Quotes About Economics

Whether we like it or not, it is a fact that economics cannot remain an esoteric branch of knowledge accessible only to small groups of scholars and specialists. Economics deals with society's fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen.

All of the problems we're facing with debt are manmade problems. We created them. It's called fantasy economics. Fantasy economics only works in a fantasy world. It doesn't work in reality.

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.

History shows that where ethics and economics come in conflict, victory is always with economics. Vested interests have never been known to have willingly divested themselves unless there was sufficient force to compel them.

Economics is uncertain because its fundamental subject matter is not money but human action. That's why economics is not the dismal science, it's no science at all.

I was teasing my brother that he was penniless, homeless, jobless. Right now in his life, racism isn't the central highlighting force: it's the world of work and economics. It doesn't mean that he isn't influenced by racism, but when he wakes up in the morning the thing that's driving his world is really issues of class, economics and power as they articulate themselves.

After graduating in engineering I went to the University of Kansas to get an MA in economics as a vehicle for allowing me to decide if I wanted to continue in economics.

I’m not into the whole Austrian type, strongly libertarian economics. I like more mainstream economics.

Economics anxiety may be even more common than the often identified 'math anxiety,' for unlike math, which has its personal uses, economics is seen as a mysterious set of forces manipulated from above.

As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never took a course in economics. And with this striking lack of credentials, you may wonder why I have the chutzpah to be up here giving this talk. The answer is I have a black belt in chutzpah. I was born with it.

Software engineering economics.

Economics is really politics in disguise.

Besides numerous science courses, I had the opportunity to study philosophy, the history of architecture, economics, and Russian history in courses taught by extraordinarily knowledgeable professors.

The only truly new ideas [the right] has come up with in the last twenty years are (1) supply side economics, which is a way of redistributing the wealth upward toward those who already have more than they know what to do with, and (2) creationism, which is a parallel idea for redistributing ignorance out from its fundamentalist strongholds to those who know more than they need to.

Everyone's lost a lot of money on their 401k plans. I've heard some people calling them 201k plans. So it's even more important to get people to be saving more for retirement. Behavioral economics has helped us learn a lot about how to do that.

We need to move beyond the demonisation of overpaid traders ... In finance and economics, ill-designed policy is a more powerful force for harm than individual greed or error.

I think that local school districts - not the federal government - should make the decision about how they teach science, biology, economics. I want my kids to be taught about evolution; I want my kids to be taught about other theories.

Economics is extremely useful as a form of employment for economists.

You can sort of see elements of Donald trump policy in different walks of life. Brazil and France have a long history in intervening in business decisions to protect local jobs. What I don't think we see is much evidence that in the long run those types of tactics make much difference, when the economics of production are pushing in the other direction.

It took the national debt two hundred years to reach $1 trillion. Supply Side Economics quadrupled the national debt to over $4 trillion in twelve years (1980-1992) under the Republicans. Bill Clinton actually paid down the national debt. How did he do it? He raised taxes. It produced the longest sustained economic expansion in U.S. History.

Why not stakeholder action? There's no economic principal that says that management should be responsive to shareholders, in fact you can read in texts of business economics that they could just as well have a system in which the management is responsible to stakeholders.

Economics dominates politics - and with that domination comes different forms of ruthlessness.

Where there is politics or economics, there is no morality.

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.

So science alone cannot solve this problem [mass extinction of humans]. It's something that we can only tackle by bringing science together with culture, economics, and even politics.

Marshall Jevons is the pioneer for integrating economics and detective fiction, and The Mystery of the Invisible Hand is another fine effort in this genre.

Considering that we live in an era of evolutionary everything---evolutionary biology, evolutionary medicine, evolutionary ecology, evolutionary psychology, evolutionary economics, evolutionary computing---it was surprising how rarely people thought in evolutionary terms. It was a human blind spot. We look at the world around us as a snapshot when it was really a movie, constantly changing.

The good news is that, at least in economics, I've seen movement away from its overemphasis on mathematical models of purely rational behavior to a more eclectic and commonsense approach: research that is, among other things, more respectful of insights from psychology.

This we must say, that everything is economics and economic interest as mere satisfaction of physical needs had, have and always will have a subordinate role in a normal human, that beyond this sphere must be differentiated from an order of higher values, political , spiritual and heroic.

A loving and fierce defense of economics as a science.

[Wise men] have tried to understand our state of being, by grasping at its stars, or its arts, or its economics. But, if there is an underlying oneness of all things, it does not matter where we begin, whether with stars, or laws of supply and demand, or frogs, or Napoleon Bonaparte. One measures a circle, beginning anywhere.

Everybody thinks of economics whether he is aware of it or not. In joining a political party or in casting his ballot, the citizen implicitly takes a stand upon essential economic theories.

One of the jewels in the crown of Labour's time in office was the rescue of the National Health Service. As the Commonwealth Fund, the London School of Economics and the Nuffield Foundation have all shown, health reforms as well as additional investment were essential to improved outcomes, especially for poorer patients.

At the heart of capitalism is the unification of knowledge and power. As Friedrich Hayek, the leader of the Austrian school of economics, put it, "To assume all the knowledge to be given to a single mind... is to disregard everything that is important and significant in the real world." Because knowledge is dispersed, power must be as well.

The entire point of life is to find ways to get others to do your work for you. Don’t you know anything about basic economics?

The American people are growing extremely unhappy with establishment politics, with establishment economics, and you know what else? Even with establishment media.

American influence in the world is certainly considerable, but the United States does not control, directly or indirectly, the politics and economics of other societies, as empires have always done, save for a few special cases that turn out to be the exceptions that prove the rule.

You don't have to get a job that makes others feel comfortable about what they perceive as your success. You don't have to explain what your plan to do with your life. You don't have to justify your education by demonstrating its financial rewards. You don't have to maintain an impeccable credit score. Anyone who expects you to do any of those things has no sense of history of economics or science or the arts.

The human person is in danger: this is certain, the human person is in danger today, here is the urgency of human ecology! And it is a serious danger because the cause of the problem is not superficial but profound: it is not just a matter of economics, but of ethics and anthropology.

My friends, that's trickle-down economics, and I believe every worker in America is tired of being trickled on by George W. Bush

Economics was the only profession where a person could be considered an expert without having once been right.

The lnternet is turning economics inside-out. For example, everybody on the internet now wants stuff for free and there are so many free services available.

Our country has shown a lack of will to resist its own disintegration .. . Canada is practically the only country left in the world which is a pure colony; colonial in psychology as well as in mercantile economics.

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.

The inscrutability [of economics] is perhaps not unintentional. It gives endless employment to dialecticians who otherwise might become public charges or, at very worst, swindlers and tricksters.

The fundamental flaw in Social Security and Medicare is that they violate the 'welfare principle' in economics. The welfare principle forms the fundamental basis of all charitable work in churches and other private organizations: assist those who need help, and equally important, don't assist individuals who can take care of themselves.

Looking back, I should have pursued philosophy and economics and things of that sort in college more, but I didn't.

There are millions of white Americans today who still can barely bring themselves to acknowledge that the Civil War, with its twin Americas locked in a death match, was about slavery. They'll argue it was about economics, and they're right only because one of those economies was a slave economy. They'll argue it was about culture, and they're right only because one of those cultures was a slave culture.