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Economics Quotes

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Economics Quotes

“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!”

Perspective Smart Economics Confused Silver Lunch Depressing Irrational Behavioral Economics Free Lunch

Author:Dan Ariely

“[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.”

Men Decision Study Economic Movement Aspect Economics Structure Relevant Cognitive Behavioral Economics

Author:Kenneth E. Boulding

“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.”

Years Self Study Broken Months Economics Resolution New Year Self Control January February New Years Resolution Behavioral Economics

Author:Sendhil Mullainathan

“Retirement savings is probably behavioral economists' greatest success story. It is a prototypical behavioral-economics problem because saving for retirement is cognitively hard - figuring out how much to save - and requires self-control.”

Self Hard Stories Problem Economics Saving Retirement Self Control Economist Savings Success Stories Greatest Success Behavioral Economics

Author:Richard Thaler

“The lesson from behavioral economics is that people only save if it's automatic.”

People Ifs Lessons Economics Behavioral Economics

Author:Richard Thaler

“Everyone's lost a lot of money on their 401k plans. I've heard some people calling them 201k plans. So it's even more important to get people to be saving more for retirement. Behavioral economics has helped us learn a lot about how to do that.”

People Important Lost Plans Heard Calling Economics Saving Retirement Lots Of Money Behavioral Economics

Author:Richard Thaler

“How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology.”

Thinking Should Mind Littles Hard Psychology Economics Enlightened Economist Accommodate Bending Behavioral Economics

Author:Charlie Munger

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

Bigs Decision Environment Lessons Economics Function Behavioral Economics

Author:Dan Ariely

“I started to read as obsessively about Star Wars as I once did about Kant - and still do about behavioral economics and behavioral psychology.”

Stills War Stars Psychology Economics Behavioral Economics

Author:Cass Sunstein

“Behavioral economics can explain some things, but it's hard to explain a lot of the underlying processes that generate these decisions, much less some of these unconscious things that we don't have a handle on at all.”

Hard Process Decision Economics Handle Unconscious Behavioral Economics

Author:Edward Boyden

“The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.”

Loss Psychology Concepts Economics Significant Contribution Aversion Behavioral Economics

Book:Thinking, Fast and Slow

Source: Thinking, Fast and Slow