Quotes About Economics

My mother and my father taught me to look at the actual problem, not the face of it, not the veneer of it. So for me, I was never - I was impressed that it - racially, I was impressed, right, but now in America it's about economics, and it's been about economics, and honestly, everything's been about economics since I don't want to say the beginning of time, but it's been about economics for a long while.

My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.

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.

Mainstream economics scholarship produces theory without facts ("pure theory") and facts without theory ("applied economics").

I was 25 years old and pursuing my doctorate in economics when I was allowed to spend six months of postgraduate studies in Naples, Italy. I read the Western economic textbooks and also the more general work of people like Hayek. By the time I returned to Czechoslovakia, I had an understanding of the principles of the market. In 1968, I was glad at the political liberalism of the Dubcek Prague Spring, but I was very critical of the Third Way they pursued in economics.

In terms of the economics, yes obviously the rise of e-books and how people choose to read books has a big effect on the economics of the game. But whether people are buying them on paper or downloading them there's still some poor wretch in a room who is trying to write a poem, write a story, write a novel. And so my job doesn't change. It's just how people receive it and economic conditions on the ground change, but that doesn't affect what I write.

Mathematical economics is old enough to be respectable, but not all economists respect it. It has powerful supporters and impressive testimonials, yet many capable economists deny that mathematics, except as a shorthand or expository device, can be applied to economic reasoning. There have even been rumors that mathematics is used in economics (and in other social sciences) either for the deliberate purpose of mystification or to confer dignity upon common places as French was once used in diplomatic communications.

It is one of history's great ironies that capitalists built decent and humane societies on the basis of an amoral approach to the economics of pricing, whereas socialists built exploitative and inhumane societies on the basis of a morally inflamed approach to economics.

My war - and I have yet to win a decisive battle - is with the modes of thought that and conditioned feelings that prevail in psychology and therefore also in the way we think and feel about our being. Of these conditions none are more tyrannical than the convictions that clamp the mind and heart into positivistic science (geneticism and computerism), economics (bottom-line capitalism), and single-minded faith (fundamentalism).

Good environmentalism is good economics

My policies are based not on some economics theory, but on things I and millions like me were brought up with: an honest day's work for an honest day's pay; live within your means; put by a nest egg for a rainy day; pay your bills on time; support the police.

When we refer to 'the biblical approach to economics' or the biblical response to politics' or 'biblical womanhood,' we're using the Bible as a weapon disguised as an adjective.

I didn't like university life much at Bologna. The subjects I studied - economics and business administration - didn't interest me. I wanted to make films. I was glad when I was graduated. Yet it's odd; on graduation day, I was overcome with a terrible sadness. I realized that my youth was over and now the struggle had begun.

I don't want to die and leave a few sad songs and a hump in the ground as my only monument. I want to leave a world that is liberated from trash, pollution, racism, nation-states, nation-state wars and armies, from pomp, bigotry, parochialism, a thousand different brands of untruth and licentious, usurious economics.

When I first started out in my career, I'd been a lit major in college so I didn't have a lot of choices. The traditional options were management consultant or investment banking, and I hadn't even taken an economics class so those were pretty much out. I didn't want to go into academia. For me, research and instinct were my unique tools that seemed to work best on a marketing and merchandizing path. It's kind of right-brain and left-brain.

The Players Association has on the table a demand which doesn't recognize the reality of our league's economics today. It's a very excessive and unrealistic demand.

It [eBook] is like introducing the machine gun to a revolutionary war. It changes everything. If you can reach your fans directly without having to go through a middle man, the entire economics of the publishing business changes.

Economics as a discipline has in effect become the study of capitalism. The two are taken as the same subject.

Making a show is also economics. Because the irony is, or the shame of it is, you cannot create a show instantaneously. It needs to be massaged. You need to see who is relating to who. How is it working with the audience? You need to give it a chance for the audience to find it, because there are so many outlets. And the audience doesn't know where to go.

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.

But waiting for 'eventually' to prove the alarmists wrong is not the wisest course of action. Unfullfillable ambitions to stifle growth will devastate a world trying to deal with the complexities of economics, stability, and the environment. Quality of life depends on access to energy. Noble intentions about 'C02-free' sources of energy are not sufficient, if their agenda of eliminating coal as a source, and turning their back on nuclear, are allowed to be part of our near-term policies.

The trickle-down theory of economics has it that it's good for rich people to get even richer because some of their wealth will trickle own, through their no doubt lavish spending, upon those who stand below them on the economic ladder. Notice that the metaphor is not that of a gushing waterfall but of a leaking tap: even the most optimistic endorsers of this concept do not picture very much real flow, as their language reveals" pg. 102.

I have been interested in visual arts since high school and, after realising that I had absolutely no interest in the economics degree I had undertaken at ANU, I started a BFA in Sydney which I completed at VCA in Melbourne.

Most conservatives know better than to promote the state funding of art. The result of such funding is the mess that modern art has become. Atonal music is to music what subsidized art is to art. ...The fact that cacophony has reigned almost supreme since 1900 is a testimony to Mises' original observation. Atonal music is to music what socialism is to economics: planned chaos.

We have lost sight of the dependence we have on nature in economics

Racism is not nearly as important as poverty. That's the same around the world. What look like ethnic problems are really economic issues. If you look closely at all these conflicts around the world, they come down to poverty and economics and resources. The more poverty, the worse the war.

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

The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.

But my shift to the serious study of economics gradually weakened my belief in Major Douglas's A+B theorem, which was replaced in my thought by the expression MV = PT.

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!

I believe that you have to understand the economics of a business before you have a strategy, and you have to understand your strategy before you have a structure. If you get these in the wrong order, you will probably fail.

The number of hypotheses and theories about climate change are numerous. Quite naturally they have caught the public attention, as any proof of past climactic change points to the possibility of future climate change, which inevitably will have significant implications for global economics.

I don't think money can be understood through a lens limited to economics. And most books about money tell you the history of money, the instrument. But money is also an idea, one that we exchange to survive.

I don't have too much interest in teaching other people how to get rich. And that isn't because I fear the competition or anything like that - Warrenhas always been very open about what he's learned, and I share that ethos. My personal behavior model is Lord Keynes: I wanted to get rich so I could be independent, and so I could do other things like give talks on the intersection of psychology and economics. I didn't want to turn it into a total obsession.

If our goal in legislating against carbon releases is not simply punishing the West and its power companies but truly trying to reduce the accumulation of greenhouse gasses in the atmosphere, the main event will be in the developing world. We must use the smartest possible economics, and that means investing in China and India.

I wasn't actually very naturally good at economics. My brain doesn't work very well, in terms of mathematics.

I'll be a president that will turn our inner cities around and will give strength to people and will give economics to people and will bring jobs back.

This is a guy [Steven Lerner] who believes, for example, that Reaganomics or trickle-down economics means, "The rich got rich by stealing from the poor," or stealing from the middle class and making them poor via debt. He has worked with unions in Europe.

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.

The dominant orthodoxy in development economics was that Third World countries were trapped in a vicious cycle of poverty that could be broken only by massive foreign aid from the more prosperous industrial nations of the world. This was in keeping with a more general vision on the Left that people were essentially divided into three categories - the heartless, the helpless, and wonderful people like themselves, who would rescue the helpless by playing Lady Bountiful with the taxpayers' money.

Industrial civilization is only possible when there's no self-denial. Self-indulgence up to the very limits imposed by hygiene and economics. Otherwise the wheels stop turning.

The cash register did more for human morality than the Congregational Church. It was a really powerful phenomenon to make an economic system work better, just as, in reverse, a system that can be easily defrauded ruins a civilization. A system that's very hard to defraud, like a cash register, helped the economic performance of a civilization by reducing vice, but very few people within economics talk about it in those terms.

Economics teaches humility because it teaches us more about what we can't do than what we can do

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.

My response [to fear of being poor]was to study contracts, finance, economics, to plan, to have a goal, to work on that goal. To learn everything I could. I always poked at the things that scared me most.

Well, I feel that we're kind of fortunate that this book gives the whole world a lesson in economics and how to get out of the mess that we're all in. It's basic message is to try and stop spending as much and try to release some of your assets to pay off your debt.

There are many beliefs that we have seen as truth in Western civilization for hundreds of years. We live according to these "truths" and as a result manifesting a life using those beliefs, which can be very self-destructive. So these beliefs will affect decisions in economics and politics and everything else that we do. One myth-perception is our continued emphasis of a Newtonian materialistic world, which by definition emphasizes the primacy of matter and somewhat ignores or minimizes the influence of the immaterial part of the universe.

Economics seeks to be a science. Science is supposed to be objective and it is difficult to be scientific when the subject matter, the participant in the economic process, lacks objectivity.