Economics Quotes by William Nordhaus, Sigmar Gabriel, John P. Kotter, George Stephenson, Eliezer Yudkowsky, Alfred Marshall and many others.
The strategy behind the Kyoto Protocol has no grounding in economics or environmental policy.
However, I have a low opinion of people with narrow political horizons. Someone who talks about the environment and knows nothing about economics can make as many mistakes as someone who does the opposite.
Leadership produces change. That is its primary function
Where combination is possible, competition is impossible.
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.
Every short statement about economics is misleading (with the possible exception of my present one).
As the feminist saying goes, ‘Women deliver.’ In other words, when women control resources, the social gain is greater than when men control resources.
As with the Christian religion, the worst advertisement for Socialism is its adherents.
The monetary managers are fond of telling us that they have substituted ‘responsible money management’ for the gold standard. But there is no historic record of responsible paper money management … The record taken, as a whole is one of hyperinflation, devaluation and monetary chaos.
Commerce is a game of skill which everyone cannot play and few can play well.
If you want creative workers, give them enough time to play.
I wasn’t worth a cent two years ago, and now I owe two million dollars.
The slaves of socialism are slaves, but they are no one’s property and therefore no one’s loss.
Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.
[Ruling elie] haven’t given up on neoliberal ideology, they use it. And I think they’ve normalized that ideology, the notion that, for instance, that economics should govern all of social life, to such a degree that it becomes increasingly difficult to challenge it.
I was going to get a degree in economics and be a teacher. But I couldn’t afford to pay for the education. So I just got the MBA and not the doctorate. I loved it at Bain, and I’ve been there ever since.
The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).
In a paper called ‘The Economics of Matching: Stability and Incentives,’ I showed that there were not any mechanisms that would always both produce a stable matching and make it completely safe for all firms and workers to reveal their true preferences.
If you look at cricket per se, if you didn’t have T20 cricket, Test cricket will die. People don’t realise. You just play Test cricket, and don’t play one-day cricket and T20 cricket, and speak to me after 10 years. The economics will just not allow the game to survive.
The budget should be balanced not by more taxes, but by reduction of follies.
Minimum-wage laws are one of the most powerful tools in the arsenal of racists.
Many people mistakenly suppose that the essence of consciousness is that of a control mechanism
No economy, no matter how bad, can hold down a goal that is followed by enough action.
The New Deal began, like the Salvation Army, by promising to save humanity. It ended, again like the Salvation Army, by running flop-houses and disturbing the peace.
China understands economics more than most countries and is usually moved to increase freedoms when the yuan is directly involved.
The enemy of stability can be complacency
Keynesians think that you can take water from the deep end of the swimming, pump it into the shallow end of the swimming pool and somehow the water level of the swimming pool will rise.
The reason we should do a carbon tax is because it’s the right thing to do. It’s economics 101, elementary stuff.
There are millions and millions of Sufis who have existed in Islamic history and have the deepest impact on every aspect of Islamic culture and civilization to philosophy to art to science to social structure to economics who have not met the destiny of al-Hallaj.
We need a race to the top so that we have policies and regulations that protect human rights, the environment and that reduce poverty.
I had four or five years in school training as a soprano. I fell into pop singing because of economics. I got out of high school and had to go work, and they weren’t hiring opera singers.
The foundation of any and every civilization, including our own, is private ownership of the means of production. Whoever wishes to criticize modern civilization, therefore, begins with private property.
The only security men can have for their political liberty, consists in keeping their money in their own pockets.
…how engaged are your employees right now? You may consider such a question impossible to answer, but the truth is, you need to know this if you want a more profitable, ethical organization, as everyone must share the same values to make the changes genuine
A country which does not respect the rights of its own citizens will not respect the rights of its neighbours
Economics that hurt the moral well-being of an individual or a nation are immoral and, therefore, sinful.
Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation.
Whether you think Jesus was God or not, you must admit he was a first-rate political economist.
Practically all government attempts to redistribute wealth and income tend to smother productive incentives and lead toward general impoverishment.
The moment that government appears at market, the principles of the market will be subverted.
And each of these perspectives comes to the same conclusion, which is that our global economy is out of control and performing contrary to basic principles of market economics.
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
Whatever their limitations, Freud and Marx developed complex and subtle theories of human nature grounded in their observation of individual and social behavior. The crackpot rationalism of free-market economics merely relies on an abstract model of how people “must” behave.
There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
I had the good fortune to be able to take a course with Margaret Mead. I had a fabulous art course, where it was explained to me that nothing exists in a vacuum, that everything is a result of the period in which it’s done – the economics, the sociology, the politics, all sewn together. That was a very important lesson.
Let us first of all frugality in government-peace and freedom we will have as a bonus.
Economics is not an attempt to generalize human desires or human behavior; but to generalize the phenomena of price.
They will come to learn in the end, at their own expense, that it is better to endure competition for rich customers than to be invested with monopoly over impoverished customers.
Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy — what an older and less elegant generation called the horse-and-sparrow theory: If you feed the horse enough oats, some will pass through to the road for the sparrows.
Economics is important because it’s possible to buy the places that are necessary to live in relative inaccessibility and seclusion, or to move with a bit of style and chicness into the middle of civilization.
Over the long term, absent of other barriers, economics always win.
(Waste = Loss): The first rule of business is to survive and the guiding principle of business economics is not the maximisation of profit, it is the avoidance of loss
Political economy regards the proletarian like a horse, he must receive enough to enable him to work. It does not consider him, during the time when he is not working, as a human being. It leaves this to criminal law, doctors, religion, statistical tables, politics, and the beadle.
I view the work I’ve done related to statistics and economics as, roughly speaking, how to do something without having to do everything.
I would say that reproductive freedom comes first, then violence and economics.
This paper was one of my digressions into abstract economics.
So no, I’m not too big on religion…and not very fond of politics or economics either…And why should I be? They are the man-created trinity of terrors that ravages the earth and deceives those I care about. What mental turmoil and anxiety does any human face that is not related to one of those three?
Can there be in our age any peace that is not honorable, any war that is not dishonorable?
The best way to sell yourself to others is first to sell the others to yourself.
Commercial concerns have expanded from family business to corporate wealth which is self-perpetuating and which enlightened statesmen and economists now dread as the most potent oligarchy yet produced.
In a free society, government has the responsibility of protecting us from others, but not from ourselves.
In the world of traditional economics, it shouldn’t matter whether you use an opt-in or opt-out system. So long as the costs of registering as a donor or a nondonor are low, the results should be similar. But many findings of behavioral economics show that tiny disparities in such rules can make a big difference.
Entrepreneurial creation is the generation, de novo, of novelty and surprise- freedom of choice originating in the world of ideas, and imagination beyond all concern with chemicals. The contrary view- that all ideas are determined by material relationships- is the materialist superstition.
Human beings are no longer born to their place in life…but are free to employ their faculties and such favorable chances as offer, to achieve the lot which may appear to them as desirable.
An economist is a surgeon with an excellent scalpel and a rough-edged lancet, who operates beautifully on the dead and tortures the living.
Commercial organisations that operate responsibly have benefitted by increased revenues of 682% compared to 166% for those that don’t
There has always been, and there always will be, an economic cycle.
I have only one thing to say to the tax increasers: Go ahead, make my day.
The more these readjustments are delayed … the longer the depression will have to last, and the longer complete recovery is postponed.
Responsible people work, earn, save, invest, make things better for self & family. Lefties call that “greed.”
Tax increases appear to have a very large sustained and highly significant negative impact on output. Since most of our exogenous tax changes are in fact reductions, the more intuitive way to express this result is that tax cuts have very large and persistent positive output effects
Behind the criticism of fashion as an artistic medium is a highly ideological prejudice: against markets, against consumers, against the dynamism of Western commercial society. The debate is not about art but about culture and economics.
No one is entertained by economics.
You should not forget that without all the work in law and economics, a great part of which has been supported by the John M. Olin Foundation, it is doubtful whether the importance of my work would have been recognized.
Economics is not about things and tangible material objects; it is about men, their meanings and actions.
I have a dream that Africa should have one bloc – north to south – we could trade freely, people can move freely and that makes business sense.
Social economic problems do not exist everywhere that an economic event plays a role as cause or effect – since problems arise only where the significance of those factors is problematical and can be precisely determined only through the application of methods of social-economics.
‘Emergencies’ have always been the pretext on which the safeguards of individual liberty have been eroded.
Competition is like experimentation in science, a discovery process, and it must rely on the self interest of producers, it must allow them to use their knowledge for their purposes, because nobody else possesses the information
Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.
The analyses … often become too competent to be comprehensible.
We now know that anything which is economically right is also morally right. There can be no conflict between good economics and good morals.
The supremacy of Parliament and the embedding of property rights in Common Law put political power in the hands of men anxious to exploit the new economic opportunities and provided the framework for a judicial system to protect and encourage productive economic activity
Born Virginia Marshall but nicknamed Gig, my mother was a home economics teacher who had come all the way across the whole state of Virginia, from her home on the Eastern Shore to our little Appalachian coal town to marry my daddy, Ernest Smith, whose family had lived in these mountains for generations.
In my opinion, economists and sociologists are the people to whom we ought to turn more than we do for instruction in the grounds and foundations of all rational decisions.
It is easy to be compassionate with other people’s money
The difficulties of economics are mainly the difficulties of conceiving clearly and fully the conditions of utility.
I studied politics and economics at Bristol, and people always assumed that I’d go into politics or a non-government organisation when I left. I might well do this later on. I’d love to represent a West Country seat in the House of Commons.
Supply creates its own demand.
Politics don’t exist, actually. It’s just a cheap business. Economics is what makes politics.
It is easy to be conspicuously ‘compassionate’ if others are being forced to pay the cost.
I’ve been a professor of mathematics at Harvard and at Yale. At Yale for a long time. But I’m not a mathematician only. I’m a professor of physics, of economics, a long list. Each element of this list is normal. The combination of these elements is very rare at best.
The fundamental driver in computer security, in all of the computer industry, is economics. That requires a lot of re-education for us security geeks.
Protectionism is the institutionalization of economic failure.
Only a true faith that applies God’s Word to everything-incl uding economics-will lead to the revival and reformation our culture needs so badly.
Economics is a form of brain damage.
I think it’s evident that expensive neighborhoods in Seattle are surrounded by natural beauty. That elevates city life. So if we can make cities more attractive in the long run, we can be smarter about issues like development, zoning and economics.
So, economics should emulate physics’ basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.
About the only useful thing my economics degree taught me was that, in all decisions in life, you have to do a cost-benefit analysis.
I went to college as an economics major because that was the easiest major that could still please your Asian parents, and then, much to their dismay, I became a stand-up comedian.
Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
That economics and finance are often covered as technical subjects, sort of boring subjects, and either you already know a lot about it and you follow it, or you don’t know much about it and you don’t want to know.
To me, economics doesn’t need to be political.
The more propaganda . . . conservatives spread for capitalist economics while at the same time preaching collectivism morally and philosophically , the more nails they’ll drive into capitalism’s coffin.
Inequality is as dear to the American heart as liberty itself.
I’d like the reader to decide if he is willing to pay minute sums for content. I’d like the economics of web to be controlled between authors and readers, not advertiser.
One of the soundest rules to remember when making forecasts in the field of economics is that whatever is to happen is happening already.
I write for one and only one purpose, to overcome the invincible ignorance of the traduced heart. I wish to speak to and for those who have had enough of the Social Lie, the Economics of Mass Murder, the Sexual Hoax, and the Domestication of Conspicuous Consumption.
Critics of ‘economic sciences’ sometimes refer to the development of a ‘pseudoscience’ of economics, arguing that it uses the trappings of science, like dense mathematics, but only for show.
Any system of economics is bankrupt if it sees either value or virtue in unemployment.
If you are not willing to risk the unusual, you will have to settle for the ordinary.
The difficulty for the Government is there’s this ideological straitjacket of the market will provide, let the market rip and everything will work out… It’s back to trickle-down economics, which, it’s plain to see, have not delivered.
I joined Red Chillies entertainment right after I returned from the London School of Economics in 2007.
Wealth comes from successful individual efforts to please one’s fellow man … that’s what competition is all about: “outpleasing” your competitors to win over the consumers.
Economics has become increasingly an arcane branch of mathematics rather than dealing with real economic problems.
I was an economics major in college, and every summer after school, I would drive my car from California, from Claremont men’s college at the time, to New York. And I worked on Wall Street.
Each step in life has been another step in an area that was a challenge, that is highly satisfying and that gives you a great sense of pride afterwards.
There is no such thing as economics, only social science applied to economic problems.
The linear, single species idea of farming is an assault on ecological function. Something’s going to break down in that system – anything from soil structure, in economics… but where to start is with true ecological function.
An invaluable little book…. What Makes a Terrorist uses standard tools of economics and statistical analysis to get at the truth about terrorism…. Krueger finds one familiar fact in all his numbers. Countries with fewer civil liberties tend to produce more terrorists.
Few people do business well, who do nothing else.
The redistribution of wealth creates dependence on the people to whom it is redistributed, it doesn’t incentivize them to create their own wealth.
If you think about the amount of critical thinking that has come into the field of economics, two universities have dominated the landscape in my life: Chicago and Harvard.
If you torture the data long enough, it will confess.
In the 19th century China dominated the manufacture of porcelain. Then European factories discovered a cheaper method of making pottery of equal quality, demolishing the Chinese industry the exact reverse of what is happening now. World economics have turned full circle.
What conservation education must build is an ethical underpinning for land economics and a universal curiosity to understand the land mechanism. Conservation may then follow.
Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.
Economics has become as riveting as politics.
The major driver of economics is the equilibrium approach, which has taken various forms over the years. General equilibrium is the statement that all the different parts of the economy influence each other, even if it’s remote, like mortgage-backed securities and their demands on automobiles.
Those, who are strongly wedded to what I shall call ‘the classical theory’, will fluctuate, I expect, between a belief that I am quite wrong and a belief that I am saying nothing new. It is for others to determine if either of these or the third alternative is right.
Society doesn’t have values. People have values.
We should know that only replacing the economics of competition and greed with the economics of equitable cooperation will guarantee a globalization that takes advantage of potential efficiency gains in ways that also promote environmental protection, international equity, economic democracy, and variety.
Cutting budget deficits can never be just an exercise in economics.
Whether you’re from Egypt or Argentina or Singapore or Canada, you have a need to feel important, a need to feel secure, and a need to feel loved. The culture and economics just determine how those needs are expressed.
Education is both a tool of social justice as well as a fundamental driver of economic development.
If there is no worker involvement, there is no quality system
The economics of theater are painful. I still think that the theater community should be looking much more rigorously at how to let the playwright keep the money they make.
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.
You alleviate poverty by trickle-down economics.
I take great solace that Einstein failed math. I failed math. I also failed English and home economics. Einstein was an underachiever.
No man in this country is under the smallest obligation, moral or otherwise, so to arrange his legal relations to his business or his property as to enable the Inland Revenue to put the largest shovel into his stores.
Steps toward a rapprochement between Israel and the Arab states create a process that turns economics into the moving force that shapes the regional relations instead of nationalist interests that were dominant in the past.
The hope that poverty and ignorance may gradually be extinguished derives indeed much support from the steady progress of the working classes during the 19th century.
I began my career as an economics professor but became frustrated because the economic theories I taught in the classroom didn’t have any meaning in the lives of poor people I saw all around me. I decided to turn away from the textbooks and discover the real-life economics of a poor person’s existence.
In psychology and behavioral economics, people have shown that if you just describe options in a certain way, or make some features of a situation salient, you can get people to do and even see what you want. You don’t have to be a Jedi to manipulate people’s attention.
Individual rights are not subject to a public vote; a majority has no right to vote away the rights of a minority.
A government debt is a government claim against personal income and private property – an unpaid tax bill.
A stable 21st century society requires 21st century solutions not 20th century economics
Can there be a more lamentable picture than that of a Chancellor of the Exchequer seated on an empty chest by a pool of bottomless deficiency fishing for a budget?
Close the weak banks and impose serious capital requirements on the strong ones…You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.
I started in college as a business major and finally transferred to home economics and studied making clothes.
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.
There are certain economics involved in making a network TV show that you want to amortize the costs of that, so the more episodes you make, the cheaper they all are individually.
It’s for management to enthuse & motivate employees towards excellence in service; the profit incentive doesn’t last
Social justice and economics are both issues to me.
Home economics – kids in school used to be taught how to shop, how to cook from scratch, how to be in control of their diets. Doesn’t happen anymore.
The professional study of economics has become ideological brainwashing. It is a defense of the excesses of the capitalist system.
We are far more effective on the inside looking out than the outside looking in.
Whoever prefers life to death, happiness to suffering, well-being to misery must defend without compromise private ownership in the means of production.
What you manage in business is people
You always want to try to make something new, and, of course, America is the world leader in economics today.
Economics is a good degree to have but the subject is very theoretical at Cambridge and I found it frustrating that you can’t apply a lot of the models to particular circumstances.
I do not believe you can do today’s job with yesterday’s methods and be in business tomorrow
Thirty years ago, about 80% of a company’s assets resided in its plant and equipment, with 20% in the knowledge of its people. Today, the reverse is true. The knowledge of our staff is our principal asset
A nation is not made wealthy by the childish accumulation of shiny metals, but it enriched by the economic prosperity of it’s people.
While economics is about how people make choice, sociology is about how they don’t have any choice to make.
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
I think the economics of this country is intricately linked to the politics of this country and the two cannot be separated.
Economics is the study of how society manages its scarce resources.
The right to vote is a consequence, not a primary cause, of a free social system – and its value depends on the constitutional structure implementing and strictly delimiting the voters’ power; unlimited majority rule is an instance of the principle of tyranny.
Among the social sciences, economists are the snobs. Economics, with its numbers and graphs and curves, at least has the coloration and paraphernalia of a hard science. It’s not just putting on sandals and trekking out to take notes on some tribe.
This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
Above all, innovation is not invention. It is a term of economics rather than of technology.
That land is a community is the basic concept of ecology, but that land is to be loved and respected is an extension of ethics.
How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it.
What makes it [economics] most fascinating is that its fundamental principles are so simple that they can be written on one page, that anyone can understand them, and yet very few do.
I was certain that I was not a Marxist, but I did believe firmly that a connection between economics and politics existed.
The narrative related to economics is, I think, very well understood even by the common man.
Let all men know how empty and powerless is the power of kings. For there is none worthy of the name but God, whom heaven, earth and sea obey
Many of the people I know and that you know are very complex human beings, and it’s not all about race. Everything isn’t a question of race. Everything isn’t a question of economics at the very base level.
Assess Bitcoins? All you can do is examine the trading patterns, which do not provide a real analysis of any underlying economic value. The economics of investments are not solely based on supply and demand, and that is all that goes into Bitcoin prices.
Economics is too important to leave to the economists.
Economics is not an exact science.
Humans have trouble with economics, as you may have noticed, and not just because economic circumstances sometimes cause them to starve. Humans seem to have an innate inability to pay attention to economic principles.
The best state for human nature is that in which, while no one is poor, no one desires to be richer, nor has any reason to fear from thrust back, by the efforts of others to push themselves forward.
God forbid that India should ever take to industrialism after the manner of the west… keeping the world in chains. If [our nation] took to similar economic exploitation, it would strip the world bare like locusts.
From the equilibrium and spontaneous order of Adam Smith and his heirs, from invisible-handed markets and perfect competition, supply and demand, and rewards and punishments, I was pushed to theories of disequilibrium and disorder, and information and noise, as the keys to understanding economic progress.
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.
The most successful scientists in the history of the world are those who posed the right questions
The human world lives in a framework called global economics. We live in a system based on GDP, which drives consumption. it causes people to compete with each other through trade in a way that they all grow.
Life is full of uncertainties. Future investment earnings and interest and inflation rates are not known to anybody. However, I can guarantee you one thing.. those who put an investment program in place will have a lot more money when they come to retire than those who never get around to it.
But what I really believe is education is a key to pretty much everything – prosperity, economics, peace, stability.
Lack of money is the root of of all evil.
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
Economists who speak the English tongue are strangely intimidated by mathematical symbols.
Our global economy is out of control and performing contrary to basic principles of market economics.
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.
Central bankers always try to avoid their last big mistake. So every time there’s the threat of a contraction in the economy, they’ll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.
Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it’s called, on the cusp of economics and psychology.
Evolution works by selection, not by instruction. There is no final cause, no teleology, no purpose guiding the overall process
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
I would never make a good economist. You know, an economist is a man that can tell you anything about — well, he will tell you what can happen under any given condition — and his guess is liable to be as good as anybody else’s, too.
Thus we can see that – at least at the level of economics – democracy is a sort of slow-motion suicide, in which you are told that it is the highest civic virtue to approve of those who want to rob you.
There is a pressing need to integrate the study of international economics with the study of international politics to deepen our comprehension of the forces at work in the world.
For every mountain there is another one. The big question is if you reach the top of the mountain, what then? What do you do then? I suppose you die.
To be brutally honest, it’s simple economics. If they want to come into cycling, sponsors need to know the team they are funding is clean, otherwise the risk is just too great.
Adam Smith had one overwhelmingly important triumph: he put into the center of economics the systematic analysis of the behavior of individuals pursuing their self-interest under conditions of competition.
It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
Surplus wealth is a sacred trust which its possessor is bound to administer in his lifetime for the good of the community.
Many of us like to think of financial economics as a science, but complex events like the financial crisis suggest that this conceit may be more wishful thinking than reality.
A movie needs to have a must-see quality among the people you are targeting. Also, make movies at a responsible budget so that if you attract your core audience, and they show up in the first few weekends, the economics will work.
It’s the economics, that’s why opera is not dying but gets more and more difficult to put on.
The desire of businessmen for profits is what drives prices down unless forcibly prevented from engaging in price competition, usually by governmental activity.
Systematic social and environmental deregulation, and the economics of austerity while enriching the rich, will be the markers of Farage/Tory politics after Brexit. Singapore-on-Sea for the rich; degradation for the rest.
Despite a voluminous and often fervent literature on “income distribution,” the cold fact is that most income is not distributed: It is earned.
Thousands of important and intelligent men have never been able to grasp the principle of comparative advantage or believe it even after it was explained to them
I learned that economics was not an exact science and that the most erudite men would analyze the economic ills of the world and derive a totally different conclusion.
Business and the environment: Wasting resources costs the earth – and lowers your competitive edge
Didn’t you take economics? You could have had me for $49.95.
Anyone who thinks that you can have infinite growth on a planet with finite resources is either a madman or an economist.
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.
A competitive world offers two possibilities. You can lose. Or, if you want to win, you can change.
I don’t care very much for the People Magazine approach to applied economics.
Economics is not a science; it is a quasi-religion: part superstition, part mystique, part sentimentality. Bankers dream like other men, the only difference being that when their dreams turn to nightmares, we all lose sleep. There can be no trusting the muttering of any prelate when it comes to money.
How about no income tax at all on people over 65? People would continue working, remain healthier, not be an economic and social drain on society. Then the elderly would also have more disposable income to help charitable activities.
The better the script, the less money there is. That’s just the economics of the studio system.
How can wealth persuade poverty to use its political freedom to keep wealth in power? Here lies the whole art of Conservative politics in the twentieth century.
Perhaps one day earthquakes, hurricanes and financial crashes will all be predictable. But we don’t have to wait until then for seismology, meteorology and economics to become sciences; they already are.
The greatest danger to liberty today comes from the men who are most needed and most powerful in modern government, namely, the efficient expert administrators exclusively concerned with what they regard as the public good.
The vocabulary of the political left is fascinating. For example, it is considered to be ‘materialistic’ and ‘greedy’ to want to keep what you have earned. But it is ‘idealistic’ to want to take away what someone else has earned and spend it for your own political benefit or to feel good about yourself.
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.
Majority of the African countries are now enjoying stable governance. Before you talk about economic growth, political stability is key.
Think how modern economics presents work. Only labour that contributes to growth counts.
However, I think the major opposition to ecology has deeper roots than mere economics; ecology threatens widely held values so fundamental that they must be called religious.
Inspirational leadership connects to a highly motivated workforce which, in turn, means inspirational results
It is true that I am one of the co-authors of ‘Nudge,’ and I am a behavioral economist, but it does not mean that everything we write about in that book is behavioral economics, nor does it mean that my co-author, the distinguished legal scholar Cass Sunstein, is a behavioral economist.
The methods by which a trade union can alone act, are necessarily destructive; its organization is necessarily tyrannical.
Unemployment is down, confidence is up, DOW 5,000 above Bush – or as Republicans put it, let’s talk about gay people and abortion!
Although military, economic and political strength certainly favors the more powerful side, the matter of simple justice is a counterbalancing factor.
It economics is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions.
Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.
The president says we need to raise the debt ceiling because America pays its bills. No if we paid our bills we wouldn’t have all this debt. The reason we have to raise the debt ceiling is because we can’t pay our bills and we have to borrow money because we don’t have any money to pay our bills.
We have a system that increasingly taxes work and subsidizes nonwork.
Bitcoin represents the first major breakthrough in economics and finance since double-entry bookkeeping was invented in 1494, and activists need to embrace its power.
It would take little more than $50 billion to raise every poor person above the official poverty line, yet the percentage of the population classified as poor hardly budges, while annual welfare spending amounts to four times that much. Where’s the money going?
Individual Ambition Serves the Common Good.
Autonomous state actions will regularly take forms that attempt to reinforce the authority, political longevity, and social control of the state.
Thinking is a physical process, the human brain is not exempt from evolution
Economics evolved as a more moral and more egalitarian approach to policy than prevailed in its surrounding milieu. Let’s cherish and extend that heritage. The real contributions of economics to human welfare might turn out to be very different from what most people – even most economists – expect.
Resource efficiency – it’s about only taking what we need
The field of ‘economics and organization’ is still young and needs support. I have been a chaired professor much of my academic life and know that such chairs are important for recruiting and retaining faculty.
Life results from the non-random survival of randomly varying replicators. The watchmaker is blind
It is clear that Economics, if it is to be a science at all, must be a mathematical science … simply because it deals with quantities… As the complete theory of almost every other science involves the use of calculus, so we cannot have a true theory of Economics without its aid.
The biggest enemy of management is indifference. It’s when people don’t give a damn
Words ought to be a little wild, for they are the assault of thoughts on the unthinking.
There have been three great inventions since the beginning of time: fire, the wheel, and central banking.
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.
Economics really pervert every possible good thing that comes, whether it’s food or a cure or a new technological advancement; anything like that is always stopped by who has access to it.
I’ve been a faithful reader of the great classical documents of economics, or tried to be.
Kelsoism is not accepted by modern scientific economics as a valid and fruitful analysis of the distribution of income but rather it is regarded as an amateurish and cranky fad.
A citizen who casts his ballot without having to the best of his abilities studied as much economics as he can fails in his civic duties.
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.
By the laws of the land, people who come looking for jobs in America are illegal. But by the laws of economics, they are following the logic and laws of economics when they leave Guatemala and go to Mexico, leave Mexico and come to the U.S., leave Africa and go to Spain and Europe looking for jobs.
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.
The high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum wage laws. We regard the minimum wage law as one of the most, if not the most, anti-black laws on the statute books.
Positive economics is in principle independent of any particular ethical position or normative judgment…In short, positive economics is or can be an “objective” science.
[There will be movement toward] behavioral economics… [which] involves study of those aspects of men’s images, or cognitive and affective structures that are more relevant to economic decisions.
Free-market capitalism is a network of free and voluntary exchanges in which producers work, produce, and exchange their products for the products of others through prices voluntarily arrived at.
Religion to be true must satisfy what may be termed humanitarian economics, that is, where the income and the expenditure balance each other.
I’m not into the whole Austrian type, strongly libertarian economics. I like more mainstream economics.
You can’t feel the need to be liked in public life, because if you do you will compromise the principles that are so important to the public having confidence in your ethics and integrity.
The issue is always the same: the government or the market. There is no third solution.
The astounding variety of foods on offer in the modern supermarket obscures the fact that the actual number of species in the modern diet is shrinking. For reasons of economics, the food industry prefers to tease its myriad processed offerings from a tiny group of plant species, corn and soybeans chief among them.
Inflation is like toothpaste. Once it’s out, you can hardly get it back in again.
Mathematics has given economics rigor, but alas, also mortis.
The fact throughout history is that whenever government dominates the economic affairs of its citizenry, a free society is eroded, then destroyed, and a minority government ensues. Personal liberty without economic liberty is an absolute contradiction; the one cannot exist without the other.
At what price do we get our news? The role of economics in defining the nature of contemporary journalism has never been better explained. A valuable, important book for those of us who watch, read, or listen to the news.
I decided to go to the London School of Economics to write my thesis for MIT, under James Meade, Nobelist with Bertil Ohlin in 1977.
Economics is about creating win-win situations. But in sports, someone loses.
Mob rule and emasculation of the wise’ and ‘who will watch the guardians’?
What you get out of an M.B.A. programme, no matter how much experience, is functional tools and understanding in disciplines: you’ll understand economics, you’ll understand marketing, finance, accounting. That, M.B.A. programmes do very well.
Goods move in response to price differences from points of low to points of higher price, the movement tending to obliterate the price difference and come to rest.
I went into the sciences very early on, but to me, economics pervades so much more of our lives and our existence.
The agrarian crisis [in India] is an unnecessary tragedy, resulting directly from an economics of greed and a politics driven by the economies of greed.
Poorly paid labor is inefficient labor, the world over.
The current disfavor into which socialism has fallen has spurred…. the frenzy to proclaim oneself a liberal. Many writers today have recourse to the strategem of inventing for oneself a liberalism according to one’s own tastes and passing it off as an evolution from past ideas.
We have a basic notion that unless we find a solution for environmental problems, we will not achieve sustainable growth in the coming years
The Sherman Act is similar in the economics sphere to the Bill of Rights in the personal sphere.
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.
Years ago, I noticed one thing about economics, and that is that economists didn’t get anything right.
Whenever the legislature attempts to regulate differences between masters and their workmen, its counsellors are always the masters. When the regulation, therefore, is in favor of the workmen, it is always just and equitable; but it is sometimes otherwise when in favor of the masters.
What is surprising is not that oppression should make its appearance only after higher forms of economy have been reached, but that it should always accompany them.
The blunt truth about the politics of climate change is that no country will want to sacrifice its economy in order to meet this challenge.
Yet the basic fact remains: every regulation represents a restriction of liberty, every regulation has a cost. That is why, like marriage (in the Prayer Book’s words), regulation should not “be enterprised, nor taken in hand, unadvisedly, lightly, or wantonly”
I really don’t see any influence of my work on any artists. But I do think I’ve had an influence on drawings’ being shown. I’ve had an influence on the economics of it.
The greatest productive force is human selfishness.
I’m a professor of economics and associate head of the MIT Department of Economics.
If, however, a government refrains from regulations and allows matters to take their course, essential commodities soon attain a level of price out of the reach of all but the rich, the worthlessness of the money becomes apparent, and the fraud upon the public can be concealed no longer.
Prices impose the most effective kind of rationing – self-rationing. Why is rationing necessary? Because what everybody wants always adds up to more than there is. . .Resources are limited but desires are not. That is the basic and defining problem of economics.
Recommending gastric bypass as a national solution for our diabetes epidemic is bad medicine and bad economics.
Neither a state nor a bank ever have had unrestricted power of issuing paper money without abusing that power.
The freedom to make a fortune on the stock exchange has been made to sound more alluring than freedom of speech.
It is particularly odd that economists who profess to be champions of a free-market economy, should go to such twists and turns to avoid facing the plain fact: that gold, that scarce and valuable market-produced metal, has always been, and will continue to be, by far the best money for human society.
Getting a traditional pharmaceutical to the market can cost a billion dollars or more. Newer, more tailored and targeted drugs called biologics are even more complex and expensive. Simple economics dictates that companies and venture funds will invest more in products that can generate a sufficient return.
The one profession where you can gain great eminence without ever being right.
Feminism is not antisexuality. On the contrary. It says that sexuality shouldn’t be confused with violence and dominance and that it should be a matter of free choice. It shouldn’t be forced on you by economics, including dependence on a husband, or by pressure.
There was never anything so well devised by men which in continuance of time hath not been corrupted
The fully planned economy, so far from being unpopular, is warmly regarded by those who know it best.
…the institutional arrangement whereby most professional economists are heavily burdened with teaching and administrative duties may militate against a sufficient admixture of the more laborious forms of statistical and field work.
The real struggle between an American government and the people was one of power, which was settled when they designed their Constitution, which conceded the sovereignty of the people when it came to politics, and the sovereignty of the consumer when it came to economics.
My mother is an office manager, my father a professor of economics and financial planner.
Climate change: Don’t undermine the science just because you don’t like the economics
More business is lost every year through neglect than through any other cause.
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.
I’ve been a faithful reader of the great classical documents of economics, or tried to be. The first book in the field that I ever read was Principles of Economics by Alfred Marshall. I suppose subsequently I would have to pick out Keynes, Adam Smith, Marx.
Now, of course, cold fusion is the daddy of them all in a way, in terms of value, so I think that viewed in a social way, from the point of social considerations and economics, it will tell you that this thing will stay around.
Unlike economics, whose sole preoccupation in our finance-obsessed era is the near-term profit motive, history offers a way to place our tiny lifespans in a narrative that spans dozens of generations – perhaps even reaching into a future where capitalism is no longer our dominant form of economic organization.
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 lot of times, my work is looked at very much on the surface. It’s very easy to just want to put something in a box – to say, ‘Oh, since this work deals with surface desires at times, this is about consumerism.’ And of course, the base of the work is… not about economics at all.
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 admire the artists that work everyday to attest things for themselves… In the act of transforming the objects of the everyday they transform the passage of time and analyze the economics and politics of the instruments of living.
I don’t like stuff that can only go into one set; I want stuff that can be applied across sets. It’s a more real Lego building experience. And, of course, it’s the same from a manufacturing point of view. I want elements that are universal; that gives me the best economics and best utilisation of the mould.
I started off thinking that maybe the social sciences ought to have the kinds of mathematics that the natural sciences had. That works a little bit in economics because they talk about costs, prices and quantities of goods.
In economics, ‘competitiveness’ does not describe Barack Obama’s insistence on not only being president of the U.S. but also beating his staff at bowling.
The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all.
The production of too many useful things results in too many useless people.
A study of economics usually reveals that the best time to buy anything is last year.
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.
In the United States, and to only slightly lesser degree in all the other rich and economically progressive Western countries, public debate has at all times been dominated by the adherents of a “free” economy.
Rogue economics is a sort of umbrella under which we find the criminal economy, the illegal economy, but also those gray areas, gray areas where there is not a proper regulation, where there is not legislation for the economy.
It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.
Free trade, one of the greatest blessings which a government can confer on a people, is in almost every country unpopular.
Some economists seem to think that only a credentialed economist has the right to be utterly wrong about an issue of economics. Their contempt for amateurs – columnists with broad audiences, for example – would sear the lungs if inhaled.
If the ordinary wage-earner worked four hours a day, there would be enough for everybody, and no unemployment — assuming a certain very moderate amount of sensible organization. This idea shocks the well-to-do, because they are convinced that the poor would not know how to use so much leisure.
The only thing worse than being exploited by capitalism is not being exploited by capitalism.
The existing world economic order constitutes a system of plundering and exploitation like no other in history.
Modern economics is a set of formal models and equations purporting to fully determine human behaviour, at least in the economic realm. And there is no way that uncertainty can be compressed into determinate mathematical models.
In a world in which the price of calculation continues to decrease rapidly, but the price of theorem proving continues to hold steady or increase, elementary economics indicates that we ought to spend a larger and larger fraction of our time on calculation.
A market economy is to economics what democracy is to government: a decent, if flawed, choice among many bad alternatives.
Economics has revealed a great truth about the natural law of human interaction: that not only is production essential to man’s prosperity and survival, but so also is exchange.
The State is the coldest of all cold monsters.
It’s no accident that capitalism has brought with it progress, not merely in production but also in knowledge. Egoism and competition are, alas, stronger forces than public spirit and sense of duty.
The nuclear approach I’m involved in is called a traveling-wave reactor, which uses waste uranium for fuel. There’s a lot of things that have to go right for that dream to come true – many decades of building demo plants, proving the economics are right. But if it does, you could have cheaper energy with no CO2 emissions.
I’m a Ph.D. in economics, and so you analyze every situation uniquely because every international situation is unique.
Never let it be said that the world of international economics isn’t exciting or adventurous. OK, I exaggerate, because not even the most imaginative mind could construe the annual meetings of the International Monetary Fund and World Bank to be a nail-biting barn burner.
Economic power is exercised by means of a positive, by offering men a reward, an incentive, a payment, a value; political power is exercised by means of a negative, by the threat of punishment, injury, imprisonment, destruction. The businessman’s tool is values; the bureaucrat’s tool is fear.
To the masses, the catchwords of Socialism sound so enticing… so they will continue to work for Socialism, helping thereby to bring about the inevitable decline of the civilization which the nations of the West have taken thousands of years to build up.
Modern economics and the welfare state borrowed heavily on the future.
The economics of the space industry are changing. Within so called ‘NewSpace,’ not only are new entrants being created almost daily, the business models and capital sources have proven to be dramatically different from traditional models built upon large government contracts and defence-related spending.
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.
This is no time to lend money, especially upon bare friendship without security.
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.
I helped Ronald Reagan and Jack Kemp develop supply-side economics.
I didn’t wake up one day and say, you know, ‘Supply-side economics doesn’t make sense.
We move from more or less plausible but really arbitrary assumptions, to elegantly demonstrated but irrelevant conclusions.
The discipline of economics has yet to get over its childish passion for mathematics and for purely theoretical and often highly ideological speculation, at the expense of historical research and collaboration with the other social sciences.
Work bears a particular mark of man and of humanity, the mark of a person operating within a community of persons
The people who run the country have enormous influence over the culture, politics, and the economics of the country. And increasingly, they haven’t a clue about how most of America lives. They have never experienced it.
The time has come to link ecology to economic and human development. When you have seen one ant, one bird, one tree, you have not seen them all. What is happening to the rain forests of Madagascar and Brazil will affect us all.
Unlike physics, for example, such parts of the bare bones of economic theory as are expressible in mathematical form are extremely easy compared with the economic interpretation of the complex and incompletely known facts of experience, and lead one a very little way towards establishing useful results.
Your role as a leader is even more important than you might imagine. You have the power to help people become winners.
Rather than double-down on the top-down economics that let a fortunate few play by their own rules, let’s embrace an economic patriotism that says we rise or fall together, as one nation, and as one people.
There’ll be a growing disparity between economics and politics. An economy that grows so rapidly is intractably global. On the other hand, the current political system is intractably national. So there is a growing dichotomy between a global economy and locally based politics.
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.
I’il n’est pas en notre pouvoir de changer la nature des choses. Il faut les Р№tudier telles qu’elles sont.
Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.
I am proud to support the incredible economics department at the University of Chicago.
America has much to gain in terms of jobs and trade by meeting the growing world demand for advanced, environmentally sound technologies.
The principle that the end justifies the means is in individualist ethics regarded as the denial of all morals. In collectivist ethics it becomes necessarily the supreme rule.
Society is purely and solely a continual series of exchanges… And the greatest eulogy we can give it, for exchange is an admirable transaction, in which two contracting parties always both gain; consequently, society is an uninterrupted succession of advantages, unceasingly renewed for all its members.
Happiness does not require an expanding economy
Start with the idea that you can’t repeal the laws of economics. Even if they are inconvenient.
Economics is a very dangerous science.
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.
Because economics is all about optimising, doing the best you can with what you have – it’s usually the first place you should look for answers if you want to maximise your happiness.
As for me, I am deeply a democrat; this is why I am in no way a socialist. Democracy and socialism cannot go together. You can’t have it both ways. Socialism is a new form of slavery.
Republicans drove us into debt with two wars and the Bush tax cuts. Now they want to pay for that debt with cuts to Social Security, Medicare and Medicaid. This is not only immoral it is bad economics. Why do Republicans always have money for war but not for those in need?
The modern economics of the theater is such that we write plays with fewer and fewer characters.
For at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still.
The average American family head will be forced to do twenty years’ labor to pay taxes in his or her lifetime.
To top it off, for those of you who are interested in the economics, it costs more to pursue a capital case toward execution than it does to have full life imprisonment without parole.
With the variety of fields within economics, broadly conceived and the increasing specialization of scholarly world, the award of a Nobel Memorial Prize honors not only the individual scholar but, implicitly, also a special field or a distinctive method.
It is no coincidence that some of America’s most lethargic industries-steel, footwear, rubber, textiles-are also among the most heavily protected.
…we will arrange for ‘religion’ to become a small subdepartment of ordinary life; it will be quite safe – harmless, in fact – with church life carefully separated off from everything else in the world, whether politics, art, sex, economics, or whatever.
We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.
We can’t constantly explain to our voters that taxpayers have to be on the hook for certain risks, rather than those who make a lot of money taking those risks.
I studied art history and philosophy and took economics and political science classes. I just took whatever I wanted and I didn’t worry about grades and I read and learned a lot, and I didn’t have much of a social life, so it was deeply absorbing.
I’m not a big fan of journalism schools, except those that are organized around a liberal arts education. Have an understanding of history, economics and political science – and then learn to write.
The complexity of economics can be calculated mathematically. Write out the algebraic equation that is the human heart and multiply each unknown by the population of the world.
Corporations are social institutions. If they don’t serve society, they have no business existing
If a nation values anything more than freedom, it will lose its freedom; and the irony of it is that if it is comfort or money that it values more, it will lose that too.
Give me a one-handed economist! All my economists say, On the one hand on the other.
Economics is counterintuitive. It just is.
Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist.
Religion is the opium of the masses.
Funnily enough, the Federal Reserve produced comics about monetary policy, and there is a good comic book guide to microeconomics and macroeconomics out there. But it is not really appropriate for younger readers; it is really aimed at economics students.
Brezhnev wasn’t a minus for the history of our country, he was a huge plus, He laid a foundation for the country’s economics and agriculture.
The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system.
My motivation was an idea of being able to improve the conditions of life, to try to find a remedy to many of the problems facing the world. That’s what led me into economics. I saw it as a way of helping people.
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.
Donald Trump tapped into the anger of a declining middle class that is sick and tired of establishment economics, establishment politics and the establishment media.
Even those of us who do not understand the nuances of economics have come to accept that reform cannot be bloodless. We are often impatient with the predictable, do-gooder campaigns against development. We argue passionately against the humbug protests of those who never want the poor to get rich.
Lots of us have been plugging away, building a platform to talk about libertarian communism and post-scarcity economics.
Everyone has the right to make his own decisions, but none has the right to force his decision on others.
Whoever claims that economic competition represents survival of the fittest in the sense of the law of the jungle, provides the clearest possible evidence of his lack of knowledge of economics.
I’d rather be vaguely right than precisely wrong.
History shows that where ethics and economics come in conflict, victory is always with economics.
I don’t think you can spend yourself rich.
I often use music as a handle for very emotionally explosive substances: love, sex, God, fear, doubt, politics, the economics of the soul – these are daunting thoughts in the back of my mind that I rarely visit without the safety gloves of song.
People ask me, how is managing in the New Economy different from managing in the Old Economy? Actually, it’s a lot the same. It’s about the financial discipline of the bottom line, understanding your customers, segmenting your customers by their needs, and building a world-class management team.
There are people who think that plunder loses all its immorality as soon as it becomes legal. Personally, I cannot imagine a more alarming situation.
The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer.
One of the main effects (I will not say purposes) of orthodox traditional economics was … a plan for explaining to the privileged class that their position was morally right and was necessary for the welfare of society.
Having never taken a business class, the economics of restaurants scared me. I opened Chipotle with the idea that I could step away from it and use it to support my full-scale restaurant.
One of the pleasing things about science is that we do all climb towards the heavens on the shoulders of our predecessors. Economics, like physics, has its heroes, and the letter ‘H’ that I used in my mathematical equations was not there to honor Sir William Hamilton, but rather Harold Hotelling.
The problem with the old ideology was that it suppressed the individual by starting with society. But it is from a sense of individual duty that we connect the greater good and the interests of the community
We need an economics fit for purpose in a finite and entropic world.
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.
Economics, as it has emerged, can be made more productive by paying greater and more explicit attention to the ethical considerations that shape human behaviour and judgment.
Making films take a lot of intelligence and is tough, though achieving Economics honours is tough, too.
The world economy is in a nosedive, and understanding what I call “depression economics” – the weird world you get into when even a zero interest rate isn’t low enough, and a messed-up financial system is dragging down the real economy – is essential if we’re going to avoid the worst.
State intervention in economic production arises only when private initiative is lacking or insufficient, or when the political interests of the State are involved. This intervention may take the form of control, assistance or direct management.
I never, never in my life took a course in economics.
There is no easy fix or youth unemployment. Partnership between the public and private sectors can make a big difference.
Cost-effective, attractive to business partners, environmentally friendly, easy access to a wide range of guidance and support – it makes good business sense to implement and maintain a robust and effective environmental management system
In economics, it is easier to agree on the data than to agree on causality.
We’ve had trickle down economics in the country for ten years now, and most of us aren’t even damp yet.
Never treat your audience as customers, always as partners.
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.
In human life, economics precedes politics or culture.
When a man tells you that he got rich through hard work, ask him: ‘Whose?’
Economics as currently presented in textbooks and taught in the classroom does not have much to do with business management, and still less with entrepreneurship.
A large part of crime is economics – if people are working and and have a home and family to support, then I believe you can reduce the crime rate.
We believe that economics does not necessarily have to be a zero-sum game; it can be a win-win proposition for everyone involved so long as they have the tools in which to succeed.
I have tried to bring about better communication between people. I believe that humanitarian photography is like economics. Economy is a kind of sociology, as is documentary photography.
Interest rates are going to go up because employment is going to go up. If employment goes up, then our apartments get filled. And if employment goes up, our office buildings get filled. The reality is that increased economic activity combined with increased interest rates is basically bullish for real estate.
Among minor alterations, I may mention the substitution for the name political economy of the single convenient term economics. I cannot help thinking that it would be well to discard, as quickly as possible, the old troublesome double-worded name of our science.
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.
capital is the result of saving, and not of spending. The spendthrift who wastes his substance in riotous living decreases the capital of the country, and therefore the excuse often made for extravagance, that it is good for trade, is based upon false notions respecting capital.
A cunning fellow is man, inventive beyond all expectation, he reaches sometimes evil and sometimes good
To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his or her oyster in 1935. The terrain was strewn with beautiful theorems begging to be picked up and arranged in unified order.
We might as well reasonably dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper, as whether value is governed by demand or supply.
It’s well proved economics that if a country which is rich and a country that is poor come together in global trade, sooner or later the standard of living of the poor country will go up towards that of the rich country.
The department of home economics was organized to train a woman in efficiency and to develop her outlook to life. Such a department is a necessity as a means of developing a society. It stands for the evolution of women’s work and place.
The recurrence of periods of depression and mass unemployment has discredited capitalism in the opinion of injudicious people. Yet these events are not the outcome of the operation of the free market. They are on the contrary the result of well-intentioned but ill-advised government interference with the market.
What the people here have said is that given the enormous crises facing our country, it is just too late for the same old, same old establishment politics and establishment economics.
It is a well known and very important fact that America’s founding fathers did not like taxation without representation. It is a lesser known and equally important fact that they did not much like taxation with representation.
In my early days, I wrote my dissertation for MIT at the London School of Economics, really under James Meade, but my dissertation was five chapters on the theory of capital movement, but it didn’t mention money.
Conducting your business in a socially responsible way is good business. It means that you can attract better employees and that customers will know what you stand for and like you for it
Mothers work outside the home for many reasons; one of them is almost always because their families need their income to live up to their standards for their children.
The intellectual’s hostility to the businessman presents no mystery, as the two have, by function, wholly different standards. While the businessman’s motto is the customer is always right, the intellectual’s task is to preserve his perceived standards against the weight of popular opinion.
You cannot go to sleep with one form of economic system and wake up the next morning with another.
The division of labour was limited by the extent of the market
It’s a fundamental misunderstanding of human nature and of the concepts of liberty, freedom, and self-determination. It’s a fundamental misunderstanding of economics. He (Obama) believes that the pie is fixed and that he needs to more equitably divide up the slices.
Strong leaders understand that action cures indecision
The theory of the IRS is rather repugnant to me because the assumption is made that I, the government, owns 100% of your income and I permit you to keep 5%, 10% or 20%. You’re vulnerable, you’ve sold out. The government can take 80% if they want, which they did at one time.
We enjoy the process far more than the proceeds.
The larger the percentage of the national income taken by taxes the greater the deterrent to private production and employment. When the total tax burden grows beyond a bearable size, the problem of devising taxes that will not discourage and disrupt production becomes insoluble.
It is consciousness that sets all limits of life, if there are any limits.
Ask the first man you meet what he means by defending freedom, and he’ll tell you privately he means defending the standard of living.
In the days when the nation depended on agriculture for its wealth it made the Lord Chancellor sit on a woolsack to remind him where the wealth came from. I would like to suggest we remove that now and make him sit on a crate of machine tools.
All progress is precarious, and the solution of one problem brings us face to face with another problem.
We cannot hope to achieve full employment and sustain it until we have mastered inflation.
I always think of my films within the context of where aesthetics meet economics. That’s the nature of making art – not being naive about what is possible and getting what you need to tell the story you want to tell.
Masters are always and everywhere in a sort of tacit, but constant and uniform combination, not to raise the wages of labor.
Personally, I don’t see old economics and behavioural economics as opposed. It is useful to assume people are rational as a good approximation to their long term behaviour, but it would be unwise not to think how in practice their behaviour may deviate from that simplifying assumption.
An industrial system predicated on the delusion of limitless expansion will, in time, consume its own basis of support.
Men who cannot exploit the co-operative benefits derived from institutions in modern knowledge economies are discriminated against by girls and so have fewer children
My research career has been devoted to understanding human decision-making and problem-solving processes. The pursuit of this goal has led me into the fields of political science, economics, cognitive psychology, computer science and philosophy of science, among others.
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
The last thing that should come between two willing parties, one that wants to adopt and one that wants to find a home, is economics.
Mathematics brought rigor to Economics. Unfortunately, it also brought mortis.
It became clear I wanted to be a development economist. I mean, I said I wanted to work on the economics of poor countries. And I’d actually say that I don’t think that was so much about narrowing the gap as about increasing their incomes, which means economic growth, which is really my prime interest.
Money is misunderstood. The fact is if you want to be successful – the money will follow you. If you are a doctor, something else will follow you. If you are successful there is an accompaniment. If your goal is just to make money you won’t succeed. Money is a commodity to use, not to be dictated by.
“Law professors were never like economics professors,” a Harvard Law professor told me. “If you disagreed with someone, you didn’t call him a fool.”
A politically astute president who understood deeply the economics and politics of corporate tax reform could conceivably muscle Congress toward a reform package that made sense. Trump is not that leader.
The avoidance of taxes is the only intellectual pursuit that still carries any reward.
Progressive companies regard climate change as an opportunity rather than a threat
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.
If you want to learn real economics instead of neoliberal junk economics, read Michael Hudson’s books.
If the gains from trade in commodities are substantial, they are small compared to trade in ideas
When, over fifty years ago, I first became interested in economics – as a discipline that provided the key to social structure and social problems – it never crossed my mind that one day I might be the honored recipient of a Nobel Memorial Prize.
The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is generally understood. Indeed, the world is ruled by little else.
Asking liberals where wages and prices come from is like asking six-year-olds where babies come from.
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.
Economics is on the side of humanity now.
Protectionism, socialism, all varieties of state favoritism and restrictions on competition, and the growth of bureaucracy and jobbery were the means by which special interests sought to exploit the public, the great mass of consumers and taxpayers.
Knowledge is more a matter of learning than of the exercise of absolute judgment. Learning requires time, and in time the situation dealt with, as well as the learner, undergoes change.
Democracy will defeat the economist at every turn on its own genre.
Of the major incentives to improve safety, by far the most compelling is that of economics. The moral incentive, which is most evident following an accident, is more intense but is relatively short lived.
I put forward a budget of what I called “middle-class economics” that continues to be fiscally prudent but makes necessary investments for us to continue the economic momentum and job growth.
The essence of Africa’s crises is fundamentally it’s extreme poverty.
At the beginning of my sophomore year at Princeton University, I took my first economics course; our textbook was the first edition of Samuelson’s ‘Economics: An Introductory Analysis.’
History has taught us that freedom cannot long survive unless it is based on moral foundations. You can get the economics right, but in addition liberty must be cultivated as a moral quality.
Everybody feels better about himself, his community, and his country if employers are paying workers well. Economics, though, teaches that if every employer is pressured to raise wages, some labor will be priced out of the market.
I’m very lucky to be able to work in print and radio. I’m very lucky to be able to work at a time when finance and economics are really important. And the number of people who tell finance and economic stories in a kind of accessible storytelling way, there’s much more demand than there is supply.
It’s not a ladder we’re climbing, it’s literature we’re producing. . . . We cannot possibly leave it to history as a discipline nor to sociology nor science nor economics to tell the story of our people.
The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.
At the time, my personal research objectives were to provide Keynesian economics with more rigorous foundations and to tighten and elaborate the logic of macroeconomic and monetary theory.
A national debt, if it is not excessive, will be to us a national blessing.
Socialized medicine, some still cry, but it’s long been socialized, with those covered paying for those who are underinsured. American medicine is simply socialized badly, penny wise and pound foolish.
I’m going to be honest: I know a lot less about economics than I do about military and foreign policy issues. I still need to be educated.
The doctrine of population has been conspicuously absent, not because I doubt in the least its truth and vast importance, but because it forms no part of the direct problem of economics.
The economy is not the problem, how people respond is the problem!
Religion and art spring from the same root and are close kin. Economics and art are strangers.
All we have to do now is to inform the public that the payment of social security taxes is voluntary and watch the mass exodus.
We would, however, perform an injustice to the bourgeois women’s rights movement if we would regard it as solely motivated by economics. No, this movement also contains a more profound spiritual and moral aspect.
Where is the pricing system that offers the consumer a fair choice between air to breathe and motor cars to drive about in?
Economics was like psychology, a pseudoscience trying to hide that fact with intense theoretical hyperelaboration. And gross domestic product was one of those unfortunate measurement concepts, like inches or the British thermal unit, that ought to have been retired long before.
Innovating economies expand and develop. Economies that do not add new kinds of goods and services, but continue only to repeat old work, do not expand much nor do they, by definition, develop.
When we started looking at the bigger television ecosystem, you see that there’s not that many serialized TV shows being made for TV. The economics are lousy: They don’t sell into syndication well; they’re expensive to produce.
In the new economy, information, education, and motivation are everything.
Existing economics is a theoretical system which floats in the air and which bears little relation to what happens in the real world.
Mainstream economics scholarship produces theory without facts (“pure theory”) and facts without theory (“applied economics”).
Lunches don’t get free just because you don’t see the prices on the menu. And economists don’t get popular by reminding people of that.
While I am interested both in economics and in philosophy, the union of my interests in the two fields far exceeds their intersection.
It was interesting to find how dominating American vision is all over the world. I think there’s something to be said about the world’s mindset and its economics and all of that, and I think it affects the way we see ourselves and it affects music.
People who dismiss the unemployed and dependent as вЂparasites’ fail to understand economics and parasitism. A successful parasite is one that is not recognized by its host, one that can make its host work for it without appearing as a burden. Such is the ruling class in a capitalist society.
And here we encounter the seeds of government disaster and collapse – the kind that wrecked ancient Rome and every other civilization that allowed a sociopolitical monster called the welfare state to exist.
The personal is not just political. It is also economic.
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.
I am none of those nonsensical fools that can whine and make romantic love–I leave that to younger brothers. Let my estate speakfor me.
The Robert Mugabe school of economics provides a salutary warning about uncontrolled monetary expansion in generating hyper-inflation. The road to Harare is not as long as we might hope.
There is no sense in making statements that will not continue to be true after they are made.
Morality, it could be argued, represents the way that people would like the world to work, wheareas economics represents how it actually does work.
First rule of Economics 101: our desires are insatiable. Second rule: we can stomach only three Big Macs at a time.
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.
There’s not a single country that actually approaches economics in a pure, free market, capitalist way. I like the free market – but it very much exists only in textbooks. If I had a choice, and we could live in a very pure world, I would be a supporter of the free markets.
I feel like there’s lot of people who know finance and economics better than I do. There are lots of people who are better storytellers than I am. But the space that I occupy of storytelling about finance and economics is – more people want it than can do it.
People are not embracing collectivism because they have accepted bad economics. They are accepting bad economics because they have embraced collectivism.
First, I think the science of monetary economics has clearly gotten better.
Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.
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.
When I was a graduate student, estimating and interpreting distributed lags topped the agenda of macroeconomists and other applied economists.
We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can’t have both.
The use of mathematics has brought rigor to economics. Unfortunately, it has also brought mortis.
I want to be remembered as someone who put India on the scientific map of the world in terms of large innovation. I want to be remembered for making a difference to global healthcare. And I want to be remembered as someone who did make a difference to social economic development in India.
The key words of violent economics are urbanization, industrialization, centralization, efficiency, quantity, speed. . . . The problem of evolving a nonviolent way of economic life [in the West] and that of developing the underdeveloped countries may well turn out to be largely identical.
Going to the moon is not a matter of physics but of economics.
Economics departments are dominated by Marxism, which is taken straight or on the rocks, in the form of Keynesianism.
Why should a financial engineer be paid four, four times… to a hundred times more than the, uh… real engineer? A real engineer build bridges, a financial engineer build, build dreams. And when those dream turn out to be nightmares, other people pay for it.
The most important single central fact about a free market is that no exchange takes place unless both parties benefit.
If thousands are thrown out of employment, it suggests that they were not well employed. Why don’t they take the hint? It is not enough to be industrious; so are the ants. What are you industrious about?
It’s just economics 101: When it’s free to pollute, you get more pollution. But when there’s a price to pay, industry will have an incentive to find low-cost carbon solutions.
But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.
What we are beginning to witness is a whole new set of rules for economics, based on rationing resources.
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
Those fighting for free enterprise and free competition do not defend the interests of those rich today. They want a free hand left to unknown men who will be the entrepreneurs of tomorrow.
I gravitated to economics because I’m interested in how people coordinate and collaborate with each other. Economics studies all the ways people get along with each other.
Meetings are indispensable when you don’t want to do anything.
The philosophy commonly called individualism is a philosophy of social cooperation and the progressive intensification of the social nexus.
All my life… I believed in Malaysian merger and unity of the two territories. You know that we, as a people, are connected by geography, economics, by ties of kinship.
Economics is primarily useful, both to the student and to the
political leader, as a prophylactic against popular fallacies.
political leader, as a prophylactic against popular fallacies.
The real wealth of a nation is its people. And the purpose of development is to create an enabling environment for people to enjoy long, healthy, and creative lives. This simple but powerful truth is too often forgotten in the pursuit of material and financial wealth.
Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories.
One of the Great Rules of Economics According to John Green If you are rich, you have to be an idiot not to stay rich. And if you are poor, you have to be really smart to get rich.
I certainly wake up every morning and thank God that I’m not a novelist because the theater is tough, but novel writing is infinitely harder. Especially with the economics of serious fiction being what they are in America.
Economics has been called the dismal science. Once you get to understand it, you may not find it so dismal, but you don’t find it much of a science either.
If you have a traditional view of economics, you’re probably thinking of Ben Bernanke making Fed policy, or the guys creating financial derivatives at Goldman Sachs.
And one of the worst effects was that by suppressing critical thought, it also suppressed critical thought in the field of economics and hampered the development of economics – and the country would fall back further and further in the economic competition with the West.
If all the economists were laid end to end, they’d never reach a conclusion.
From 1931 to 1937, I was a Fellow and Lecturer in Economics at Hertford College, Oxford.
It’s not competition and greed that makes the world go around, it’s cooperating and caring
Investment is a flighty bird which needs to be controlled.
The lesson from behavioral economics is that people only save if it’s automatic.
By elevating the dictum of the market to the role of the sole criterion of rationality and efficiency, economics denies even all “respectability” to the distinction between essential and non-essential consumption, between productive and unproductive labor, between actual and potential surplus.
By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking.
The (U.K.) government’s thesis that the countryside of upland and coastal Britain is ‘worth sacrificing to save the planet’ is an insult to science, economics and politics. But the greatest insult is to aesthetics. The trouble is that aesthetics has no way of answering back.
How sad to see a father with money and no joy. The man studied economics, but never studied happiness.
When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it’s the reputation of the business that remains intact.
Any man who is only an economist is unlikely to be a good one.
A product which is unceremoniously wasted to landfill at end of life surely can’t be considered good design!
The most powerful forces in economics are not numbers or facts. They are prejudices and preferences. No amount of evidence will ever change the degree to which many of the rich and powerful prefer themselves to be richer and more powerful and others poorer and weaker.
The essential point to grasp is that in dealing with capitalism we are dealing with an evolutionary process
January is always a good month for behavioral economics: Few things illustrate self-control as vividly as New Year’s resolutions. February is even better, though, because it lets us study why so many of those resolutions are broken.
Looking back, I should have pursued philosophy and economics and things of that sort in college more, but I didn’t.
Economics is haunted by more fallacies than any other study known to man
The fundamentals of the token model are valuable and powerful. They allow communities to govern themselves, their economics, and rally a community in powerful ways that will allow open systems to flourish in a way that was previously impossible.
I think it is an immutable law in business that words are words, explanations are explanations, promises are promises, but only performance is reality
What we shouldn’t be doing is trying to take away your rights to bargain for better wages or working conditions… These so-called “right to work” laws, they don’t have to do with economics; they have everything to do with politics. What they’re really talking about is giving you the right to work for less money.
I was very interested in politics in college and was heading to be a lawyer. I have a degree in economics and I was interested in it. I hadn’t really gotten super serious about it and I’d done a lot of student politics in high school. I really think it would be interesting and fun and challenging to go into politics.
So much has happened to obscure the dialogue about race and about gender and discrimination in general, especially where those things touch on economics.
For many food poverty is the product of a toxic combination of low wages, austerity economics, spiralling food prices and lengthy delays to benefit payments, all of which should concern us.
Page after page of professional economic journals are filled with mathematical formulas leading the reader from sets of more or less plausible but entirely arbitrary assumptions to precisely stated but irrelevant theoretical conclusions.
Fines are preferable to imprisonment and other types of punishment because they are more efficient. With a fine, the punishment to offenders is also revenue to the State.
Economics is like a church, and it fulfills the same function the church had fulfilled for centuries: the justification of the status quo.
The linear, mechanistic view of the world which pervades orthodox economics is simply not capable of capturing the richness and complexity of the rhythms and fluctuations of developed economies.
All the Congress, all the accountants and tax lawyers, all the judges, and a convention of wizards all cannot tell for sure what the income tax law says.
We do not need to understand economics in order to experience the benefits of freedom of exchange and production. But we may very well need to understand economics in order to sustain and maintain the institutional framework that enables us to realize the benefits that flow from freedom of exchange and production.
There are two kinds of games in economics. One is the game where people use only legal moves. Then there is the true game, the one like real life, where the strategies and moves people make, some of them contain illegal gains.
We all do no end of feeling, and we mistake it for thinking. And out of it we get an aggregation which we consider a boon. Its name is public opinion. It is held in reverence. Some think it the voice of God.
In many cases, water stress is more about politics, economics, behaviour and governance than absolute water scarcity. Better planning is needed, to allocate water where societal need is greatest, and to allow trade-offs between alternative uses.
Rock ‘n’ roll accepted me and paid me, even though I loved the big bands… I went that way because I wanted a home of my own. I had a family. I had to raise them. Let’s don’t leave out the economics. No way.
You can’t just read the Koran to understand Muslim life. You have to look at history, at personalities, at economics, and so on.
The more one considers the matter, the clearer it becomes that redistribution is in effect far less a redistribution of free income from the richer to the poorer, as we imagined, than a redistribution of power from the individual to the State.
Economics is clearly a vital area of prediction for people in politics.
Wherever there is great property, there is great inequality.
Including everyone in the economic, wealth-creating life of the nation is today the best way for Labor (Australian Labor Party) to meet its twin goals of raising national prosperity and creating a fair and decent society.
One of the big lessons from behavioral economics is that we make decisions as a function of the environment that we’re in.
Intrinsic value follows meaning follows form follows economics follows function follows more economics follows market research.
Today, the UK must be the pioneer of a new model of economic change, that integrates social and environmental consideration. This is not just a question of values and moral duty. It is about our economy’s capacity to sustain itself
Our aim must be to make our successive mistakes as quickly as possible. To speed up evolution.
Man is the only animal whose desires increase as they are fed; the only animal that is never satisfied.
I love Richard Thaler’s ‘Quasi Rational Economics.’ A collection of some of his most interesting and inventive essays, the real foundation of behavioral economics.
Every sacred cow in the business has to do with economics.
There’s a snobbery at work in architecture. The subject is too often treated as a fine art, delicately wrapped in mumbo-jumbo. In reality, it’s an all-embracing discipline taking in science, art, maths, engineering, climate, nature, politics, 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.
Inflation is taxation without legislation.
Then in college, besides economics, I also majored in studio art and got involved in photography and making short films and acting. But I didn’t know you could make a living that way.
‘Perfect competition’ is considered both the ideal and the default state in Economics 101. So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand.
If you wish to find, you must search. Rarely does a good idea interrupt you
There is no reason to believe that bureaucrats and politicians, no matter how well meaning, are better at solving problems than the people on the spot, who have the strongest incentive to get the solution right.
I studied economics. I studied industrial engineering. It wasn’t until later, when I was around 26, that I really decided to go to film school.
As consumers and as voters we can say ‘no’ to rogue economics and demand regulation.
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.
The moment the idea is admitted into society that property is not as sacred as the law of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.
The main achievement of economics is that it has provided a theory of peaceful human cooperation. This is why the harbingers of violent conflict have branded it as a dismal science and why this age of wars, civil wars, and destruction has no use for it.
Capitalism is the only system that can make freedom, individuality, and the pursuit of values possible in practice. When I say ‘capitalism,’ I mean a pure, uncontrolled, unregulated laissez-faire capitalism – with a separation of economics, in the same way and for the same reasons as a separation of state and church.
Every three or four years I pick a new subject. It may be Japanese art; it may be economics. Three years of study are by no means enough to master a subject but they are enough to understand it. SO for more than 60 years I have kept studying one subject at a time.
We’re now segregating our schools based on economics; we’re segregating our schools based on where a child’s parents live. And it has the same corrosive effect of destroying people’s opportunity as racial segregation did.
One of the most important of all the causes of great inequality of income is the inheritance of a great fortune by a small minority.
I think that ‘Lost’ is a bit of a dinosaur in terms of the type of show it is. The economics just don’t support making a show this big and complicated profitable enough for a network.
One of the things I learned in ‘Slavs!’ is that it’s much easier to talk about being gay than it is to talk about being a socialist. People are afraid of socialism, and plays that deal with economics are scarier to them.
Marxian exploitation is the exploitation of people’s lack of understanding of economics.
Trickle down economics is a fraud. Giving tax breaks to the rich and large corporations does not create jobs. It simply makes the rich richer, enlarges the deficit and increases income and wealth inequality. We need economic policies which benefit working families, not the billionaire class.
We see community organizations as major service providers and economic drivers rather than as recipients or distributors of charity, and coordinators of volunteers. Today they constitute what’s referred to as ‘the social economy’.
The special sphere of finance within economics is the study of allocation and deployment of economic resources, both spatially and across time, in an uncertain environment. To capture the influence and interaction of time and uncertainty effectively requires sophisticated mathematical and computational tools.
It is perhaps the most characteristic feature of the intellectual that he judges new ideas not by their specific merits but by the readiness with which they fit into his general conceptions, into the picture of the world which he regards as modern or advanced.
Economics teaches humility because it teaches us more about what we can’t do than what we can do
A healthy economics has got to have both conceptual, theoretical research and applied, empirical research.
Economics is half psychology and half Grade Three arithmetic, and the U.S. does not now have either half right.
This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics.
Nothing beats standing in the middle of the action, with all the data I need at my fingertips
Facts do not cease to exist because they are ignored.
If I could direct it [films] I would be very happy. But the economics of business don’t always allow you to do what you want.
It is true that from a behavioral economics perspective we are fallible, easily confused, not that smart, and often irrational. We are more like Homer Simpson than Superman. So from this perspective it is rather depressing. But at the same time there is also a silver lining. There are free lunches!
Like war, economics is more an art than a science.
I believe that economics is based on scarcity of markets. And it’s possible to monetize your art without compromising the integrity of it for commerce.
I’ve been writing a book called The Economics of Innocent Fraud. I published part of it already in The Progressive (“Free Market Fraud,” January 1999). But I’ve been interrupted these last few months. It deals with all of the things we do, in an innocent way, to cover up the truth.
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 studied international relations and economics at the University of Virginia. I paid my way by working as a bartender in the summer and at three part-time jobs during the year.
The study of economics has been again and again led astray by the vain idea that economics must proceed according to the pattern of other sciences.
The materialist theory of history, that all politics and ethics are the expression of economics, is a very simple fallacy indeed. It consists simply of confusing the necessary conditions of life with the normal preoccupations of life, that are quite a different thing.
Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back
[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.
Given the current state of our finances, we could sure use a quarter of a trillion dollars a year recycling through the U.S. economy rather than through the economies of Iran, Russia, and Venezuela.
In the future, every industry should be an environmental industry. In a world where energy and carbon emissions are constrained, every business must take resource productivity seriously
Washington is a place where politics and economics often aren’t on speaking terms.
Companies that understand their links with the communities they operate in, and their impact on the environment, are most likely to prosper in the long-term
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.
The world’s problem is not too many people, but lack of political and economic freedom.
The concept of ‘green jobs’ or a ‘green economy’ is often attacked as the work of the Grimm Brothers by those wedded to the grim science of free-market economics.
The young people I teach now know they are being sold down the river before we even start studying the trends and numbers. That’s the toughest part of being a high school economics teacher… being a witness when our children realize that the greatest deficit of all is a deficit of leadership.
People respond to incentives. If unemployment becomes more attractive because of the unemployment benefit, some unemployed workers may no longer try to find a job or may not try to find one as quickly as they would without the benefit.
If your actions create a legacy that inspires others to dream more, learn more, do more and become more, then, you are an excellent leader.
Target SME’s and you target women because that is where they access the business sector.
Nothing so weakens government as persistent inflation.
The most insidious thing about trickle-down economics is not the claim that if the rich get richer, everyone is better off. It is the claim made by those who oppose any increase in the minimum wage that if the poor get richer, that will be bad for the economy. This is nonsense.
Often the masses are plundered and do not know it.
As a school board member, I might have particular views about the ways we might increase the economics curriculum in a local high school, but I’m not sure I should mandate that for the entire country.
Our necessities are few, but our wants are endless.
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.
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.
The division yin and yang pervades all culture, history, economics, nature itself; modern Western versions of sex discrimination are only the most recent layer.
If you wish to prosper, let your customer prosper. When people have learned this lesson, everyone will seek his individual welfare in the general welfare. Then jealousies between man and man, city and city, province and province, nation and nation, will no longer trouble the world.
We must have an economy that does not force the migrant worker’s child to miss school in order to earn…just so the family can eat. That is the moral bankruptcy that trickle-down economics is all about.
The economics of baseball are the big problem. The big clubs make a lot of money and the little clubs don’t.
We’re facing a danger that economics is rigorous deduction based upon faulty assumptions. Science after science gets that way from time to time. When it does, we’re in real trouble.
What really happens is that the gene pool becomes filled with genes that influence bodies in such a way that they behave ‘as if’ they made complex, if unconscious, cost/benefit calculations
Economic progress, in capitalist society, means turmoil.
Businesses that grow by development and improvement do not die. But when a business ceases to be creative, when it believes it has reached perfection and needs to do nothing but produce no improvement, no development, it is done
There was a time when a fool and his money were soon parted, but now it happens to everybody.
A quota for women always amounts to a failure of politics. For me, economics is first and foremost the ability to act freely without state rules. That’s why I believe quotas should only be used as a last resort.
The best of all monopoly profits is a quiet life.
I am convinced that both markets and free trade are good, but the traditional answer that we give to students to explain why they are good, the one based on perfect competition and Pareto optimality, is becoming untenable. Something much more interesting and more complicated is going on here
Economics comes easily to me, and we all seek out what we do well in life. I had in mind becoming a businessman. And I was good at logic and reasoning; figures were comfortable inside my head.
The surtax payers, having been soaked, have found a way to get out of the rain.
There is a bizarre notion according to which it is claimed that because men are corrupt, it is necessary to give certain of them all the more power… on the contrary, they must be given less power.
If we can go some way to creating a vibrant anaerobic digestion industry here in the U.K., we will be reaching our goals both in terms of economics and the environment.
Technology is just one of the factors affecting the world of work. Economics, demographics, sociological trends, and government policies are four other core influences reshaping labour markets and determining how we will work for years ahead.
It’s about time we stopped being so insecure and defensive and admitted that the Germans are better at economics than us. We like laughing and they like maths.
In the long run men inevitably become the victims of their wealth. They adapt their lives and habits to their money, not their money to their lives. It preoccupies their thoughts, creates artificial needs, and draws a curtain between them and the world.
The scientific study of labor economics provided the opportunity for me to unite theory with evidence my lifetime intellectual passion.
To balance Fortune by a just expense, Join with Economy, Magnificence.
The companies only developed if the state did not intervene in the French fashion. If on the contrary a certain degree of economic freedom was the rule, capitalism moved in firmly and adapted itself to all administrative quirks and difficulties
The data are what matter in economics, and the more ruthlessness that an economist can summon to make sense of the data, the more useful his findings will be.
Because of economics, you have to feed the demographics that are buying your product. So, as Asia becomes a much more economic influence on the products that are being made from America, I think people have to be sensitive.
People who know nothing about advertising, nothing about pharmaceuticals, and nothing about economics have been loudly proclaiming that the drug companies spend too much on advertising – and demanding that the government pass laws based on their ignorance.
When the word ‘morality’ comes up in connection with economics, income distribution and financial stability are usually the issues. Is it moral for rich countries to use such a high proportion of the world’s resources or for investment bankers to earn large bonuses?
And I know this happens because I took economics, and I’d explain it to ya, but I flunked that course. Not my fault. They taught it at 8 o’clock in the morning. And there is absolutely nothing you can learn out of one bloodshot eye.
One of the greatest pieces of economic wisdom is to know what you do not know.
I go to Stanford, and I’m an economics major, not thinking I’m going to do anything with acting. A professor came to the dorm where I lived looking for people to audition for an August Wilson play, ‘Joe Turner’s Come And Gone.’ I gave it a shot, got one of the lead roles in the play.
The attempt to isolate economics from other disciplines-notably politics, history, philosophy, finance, constitutional theory and sociology-has fatally disabled its power to explain what is happening in the world.
Politics is a continuation of economics by other means
Clients don’t want us to do what they ask, they want us to go further
‘Murphys law of economic policy’: Economists have the least influence on policy where they know the most and are most agreed; they have the most influence on policy where they know the least and disagree most vehemently.
Economy, the poor man’s mint.
What I have been trying to remind people of for the past 40 years is that you can’t operate an entire conventional system, whether it’s economics, business or the way we live and surround ourselves, what we eat, without recognizing that there are severe negative externalities that are not being accounted for.
Experience demands that man is the only animal which devours his own kind, for I can apply no milder term to the general prey of the rich on the poor.
I have an economics degree with a minor in sociology. The reason I have that is because I want to do a ministry in urban areas and help with underprivileged kids.
Economics as a discipline has in effect become the study of capitalism. The two are taken as the same subject.
The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.
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.
Economics spreads happiness.
David Boaz has been my guide to the history, economics, and politics of freedom for years.
The first of all commodities to be exchanged is labour, and the freedom of man consists only in the exercise of the right to determine for himself in what manner his labour shall be employed, and how he will dispose of its products.
If I wasn’t modeling, I’d be studying economics or international politics.
We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual.
Nothing is as fast as the speed of trust. Nothing is as fulfilling as a relationship of trust. Nothing is as inspiring as an offering of trust. Nothing is as profitable as the economics of trust. Nothing has more influence than a reputation of trust.
We should have a system of economics that is structure that is organic tools. We do not have it. We are all hanging by our eyebrows from skyhooks economically, just as we are architecturally.
Therefore, to teach them [women] at least an outline of economics and law is the first requirement after giving them a general education. Figuratively speaking, it will be like providing the women of civilized society with a pocket dagger for self-protection.
Many a man in love with a dimple makes the mistake of marrying the whole girl.
As long as women and the “feminine” such as caring and caregiving are devalued, we cannot realistically expect more caring economic policies. Young people have a major role to play in creating a caring economics.
One of the methods used by statists to destroy capitalism consists in establishing controls that tie a given industry hand and foot, making it unable to solve its problems, then declaring that freedom has failed and stronger controls are necessary.
We cannot doubt that self-interest is the mainspring of human nature. It must be clearly understood that this word is used here to designate a universal, incontestable fact, resulting from the nature of man, and not an adverse judgment, as would be the word selfishness.
The use of force is easy to rationalize in terms of basic economics. ‘We should make them PAY for what they’ve done!’ It’s just the law of demand: raise the price of crossing us, and fewer people will cross us. Make the price another Hiroshima, and perhaps the quantity demanded will fall to zero.
Contrary to what professional economists will typically tell you, economics is not a science. All economic theories have underlying political and ethical assumptions, which make it impossible to prove them right or wrong in the way we can with theories in physics or chemistry.
You remove heavy metals out of the ground and you turn that into tables, and houses and bridges and dreams for people in the developing world. I love doing that.
Some of the most serious fallacies of traditional economics have been due to confusion between optimum and equilibrium conditions; the apparent influence of Dr. Pangloss upon the development of economic thought is for the most part nothing but pure intellectual error.
It’s great to be with you gun-toting, 10ther, pro-life, Austrian-economics, home-schooling, redoubt-living, Constitutionalist patriots this evening. I think that covers the SPLC’s list.
The man who refuses to judge, who neither agrees nor disagrees, who declares that there are no absolutes and believes that he escapes responsibility, is the man responsible for all the blood that is now spilled in the world
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.
The great thing about behavioural psychology and economics is that they help us to see that there are actually pretty good reasons why human beings swing from greed to fear, and why we’re not really calculating machines or utility-maximisers.
Economic controversy is generally a thankless task. You cannot hope to make any impression on your opponent. Yet he is the only reader on whose interest you can count.
People work in the system. Management creates the system
We have always known that heedless self interest was bad morals, we now know that it is bad economics.
Results! Why, man, I have gotten a lot of results. I know several thousand things that won’t work.
Long run is a misleading guide to current affairs. In the long run we are all dead.
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.
Cutting carbon in the supply chain is the next critical stage in the business contribution to reduce carbon emissions to tackle climate change and, represents a significant commercial opportunity.
Both economics and politics are false sciences.
Once it has been perceived that the division of labour is the essence of society, nothing remains of the antithesis between individual and society. The contradiction between individual principle and social principle disappears.
Studying economics is not a good preparation for dealing with it.
But beginners to the World Economics Forum have to understand there is no single Davos experience, and there is no single Davos community either. There are numerous tribes who interact only at a minimal level.
Fungible goods in economics can be extended and traded. So, half as much grain is half as much useful, but half a baby or half a computer is less useful than a whole baby or a whole computer, and we’ve been trying to make computers that work that way.
The argument for liberty is not an argument against organization, which is one of the most powerful tools human reason can employ, but an argument against all exclusive, privileged, monopolistic organization, against the use of coercion to prevent others from doing better.
[…] it is generally accepted that the Civil War was fought over the issue of slavery. That, at best, is a half-truth. Slavery was an issue, but the primary force for war was a clash between the economic interests of the North and the South. Even the issue of slavery itself was based on economics.
There’s a very good reason for why economics developed the way it did, and that is that in many situations, the assumption that people will exploit the opportunities available to them is very plausible, and it simplifies the analysis of how markets will behave.
When I was in college at Amherst, my father asked me a favor: to take one course in economics. I loved it – for the challenge of its mysteries.
Economic development is something much wider and deeper than economics, let alone econometrics. Its roots lie outside the economic sphere, in education, organisation, discipline and, beyond that, in political independence and a national consciousness of self-reliance.
Being satisfied with the status quo means you are not making progress
When the government makes loans or subsidies to business, what it does is to tax successful private business in order to support unsuccessful private business.
Movements have narratives. They tell stories, because they are not just about rearranging economics and politics. They also rearrange meaning. And they’re not just about redistributing the goods. They’re about figuring out what is good.
Someone bemoaned that there were so few women in economics. But there are also very few men in economics.
Most of the people in the world are poor, so if we knew the economics of being poor, we would know much of the economics that really matters. Most of the world’s poor people earn their living from agriculture, so if we knew the economics of agriculture, we would know much of the economics of being poor.
It is almost as if the human brain were specifically designed to misunderstand Darwinism, and to find it hard to believe
I think people are hungry for new ideas and leadership in the world of poverty alleviation. Most development programs are started and led by people with Ph.Ds in economics or policy. Samasource is part of a cadre of younger organizations headed by entrepreneurs from non-traditional backgrounds.
All stakeholders must participate in the gains and losses of any particular situation.
If something cannot go on for ever, it will stop
What does a tax do? It takes either from the producer or the consumer a more or less sizable portion of the product destined in part to consumption and in part to savings, in order to apply it to less productive or even destructive ends, and more rarely to savings.
No government can love a child, and no policy can substitute for a family’s care. But at the same time, government can either support or undermine families as they cope with moral, social and economic stresses of caring for children.
Having colleagues nearby, whether at the beach or in a crypt, means the ideas are always flowing
Unemployment is bigger than a political party. It is a national danger and a national scandal.
We are now speeding down the road of wasteful spending and debt, and unless we can escape we will be smashed in inflation.
The kind of people I myself represent in parliament; salary earners, shopkeepers, skilled artisans, professional men and women, farmers and so on, these are, in a political and economic sense, the middle class. They are for the most part unorganised and unselfconscious.
The secret to the movie business, or any business, is to get a good education in a subject besides film – whether it’s history, psychology, economics, or architecture – so you have something to make a movie about. All the skill in the world isn’t going to help you unless you have something to say.
Although being economics editor sounds impressive, it does not mean I actually edit anything. It mainly reflects two decades of title-inflation at the BBC, which has given ever more status to senior reporters, presumably because it is cheaper to do that than to offer higher pay.
All money is a matter of belief.
Trickle-down economics does not work, and tax reform should not be defined as partisan tax cuts for the wealthy and huge corporations.
An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.
Why does a public discussion of economic policy so often show the abysmal ignorance of the participants?
Inflation takes from the ignorant and gives to the well informed.
The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.
What an English King has no right to demand, an English subject has a right to refuse
He had one illusion – France; and one disillusion – mankind, including Frenchmen.
Goodness is the only investment that never fails.
If you don’t own Gold, you know neither history nor economics.
I majored in economics in college. Certain things were just out, like chemistry or biology, or science or math, that was just out of the question. That’s just an aptitude impossibility, I couldn’t have done it.
Never complain of that of which it is at all times in your power to rid yourself.
The liberal reward of labor, therefore, as it is the necessary effect, so it is the natural symptom of increasing national wealth. The scanty maintenance of the laboring poor, on the other hand, is the natural symptom that things are at a stand, and their starving condition that they going backwards fast.
I expect to see the State, which is in a position to calculate the marginal efficiency of capital-goods on long views and on the basis of the general social advantage, taking an ever greater responsibility for directly organizing investments.
We have an economy that tells us it is cheaper to destroy earth in real time rather than renew, restore, and sustain it. You can print money to bail out a bank but you can’t print life to bail out a planet.
Ever since its founding in 1913, the Fed has described itself as an “independent” agency operated by selfless public servants striving to “fine-tune” the economy through monetary policy. In reality, however, a non-political governmental institution is as likely as a barking cat.
The most basic law of economics?that one cannot get something for nothing.
I am not a Ph.D. in economics or a doctorate in literature that I can afford to take my singing lightly. Even if I sing a jingle, I take it as seriously as oxygen.
Over the long haul of life on the planet, it is the ecologists, and not the bookkeepers of business, who are the ultimate accountants.
I waited far too long, being optimistic rather than realistic. I also failed to do my homework
Most Americans don’t know enough about basic economics to fill out one fortune cookie.
What pays under capitalism is satisfying the common man, the customer. The more people you satisfy, the better for you.
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.
Economics are part of our life. We try to treat them separately, like over there is the economy and here is history. Econ affects history and history often doesn’t get it right if it doesn’t respect econ.
Banks have done more injury to the religion, morality, tranquility, prosperity, and even wealth of the nation than they can have done or ever will do good.
Economics never was a dismal science. It should be a realistic science.
economics limps along with one foot in untested hypotheses and the other in untestable slogans.
I saw that publishing all over the world was deeply constrained by self-censorship, economics and political censorship, while the military-industrial complex was growing at a tremendous rate, and the amount of information that it was collecting about all of us vastly exceeded the public imagination.
When it comes to economics, president-elect [Donald] Trump has promised to revive American manufacturing, get tough on trade with China, cut taxes and invest in infrastructure.
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.
One of the things that even wealthy children need is an education, and I think the problems I saw really have nothing to do with economics. So I was unhappy with what my own children were getting even in the better schools, and then I was seeing so many children here recruited for failure.
Middle-class economics is the simple idea that the economy performs best when the benefits of economic growth are broadly shared, not isolated to a fortunate few.
There can be no autonomous agent with unitary interests called ‘society’ that exerts causal influence. This is a logical impossibility
Economics was the only profession where a person could be considered an expert without having once been right.
I am not a number, I am a free man!
[U]nemployment is … a side effect of the cure for inflation.
It is universally appreciated, I think, that theorists are able to tweak their assumptions in order to reach any conclusion they wish. The believability of the conclusion depends not only on the fact that it was reached but on how hard the theorist had to tweak the model to get there.
At nineteen I was pretty sure I was going to be a professional soccer player. At that time I played for one of the Norwegian premier leagues. But I tore ligaments in both knees, so I started studying business administration and economics and became a financial analyst, and I worked at a brokerage firm as a stockbroker.
In today’s knowledge-based economy, what you earn depends on what you learn. Jobs in the information technology sector, for example, pay 85 percent more than the private sector average.
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.
When you ask single men in their 20s, “Do you want children?” they want children more than women do. Again, economics drive this. If you’re a 29-year-old woman, having a baby is going to seriously blow up your career. If you’re a 29-year-old man, it isn’t.
I suspected economics was irredeemable as a policy tool for citizens groups. I saw economics lead its practitioners and citizens alike into a form of brain-damaging indoctrination.
In economics, one of the most important concepts is ‘opportunity cost’ – the idea that once you spend your money on something, you can’t spend it again on something else.
The fundamental axiom, then, for the study of man is the existence of individual consciousness
Fascism is definitely and absolutely opposed to the doctrines of liberalism, both in the political and economic sphere.
Art does, to some extent, follow economics.
I know the rule. I know law. I know economics. I know parliament. That’s an explosive combination.
Economics is not brain surgery.
Pyramid-building, earthquakes, even wars may serve to increase wealth, if the education of our statesmen on the principles of the classical economics stands in the way of anything better.
In the long run we are all dead.
Economic freedom has no security without political freedom, and political freedom can find its security only in economic freedom.
There’s enough on this planet for everyone’s needs but not for everyone’s greed.
In Asia, a lot of successful economies that had been living on their own saving, decided to open up their financial markets to international capital in the early 1990s. So here were countries doing quite well, but they decided to borrow a bit more and do even better.
Economics is a study of cause-and-effect relationships in an economy. It’s purpose is to discern the consequences of various ways of allocating resources which have alternative uses. It has nothing to say about philosophy or values, anymore than it has to say about music or literature.
The problem isn’t that people don’t understand how good things are. It’s that they know, from personal experience, that things really aren’t that good.
A generation ago, the image was that you had to trample everyone else down to succeed; but I don’t believe that makes good business sense.
the principal sources of human misery may fairly be said to lie in the over-possession, under-possession, and the unwise use of economic goods.
The day is not far off when the economic problem will take the back seat where it belongs, and the arena of the heart and the head will be occupied or reoccupied, by our real problems – the problems of life and of human relations, of creation and behavior and religion.
Business as usual is dead. Green growth is the answer to both our climate and economic problems
All the political angst and moral melodrama about getting ‘the rich’ to pay ‘their fair share’ is part of a big charade. This is not about economics, it is about politics.
The economics of setting up a new restaurant are scary in good times and terrifying in bad ones.
A vendor selling coconuts on the road is a philosopher. He will have ideas on politics, economics, history, sports. This has saved India. The fact that the common Indian is a thinker is vital.
Besides, do any of us understand what we are doing? If we did, would we ever do it?
In my junior year in college, I was getting kind of tired of French. So, I took an economics course, and I loved it. The rest of my two years in college I spent in economics.
He who disdains the fall in infant mortality and the gradual disappearance of famines and plagues may cast the first stone upon the materialism of the economists.
Ask five economists and you’ll get five different answers – six if one went to Harvard.
Increases in money supply are what constitute inflation, and a general rise in prices is the symptom.
My own kids are absolutely allowed to help me cook it. They of course have the added bonus of knowing how to bake. That wasn’t really a concept when I was a kid – I learned it at school in home economics, then started properly when I was home with my children. They love helping me.
One of the most important things liberals don’t understand about conservatism, obscured by too much lazy talk about conservatism’s various ‘wings,’ is that its tenets form a relatively organic base for its adherents, where ‘traditional morality’ serves the interests of laissez-faire economics and vice-versa.
When it comes to talking to your kids about economics, start early beause the progressive culture-makers are starting earlier than you think! Cartoon storylines regularly denegrate competition and other foundational principles of capitalism.
Economics is all about consumption. People either spend money now or they use financial instruments – like bonds, stocks and savings accounts – so they can spend more later.
In economics it is a far, far wiser thing to be right than to be consistent
I didn’t fit the typical profile of a trader. I was an English major working on a novel at night. Most everyone else was a maths or economics major; most everyone else had relatives or family in banking.
There are 58 million people with some kind of disability in America, so it’s the largest minority, really, in America, and it lags behind in education and economics and jobs, so outside of ‘CSI’ and outside of my music, I serve on a couple of boards, and I’m trying to be a part of the movement that changes this.
The idea that human kind can shape the world according to wish is what I call the fatal conceit
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.
…quantity is not necessarily synonymous with quality and brilliant ideas are not a function of the number of titles printed.
The completion of my undergraduate training at the University of California (Berkeley) provided just the needed touches of rigor at advanced levels in both economics and mathematics.
I would have a poet able bodied, fond of talking, a reader of the newspapers, capable of pity and laughter, informed in economics, appreciative of women, involved in personal relationships, actively interested in politics, susceptible to physical impressions.
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.
Economy is too late when you are at the bottom of your purse.
The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced. If the nation doesn’t want to go bankrupt, people must again learn to work, instead of living on public assistance.
Waiting for supply-side economics to work is like leaving the landing lights on for Amelia Earhart.
Political leaders in capitalist countries who cheer the collapse of socialism in other countries continue to favor socialist solutions in their own. They know the words, but they have not learned the tune.
Perhaps the removal of trade restrictions throughout the world would do more for the cause of universal peace than can any political union of peoples separated by trade barriers.
In hip-hop, as in neoliberalism, economics bullied politics out of the picture.
Racism does not limit itself to biology or economics or psychology or metaphysics; it attacks along many fronts and in many forms, deploying whatever is at hand, and even what is not, inventing when the need arises.
For far too long economists have sought to define themselves in terms of their supposedly scientific methods. In fact, those methods rely on an immoderate use of mathematical models, which are frequently no more than an excuse for occupying the terrain and masking the vacuity of the content.
But while I loved all of these courses, there was an irresistible attraction of economics.
I really am enjoying my economics class, but I think my favorite course has to be history.
Basic Economics 101. It’s the most complicated simple subject there is.
The free market punishes irresponsibility. Government rewards it.
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.
So we don’t need more top-down economics. We’ve tried that theory. We’ve seen what happens. We can’t afford to go back to it.
Unequal distribution of income is an excessively uneconomic method of getting the necessary saving done.
In order to understand the movement of prices, you need not an oscilloscope to measure the entire market and reduce it to noise, but a microscope to investigate the creative process behind every company and its price.
Ever since the end of Medieval feudalism, and the writings of John Locke, we have understood the importance of being able to buy and sell one’s own property, including books and watches, both for reasons of economics and liberty.
Economics is really politics in disguise.
Men will tell you sometimes that “money’s hard.” That shows it was not made to eat, I say…. Some of those who sank with the steamer the other day found out that money was heavy too.
When an economist says the evidence is “mixed,” he or she means that theory says one thing and data says the opposite.
Governments never learn. Only people learn.
Now many such things may be done without intitling the people to rise in arms. A gross, flagrant, and palpable abuse no doubt will do it, as if they should be required to pay a tax equal to half or third of their substance.
I’ve always thought that good politics follows from good economics and good policies.
There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.
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.
We can use economic instruments to help realize our goals but economics does not tell us what our goals should be.
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.
Economics is (now) about emotion and psychology.
I was initially very interested in public policy, but then after my masters at Harvard, I felt that it was important to get a better handle on the economics of it as well. I did my Ph.D. in macroeconomics, and my thesis – ‘Why Is It That Some Countries Save And Others Not?’ – was on savings.
A loving and fierce defense of economics as a science.
The creation of NIT has ensured some seats for admission in undergraduate courses for students of Arunachal Pradesh, which will bound to uplift economics of locality directly or indirectly and help in enhancing human development index in the state.
As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.
Wise are those who learn that the bottom line doesn’t always have to be their top priority.
Innovations until now conceived by no one at all
I walked into an international economics tutorial, and the professor said, ‘I don’t know how to teach a woman.’ I said, ‘It’s the same as teaching a man.’ I just sat down, and he had no choice but to start teaching. When I handed in my first paper, I think that shut him up.
You know, in this business, you don’t have any control over what the press says and how they portray things. And that’s their prerogative. But I think anybody who looks at it objectively has trouble making the case that somehow this is a bad economy.
I am very new to cooking. At school, our home economics lessons were very poor. We were told to pick a recipe and then cook it. So no actual teaching involved then.
Improve your business, your life, your relationships, your finances and your health. When you do the whole world improves.
One way to become enthusiastic is to look for the plus sign. To make progress in any difficult situation, you have to start with what’s right about it and build on that
Among the most urgent political priorities of our age is the separation of economy and state.
I thought I might like to farm. But I didn’t know the economics of it. Teachers basically steered me away from it.
I don’t expect to get 100 percent of what I want, but what we can’t do is go back to the kind of top-down economics that doesn’t work.
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.
Actually, in my advanced, high-falutin’ frontier economics, I often work with what I define as ‘money metric utility,’ and I ask people, ‘Do you really want that? What are you willing to pay for that?’
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.
The executive art is nine-tenths inducing those who have authority to use it in taking pertinent action
Economics is not a discipline that comes to correct answers – economies are too complex.
I did an A/S in economics once I had left school and was in my second year as a scholar at Nottingham Forest. I did that to keep me stimulated.
The causes which destroyed the ancient republics were numerous; but in Rome, one principal cause was the vast inequality of fortunes.
The rewards that will flow from a successful shift to a low carbon economy are high. Neither governments nor business can afford to let these opportunities pass them by
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.
Politically, the goal of today’s dominant trend is statism. Philosophically, the goal is the obliteration of reason; psychologically, it is the erosion of ambition.
Once upon a time, government budgets were balanced, our money was sound, the streets were safe, and taxes imposed by all levels of government took less than 10% of our income.
There are only three ways by which any individual can get wealth — by work, by gift or by theft. And, clearly, the reason why the workers get so little is that the beggars and thieves get so much.
He is led by an invisible hand to promote an end which was no part of his intention
I am not prepared to accept the economics of a housewife.
People used to ask me for advice, and I’d say, ‘Please, don’t ask me!’ Yes, I did economics at Oxford, but that’s not the same as having a broad knowledge of personal finance
No less than war or statecraft, the history of Economics has its heroic ages.
Not mythical material productive forces, but reason and ideas determine the course of human affairs. What is needed to stop the trend toward socialism and despotism is common-sense and moral courage.
I have long aspired to make our company a noble prototype of industry, penetrating in science, reliable in engineering, creative in aesthetics and wholesomely prosperous in economics.
The Nobel Prize is not very important for the winners – they are usually pretty successful people already. But it is valuable as a way of drawing the public’s attention to important work in economics.
The arts community is generally dominated by liberals because if you are concerned mainly with painting or sculpture, you don’t have time to study how the world works. And if you have no understanding of economics, strategy, history and politics, then naturally you would be a liberal.
I started to read as obsessively about Star Wars as I once did about Kant – and still do about behavioral economics and behavioral psychology.
My principal work now lies in tracing out the exact nature and conditions of utility. It seems strange indeed that economists have not bestowed more minute attention on a subject which doubtless furnishes the true key to the problems of economics.
There is not some glorious theoretical synthesis of capitalism that you can write down in a book and follow. You have to grope your way
Contract things are kind of tough to come up with, especially with both sides and kind of how the economics and all those things work.
Physicists have a bias to aspire to be “seers” like Einstein rather than “craftspeople” who do simple and practical research. I have seen that in economics departments. The same must be true to some extent in other departments.
Don’t undermine the science just because you don’t like the economics. That’s a dangerous slope, because the problem of course is you’re not undermining just that, you’re undermining the basis of rational decision-making in society.
As new technologies upend the economics of climate change, the politics surrounding the environment are changing, too.
Economics runs the world.
My role is to find strategic insights as to where design can have the most business impact. A designer can bring a viewpoint of not just aesthetics, but economics and usage.
Teachers have power. We may cripple them by petty economics; by Government regulations, by the foolish criticism of an uninformed press; but their power exists for good or evil.
Corporation: An ingenious device for obtaining profit without individual responsibility.
Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
Economists suffer from a deep psychological disorder that I call ‘physics envy’. We wish that 99 percent of economic behavior could be captured by three simple laws of nature. In fact, economists have 99 laws that capture 3 percent of behavior. Economics is a uniquely human endeavor.
For it is an essential difference between capitalist and socialist production that under capitalism men provide for themselves, while under Socialism they are provided for.
I went to the London School of Economics to study sociology and psychology on a serviceman’s grant.
Men, like animals, naturally multiply in proportion to the means of their subsistence.
Trump’s junk economics is the illusion that if we cut the taxes on the wealthiest brackets, it’ll all trickle down. But it doesn’t trickle down.
Hard work will always bring opportunities
The orthodox doctrines of economics which were dominant in the last quarter of the nineteenth century had a clear message. They supported laisser faire, free trade, the gold standard, and the universally advantageous effects of the pursuit of profit by competitive private enterprise.
A tip for generalists who try to read economic research papers: If you get to a section that’s incomprehensible, don’t give up. Just skip to the next section.
If it’s free put me down for two please
Economics and ethics are not mutually exclusive.
A [tax loophole is] something that benefits the other guy. If it benefits you, it is tax reform.
For a successful entrepreneur it can mean extreme wealth. But with extreme wealth comes extreme responsibility.
Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.
I had a degree in economics but also thought of myself as a musician.
The primary conflict, I think, is between people whose interests are with already well-established economic activities, and those whose interests are with the emergence of new economic activities.
Economics is a strange science. Our subject deals with some of the most important as well as mundane issues that impinge on the human condition.
The self-anointed media elite among us believe, somewhat self-servingly, that not only the act, or process of making a profit is positively sinister, but also that the very desire to do so is.
In the 1940s, economics started getting highly mathematical. It was basically because economists weren’t smart enough to write down models of real behavior that they started writing down models of highly rational behavior – and they kind of forgot about humans.
Americans have a strange notion that the ordinary laws of economics do not apply to them. So doubtless they will think they are prosperous if the boom starts, and that deficits and indebtedness are merely signs of how prosperous they are.
My ideal is that we all be economically interdependent. We should not be independent like millionaires, nor dependent like laborers. My ideal is that we all be interdependent.
The “human condition” is always to push forward for the better and economics is the study of that process.
The rate of profit… is naturally low in rich and high in poor countries, and it is always highest in the countries which are going fastest to ruin.
If, in our haste to ‘progress,’ the economics of ecology are disregarded by citizens and policy makers alike, the result will be an ugly America. We cannot afford an America where expedience tramples upon esthetics and development decisions are made with an eye only on the present.
Duarte is a moderate when it comes to civilian control of the military and curbing death squads. On economics, the man is almost a Marxist.
Even though I didn’t get a business degree, I enjoyed learning about economics.
Politicians like to tell people what they want to hear – and what they want to hear is what won’t happen.
My father’s vision was to see the Pilbara developed in a way that would benefit his beloved north, and West Australia and he wanted to see Australia become a stronger economy benefiting from the development of our north. His life was spent pursuing that vision.
Greediness consists in ravishing the goods of another through violence or cunning, as in the two noble professions of the conqueror and courtier. But the merchant, like all other industrious men, seeks his benefit only in his talent, in virtue of freely arrived at agreements, and appealing to faith and the laws.
The Nobel Prize in Economics is an incredible recognition for the work that my students, colleagues and I have done over the years. We all worked hard, but we were also lucky that the financial applications were so important.
Pledge allegiance to your principles, your family, your faith, but don’t be foolish enough to pledge allegiance to a gang of thieves.
A society that robs an individual of the product of his effort … is not strictly speaking a society, but a mob held together by institutionalized gang violence.
Sustainability is about profit…it is the opportunity of the century
…it is distressing how often one can guess the answer given to an economic question merely by knowing who asks it.
I don’t think Obama understands basic economics. Not economics that work. He may understand some theory that someone in Princeton sat and dreamed up, but it’s not working.
Humble, honest, ignorance is one of the finest flowers of the human spirit
Geography has made us neighbors. History has made us friends. Economics has made us partners, and necessity has made us allies. Those whom God has so joined together, let no man put asunder.
Underlying most arguments against the free market is a lack of belief in freedom itself.
However, the economics of our business continued to deteriorate. We barely escaped bankruptcy a year ago, and in the aftermath of that escape we had to make some even tougher decisions.
