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Economics Quotes

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Economics Quotes

“The conclusion to which I am ever more clearly coming is that the only hope of attaining a true system of economics is to fling aside,once and forever, the mazy and preposterous assumptions of the Ricardian school. Our English economists have been living in a fool's paradise. The truth is with the French school, and the sooner we recognize the fact, the better it will be for all the world, except perhaps the few writers who are far too committed to the old erroneous doctrines to allow for renunciation.”

World Has Beens Facts School Forever Fool Truth Is Economics Committed Doctrine Conclusion Assumption Paradise Economist Renunciation Fling

Book:Political Economy

Source: Political Economy

“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.”

Ifs Want Made Government Theory Economics Income Vulnerable Assumption Permit One Time Irs Sold Out

Author:Ron Paul

“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.”

Way Doe Real Trouble Danger Economics Assumption Deductions

Author:W. Brian Arthur

“One of the peculiarities of economics is that it still rests on a behavioral assumption-rational utility maximization-that has long since been rejected by sociologists and psychologists.”

Long Stills Economics Rational Assumption Rejected Utility Psychologist Sociologists

Book:Dangerous currents: the state of economics

Source: Dangerous currents: the state of 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.”

People Way Reason Opportunity Situation Economics Very Good Available Analysis Behave Assumption Exploits Simplify Plausible

Author:Daniel Kahneman

“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.”

Thinking Hard Facts Able Order Wish Depends Models Economics Conclusion Assumption Appreciated Theorists Tweak Believability

Author:David M. Kreps

“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.”

Economic Reader Pages Economics Filled Conclusion Mathematical Assumption Formulas Journal Irrelevant Arbitrary Theoretical Plausible

Book:Essays in Economics: Theories, Theorizing, Facts, and Policies

Source: Essays in Economics: Theories, Theorizing, Facts, and Policies

“Too large a proportion of recent "mathematical" economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.”

World Real Loses Economics Sight Mere Investing Symbols Mathematical Complexity Assumption Proportion Real World Initials Pretentious Mazes

Book:General Theory Of Employment , Interest And Money

Source: General Theory Of Employment , Interest And Money

“We move from more or less plausible but really arbitrary assumptions, to elegantly demonstrated but irrelevant conclusions.”

Moving Economics Conclusion Assumption Irrelevant Arbitrary Plausible

Author:Wassily Leontief