Quotes About Economics

I do sense, as compared with let's say the early '50s, there's somewhat more of a careerism. I don't think it's anything special to economics; it's equally true with physics or biology. A graduate education has become a more career-oriented thing, and part of that is because of the need for funding. In fact, that's a much worse problem in the natural sciences than it is in economics. So you can't even do your work in the natural sciences, particularly, and even to some extent in economics, without funding.

Economics and politics are so intertwined and interlinked that politics now, mainstream politics, extreme center politics, are little else but a version of concentrated economics. And this means that any alternative - alternative capitalism, left Keynesianism, intervention by the state to help the poor, rolling back the privatizations - becomes a huge issue. The entire weight of the extreme center and its media is turned against it, which in reality now is beginning to harm democracy.

Today this is what we are confronted with, I mean what is pure ideology, which takes no account of the human context. In economics it's the same. Economics wanted to take into account theory over and above human criteria, or the parameter 'man'.

If you go back to Adam Smith, you find the idea that markets and market forces operate as an invisible hand. This is the traditional laissez-faire market idea. But today, when economics is increasingly defined as the science of incentive, it becomes clear that the use of incentives involves quite active intervention, either by an economist or a policy maker, in using financial inducements to motivate behavior. In fact, so much though that we now almost take for granted that incentives are central to the subject of economics.

In this age of specialization, I sometimes think of myself as the last 'generalist' in economics, with interests that range from mathematical economics down to current financial journalism. My real interests are research and teaching.

In the United States especially, politics and economics don’t mix well. Politicians have all sorts of reasons to pass all sorts of laws that, as well-meaning as they may be, fail to account for the way real people respond to real-world incentives.

It's actually a tribute to the quality of economics teaching that they have persuaded so many generations of students to believe in so much that seems so counter to what the world is like. Many of the things that I'm going to describe make so much more common sense than these notions that seem counter to what one's eyes see every day.

Man is a thinking being. The way he thinks is related to society, politics, economics, and history and is also related to very general and universal categories and formal structures. But thought is something other than societal relations.

I have tried to put myself in the position of someone seeing economics for the first time. My goal is to emphasize the material that students should and do find interesting about the study of the economy.

The very nature of economics is rooted in nationalism. ... It [was] developed ... in the hope of throwing light upon questions of policy. But policy means nothing unless there is an authority to carry it out, and authorities are national.

Marriage emerged some forty-five hundred years ago and evolved into a widespread and accepted institution that bonded families, maintained order, and created wealth. Unlike today, where many of us are searching for our romantic "soul mate," marriage was originally more about economics than deep emotion.

Regardless of past aspirations, this is the right time to be focusing on services for two specific reasons The increasing ubiquity of broadband has made it viable, and the proven economics of the advertising model has made it profitable.

When the study of the household (ecology) and the management of the household (economics) can be merged, and when ethics can be extended to include environmental as well as human values, then we can be optimistic about the future of humankind. Accordingly, bringing together these three ‘E's' is the ultimate holism and the great challenge for our future.

In the field of economics we maintain to this day some of the most primitive ideas, some of the most radically false ideas, some of the most absurd ideas a brain can hold. ... but all this give no uneasiness to the average brain. That long-suffering organ has been trained for more thousands of years than history can uncover to hold in unquestioning patience great blocks of irrelevant idiocy and large active lies.

Star Wars film is breaking all previous box office records. (Why might we want to revisit those characters, that narrative, those jokes and tropes again, in this way, right now? I wonder what it will turn out to reveal about the economics and politics of this moment.)

Thomas Sowell is America's foremost public intellectual and for good reason. His work covers almost every subject imaginable- race, economics, Marxism, ethnic groups, immigration patterns, just to name a few. He is persuasive and provocative and always scintillating. I've read all his books and never been even faintly disappointed. Black Rednecks & White Liberals is no exception.

I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.

Our destruction of nature is not just bad stewardship, or stupid economics, or a betrayal of family responsibility; it is the most horrid blasphemy. It is flinging God's gifts into His face, as if they were of no worth beyond that assigned to them by our destruction of them.

Economics is a form of brain damage.

We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as "focused" investing.

The economics of industrialized countries would collapse if women didn't do the work they do for free: According to economist Marilyn Waring, throughout the West it generates between 25 and 40 percent of the gross national product.

One of the big lessons from behavioral economics is that we make decisions as a function of the environment that we're in.

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.

[My father] was also a lawyer in his bank and specialized in tax law. He would have to do the tax returns for all the Harvard profs because they were buffaloed by that kind of reasoning. Professors in the economics department, even they knew nothing about it.

The questions of economics, and how they infect, or rather how they affect intimacy. And that's probably the subject of all my films.

The biblical lifestyle is always a witness of resistance to the status quo in politics, economics, and all society. It is a witness of resurrection from death. Paradoxically, those who embark on the biblical witness constantly risk death - through execution, exile, imprisonment, persecution, defamation, or harassment - at the behest of the rulers of this age. Yet those who do not resist the rulers of the present darkness are consigned to a moral death, the death of their humanness. That, of all the ways of dying, is the most ignominious.

I was taking all prints and I brought them to the Magnum meetings, trying the old Josef Koudelka trick: Give them to photographers, who are getting bored during the talks about the economics of the agency, to look through with a pen. They'll separate them in two piles. I started to find the core pictures that people seem to relate to.

I think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money played a very major role in producing the Great Depression.

As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability - the difficulty that those who pay for information have in getting returns.

Colleges don't teach economics properly. Unfortunately we learn little from the experience of the past. An economist must know, besides his subject, ethics, logic, philosophy, the humanities and sociology, in fact everything that is part of how we live and react to one another.

Here is a principle to use in all aspects of economics and policy. When you find a good or service that is in huge demand but the supply is so limited to the point that the price goes up and up, look for the regulation that is causing it. This applies regardless of the sector, whether transportation, gas, education, food, beer, or daycare. There is something in the way that is preventing the market from working as it should. If you look carefully enough, you will find the hand of the state making the mess in question.

It seems to me that socialists today can preserve their position in academic economics merely by the pretense that the differences are entirely moral questions about which science cannot decide.

I think there are two areas where new ideas are terribly dangerous: economics and sex. By and large, it's all been tried, and if it's really new, it's probably illegal or dangerous or unhealthy.

One of the anomalies of modern ecology is the creation of two groups, each of which seems barely aware of the existence of the other. The one studies the human community, almost as if it were a separate entity, and calls its findings sociology, economics and history. The other studies the plant and animal community and comfortably relegates the hodge-podge of politics to the liberal arts. The inevitable fusion of these two lines of thought will, perhaps, constitute the outstanding advance of this century.

I tell you, my fellow Americans, that if we learned anything from the collapse of the Berlin Wall and the fall of the governments in Eastern Europe, even a totally controlled society cannot resist the winds of change that economics and technology and information flow have imposed in this world of ours. That is not an option. Our only realistic option is to embrace these changes and create the jobs of tomorrow.

In economics, when you put together a highly elastic thing and a highly inelastic thing, you create extraordinary potential for turbulence, volatility, and for unstable prices.

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 hidden hand. Things will happen in well-organized efforts without direction, controls, plans. That's the consensus among economists. That's the Hayek legacy.

Economics and ethics are not mutually exclusive.

To those of you who study history, economics, sociology, literature and language I present the challenge of the utilization of the enormous resources in our grasp to the problem of creating a genuinely good life for yourselves and your children.

I have the same confidence in the ability of our people to reject noxious literature as I have in their capacity to sort out the true from the false in theology, economics, or any other field.

Litmus test: If you can't describe Ricardo's Law of Comparative Advantage and explain why people find it counterintuitive, you don't know enough about economics to direct any criticism or praise at "capitalism" because you don't know what other people are referring to when they use that word.

The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

All around us, aspects of the modern world - diet, exercise, medicine, art, work, family, philosophy, economics, ecology, psychology - have begun a long circle back toward their former coherence. Whether they can arrive before the natural world is damaged beyond repair and madness destroys humanity, we cannot tell.

This dilettantish inability to comprehend the essential issues of the conduct of production affairs is not only manifested in the writings of Marx and Engels. It permeates no less the contributions of contemporary pseudo-economics.

Most of us at the Reserve Bank come from a background in economics and hence have a predisposition in favour of free markets and a sceptical attitude towards intervention in those markets unless there is a clearly defined economic rationale for it.

You know what the economics are like in Red Lake County. There's no way a family can pay $15,000, $20,000 a year for health insurance and make it work. You just can't do it. It's got to change.

We need an economics fit for purpose in a finite and entropic world.

The division yin and yang pervades all culture, history, economics, nature itself; modern Western versions of sex discrimination are only the most recent layer.