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.

I am practical by nature, and I'd heard that being a writer or an artist is a good way to starve! So I was an economics major at Oklahoma State, and then received an M.S. from Cornell in Agricultural Resource and Managerial Economics. I knew if I wanted to write I would do it on my own, but I knew I wouldn't make myself study economics on my own.

Conventions of generality and mathematical elegance may be just as much barriers to the attainment and diffusion of knowledge as may contentment with particularity and literary vagueness... It may well be that the slovenly and literary borderland between economics and sociology will be the most fruitful building ground during the years to come and that mathematical economics will remain too flawless in its perfection to be very fruitful.

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.

History shows that where ethics and economics come in conflict, victory is always with economics.

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.

So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.

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.

Advertising is, actually, a simple phenomenon in terms of economics. It is merely a substitute for a personal sales force - an extension, if you will, of the merchant who cries aloud his wares.

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.

Neoclassical economics ... has uncovered important truths about the nature of money and markets because its fundamental model of rational self-interested human behavior is correct about 80% of the time.

Why do writers, say, give up a job in economics and decide to write poetry? Or, why do they give up a job in a bank and decide to paint, like Krishan Khanna? They want to convey something.

Gardening is a luxury occupation: an ornament, not a necessity, of life.... Fortunate gardener, who may preoccupy himself solely with beauty in these difficult and ugly days! He is one of the few people left in this distressful world to carry on the tradition of elegance and charm. A useless member of society, considered in terms of economics, he must not be denied his rightful place. He deserves to share it, however humbly, with the painter and poet.

Science is not enough, religion is not enough, art is not enough, politics and economics are not enough, nor is love, nor is duty, nor is action however disinterested, nor, however sublime, is contemplation. Nothing short of everything, will really do.

Trickle-down economics is a myth. Enriching corporations - as the TPP would - will not necessarily help those in the middle, let alone those at the bottom.

[On being first black woman to earn a PhD in economics and first black woman admitted to Pennsylvania bar:] I never looked for anybody to hold the door open for me. I knew well that the only way I could get that door open was to knock it down: because I knocked all of them down.

I don't think that that's a desirable option for us. Besides, it wouldn't work, because there are too many other countries that are willing to work economically with China. But I don't think the basic relationship depends on economics. It depends on a political understanding of what is required for peace in Asia.

The relation of eugenics to British psychiatry bears examination. The primary controlling body for psychiatry in England is the British National Association for Mental Health (NAMH), formed in 1944, and initially run by the mentally unstable Montagu Norman, previously of the Bank of England. The group originally met at Norman's London home, where he and Nazi Economics Minister Hjalmar Schacht had met in the 1930s to arrange financing for Hitler.

I believe in market economics. But to paraphrase Churchill - who said this about democracy and political regimes - a market economy might be the worst economic regime available, apart from the alternatives. I believe that people react to incentives, that incentives matter, and that prices reflect the way things should be allocated. But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential - not excessive - regulation of the financial system.

In 1997, we faced daunting challenges. Boom and bust economics..... Now, for all that remains to be done, dwell for a moment on what has been achieved.

Understanding economics can help you make better decisions and lead a happier life.

Today the logic goes something like this: 'Calling a ruler Son of God is out of style. No one really does that nowadays. We can support a president while also worshiping Jesus as the Son of God.' But how is this possible? For one says that we must love our enemies, and the other says we must kill them; one promotes the economics of competition, while the other admonishes the forgiveness of debts. To which do we pledge allegiance?

Marx, however imperfectly he worked out the details, set himself the task of discovering the law of motion of capitalism, and if there is any hope of progress in economics at all, it must be in using academic methods to solve the problems posed by Marx.

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.

It's critical to have a sound foundation in free-market economics and the Constitution. A great many Republicans in Washington don't have that foundation.

Economics is a social science, not a physical science.

We have always known that heedless self interest was bad morals, we now know that it is bad economics.

Every nation on the Earth that embraces market economics and the free enterprise system is pulling millions of its people out of poverty. The free enterprise system creates prosperity, not denies it.

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.

I'm one of the top 2 or 3 or 4 most conservative members in the House of Representatives when it comes to economics.

Though the poorest Americans voted for Hillary Clinton, many relatively wealthy people voted for Trump and generally it's a mistake to think that economics explains Trump. The US is doing relatively well, the economy has significantly recovered since 2008, unemployment rates are low. I would say rather that his appeal to the working class was cultural: "I'll bring back the kinds of jobs your fathers had," and, by implication, the whiter, simpler post-war world when America had no real economic competition.

There is absolutely no single aspect of one's personality that is more important to develop than empathy, which is not a skill at which men typically are asked to excel. I believe empathy is not only the core of art, literature and music, but should also be at the core of society, from ethics to economics.

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 work on the boundary between economics and statistics in this field called econometrics. Part of my interest is understanding how you use statistics in productive ways to analyze dynamic economic models.

I do agree that the science is not settled on this. The idea we would put Americans' economy in jeopardy based on scientific theory that is not settled yet to me is nonsense. Just because you have a group of scientists who stood up and said this is the fact... Galileo got outvoted for a spell. To put Americans' economic future in jeopardy, asking us to cut back in areas that would have monstrous economic impact on this country is not good economics and I would suggest is not necessarily good science.

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.

[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.

A loving and fierce defense of economics as a science.

It's not only possible, but likely that the Nobel Prize in economics will go in alternate years to people who disagree on nearly everything fundamental.

Examine the legacy that we inherited and what we did. We had boom-and-bust economics and a doubled national debt.

First rule of Economics 101: our desires are insatiable. Second rule: we can stomach only three Big Macs at a time.

Money must serve, not rule! The Pope loves everyone, rich and poor alike, but he is obliged in the name of Christ to remind all that the rich must help, respect and promote the poor. I exhort you to generous solidarity and a return of economics and finance to an ethical approach which favours human beings.

It's very hard right now to be a pro sports fan. The economics of this stuff is abysmal.

The better the script, the less money there is. That's just the economics of the studio system.

Morality, it could be argued, represents the way that people would like the world to work, wheareas economics represents how it actually does work.

We girls should have to change a tire or take a 'change your oil' class in high school instead of taking home economics, because we'd benefit from that.

Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.

I think anytime that you go to the extreme of any mode of economics, be it capitalism or communism, you have these feedback mechanisms that make the system turn in on itself.