Home / Quotes / Quote by W. Brian Arthur

Quote by W. Brian Arthur

“The invisible hand is not perfect. Indeed, the invisible hand is a little bit arthritic ... I'm a believer in free markets, but I think we need to be less naïve. We need to accept that markets give us pretty good solutions, but occasionally they will lock in something inferior.”

Quote by W. Brian Arthur

Author

W. Brian Arthur

W. Brian Arthur is an American economist renowned for his contributions to the field of economics, particularly in the areas of complexity economics and the impact of technology on economic development. His research has significantly advanced our understanding of industry evolution and the dynamics of technological change. more

You May Also Like

“Economists got away from really questioning how the world works, how decisions actually got made. If something doesn't conform to neoclassical models ... people are not somehow behaving themselves properly.”

People Ifs World Made Decision Models Questioning Conform Economist

Author:W. Brian Arthur

“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.”

Humans May Sometimes Seems Causes Pay Attention Principles Trouble Economic Circumstances Economics Pay Attention Inability Innate

Book:Eat the Rich: A Treatise on Economics

Source: Eat the Rich: A Treatise on Economics

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

Humans Important Self Behavior Models Economics Fundamentals Rational Human Behavior

Author:Francis Fukuyama

“If freedom were not so economically efficient it certainly wouldn't stand a chance.”

Ifs Chance Efficient

Author:Milton Friedman

“Economists are always recommending the elimination of this or that market imperfection ... no astrophysicist recommends the elimination of planets that he does not like.”

Doe Planets Imperfection Economist Elimination

Book:Dangerous currents: the state of economics

Source: Dangerous currents: the state of economics

“One speaks with great respect of economists, if only because they represent such a variety of opinions.”

Ifs Speak Opinion Variety Economist Great Respect

Author:Robert Menzies

“Economists may not know how to run the economy, but they know how to create shortages or gluts simply by regulating prices below the market, or artificially supporting them from above.”

Knows May Running Know How Economy Economist Shortage

Author:Milton Friedman

“Economists can be called the worldly philosophers for they sought to embrace in a scheme of philosophy the most worldly of man's activities-his drive for wealth.”

Men Philosophy Wealth Activity Embrace Philosopher Schemes Worldly Economist

Author:Robert Heilbroner

“As in the instances of alchemy, astrology, witchcraft, and other such popular creeds, political economy, has a plausible idea at the root of it.”

Ideas Political Economy Roots Instance Creeds Astrology Witchcraft Alchemy Plausible Political Economy

Book:The Genius of John Ruskin: Selections from His Writings

Source: The Genius of John Ruskin: Selections from His Writings

“Shouldn't we be against procreation at this point in time? With overpopulation and the strain on the resources on this planet? Shouldn't we reward people who don't spawn?”

People Planets Resources Rewards Strain Procreation Spawn Overpopulation

Author:Bill Maher