a man who knows a hundred ways of making love but doesn't know any women. ~ Art Buchwald

U.S.-based readers now account for about 52 percent of The Economist 's circulation, but the magazine continues to resolutely employ British spelling and usage. "It's part of our marketing," says the Economist correspondent Lane Greene, who originally hails from Marietta, Georgia. "We're an outside view on America, and that's signaled all the time by the style. It feels British and it reads British, and that's by design. ~ Anonymous

Economics is really about two stories. One is the story of the old economist and younger economist walking down the street, and the younger economist says, 'Look, there's a hundred-dollar bill,' and the older one says, 'Nonsense, if it was there somebody would have picked it up already.' So sometimes you do find hundred-dollar bills lying on the street, but not often - generally people respond to opportunities. The other is the Yogi Berra line 'Nobody goes to Coney Island anymore; it's too crowded.' That's the idea that things tend to settle into some kind of equilibrium where what people expect is in line with what they actually encounter. ~ Paul Krugman

I was teaching in one of the universities while the country was suffering from a severe famine. People were dying of hunger, and I felt very helpless. As an economist, I had no tool in my tool box to fix that kind of situation. ~ Muhammad Yunus

I think almost every economist would agree that government gets itself in trouble when it tries to interfere with voluntary behavior. ~ Milton Friedman

Government spending? I don't know what it's all about. I don't know any more about this thing than an economist does, and, God knows, he doesn't know much. ~ Will Rogers

Eric Hanushek, an economist at Stanford, estimates that the students of a very bad teacher will learn, on average, half a year's worth of material in one school year. The students in the class of a very good teacher will learn a year and a half's worth of material. That difference amounts to a year's worth of learning in a single year. Teacher effects dwarf school effects: your child is actually better off in a bad school with an excellent teacher than in an excellent school with a bad teacher. ~ Malcolm Gladwell

When I was Governor, Louis Kelso went out of his way to brief me. I was very impressed, but I was never able to get any of the economists in state government to give him the help his plan deserves. ~ Jerry Brown

If I know what to spec, and I can measure it, and there are no unpredictable interdependencies between what you do and what I must do in response, then an economist would say that is sufficient information for a market to emerge between you and me. ~ Clayton Christensen

Don't be too didactic. Your writing shouldn't teach someone, your story should. ~ The Economist

Economists can never be free of from difficulties unless they will distinguish between a theory and the application of a theory. ~ William Stanley Jevons

Why, when the economist gives advice to his society, is he so often cooly ignored? He never ceases to preach free trade, and protectionism is growing in the United States. He deplores the perverse effects of minimum wage laws, and the legal minimum is regularly raised each 3 or 5 years. He brands usury laws as a medieval superstition, but no state hurries to repeal its law. ~ George Stigler

In many ways the effect of the crash on embezzlement was more significant than on suicide. To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in - or more precisely not in - the country's businesses and banks. This inventory - it should perhaps be called the bezzle - amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks.

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Just as the boom accelerated the rate of growth, so the crash enormously advanced the rate of discovery. Within a few days, something close ~ John Kenneth Galbraith

Economists report that a college education adds many thousands of dollars to a man's lifetime income - which he then spends sending his son to college. ~ Bill Vaughan

Economists got away from really questioning how the world works, how decisions actually got made. If something doesn't conform to neoclassical models ... people are not somehow behaving themselves properly. ~ W. Brian Arthur

Along with others, I have tried to pry economists away from narrow assumptions about self interest. Behavior is driven by a much richer set of values and preferences. ~ Gary Becker

Amherst was pivotal in my broad intellectual development; MIT in my development as a professional economist. ~ Joseph Stiglitz

No nation was ever ruined by trade. ~ Benjamin Franklin

Economists have allowed themselves to walk into a trap where we say we can forecast, but no serious economist thinks we can. ~ Tim Harford

An economist is a man who states the obvious in terms of the incomprehensible. ~ Alfred A. Knopf

In most cases I start off with a sketch. But I'm also thinking about real images: out of National Geographic, out of fashion magazines, out of The Economist, out of Time. I'm making a sketch, but I'm using the existing images that have been put out in the world. ~ Wangechi Mutu

Keynes was a great economist. In every discipline, progress comes from people who make hypotheses, most of which turn out to be wrong, but all of which ultimately point to the right answer. Now Keynes, in The General Theory of Employment, Interest and Money,set forth a hypothesis which was a beautiful one, and it really altered the shape of economics. But it turned out that it was a wrong hypothesis. That doesn't mean that he wasn't a great man! ~ Milton Friedman

I'm a free-market economist from years and years back, and I've never veered from that. ~ Alan Greenspan