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Economics Quotes

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Economics Quotes

“Man has existed for about a million years. He has possessed writing for about 6,000 years, agriculture somewhat longer, but perhaps not much longer. Science, as a dominant factor in determining the belief of educated men, has existed for about 300 years; as a source of economic technique, for about 150 years. In this brief period it has proved itself an incredibly powerful revolutionary force. When we consider how recently it has risen to power, we find ourselves forced to believe that we are at the very beginning of its work in transforming human life.”

Source: The Impact of Science On Society

“I have been accused of being ignorant of economics (although I am the founder and Chairman of the Board of a company which publishes seven professional economic newsletters), of being ignorant of sociology (although I am trained in sociology and was C. Wright Mills' research assistant at Columbia), of being unable to use statistics (although I earned my living as a professional statistician for five years) and of ignoring political factors (although all my graduate training was in political science).”

Source: The New Psychohistory

“Two-factor economics makes it clear that our economic problem is not what one-factor (labor-centric) thinkers assert: an inequitable distribution of income. It is an inequitable distribution of productive power, from which an unworkable distribution of income results.”

Two Problem Wisdom Politics Results Economy Clear Economic Economics Labor Income Factors Liberalism Productive Thinker Distribution Economic Problems

Author:Louis O. Kelso

“Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man.”

Men Games Economics Psychological Factors Reflecting Monetary Intricate

Author:Richard Arnold Epstein

“Although military, economic and political strength certainly favors the more powerful side, the matter of simple justice is a counterbalancing factor.”

Matter Political Sides Justice Simple Powerful Economic Military Economics Favors Factors

Author:Jimmy Carter

“Human well-being is not a random phenomenon. It depends on many factors - ranging from genetics and neurobiology to sociology and economics. But, clearly, there are scientific truths to be known about how we can flourish in this world. Wherever we can have an impact on the well-being of others, questions of morality apply.”

World Humans Wells Known Economic This World Depends Morality Economics Impact Factors Well Being Phenomenon Sociology Genetics Scientific Truth Neurobiology

Author:Sam Harris

“We must first note that economic factors are taken into account in a world in which ignorance, prejudice, and mental confusion, encouraged rather than dispelled by the political organization, exert a strong influence on policy making.”

World Firsts Political Strong Taken Influence Economic Policy Ignorance Economics Organization Accounts Prejudice Notes Confusion Factors Policy Making

Author:Ronald Coase

“Experimentation has been the key factor in the success of Western capitalism”

Has Beens Keys Capitalism Economics Western Factors Experimentation

Author:Nathan Rosenberg

“One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new credit to lend. Then the firms that have expanded cannot get credit to pay for the factors of production necessary for the completion of the investment projects which they have already committed themselves. Because they cannot pay their bills, they sell off their inventories cheap. Then comes the panic, the breakdown. And the depression starts.”

“The growth of a nation's productive potential is the central factor in determining its growth in real wages and living standards.... high rates of investment and saving usually have a big payoff in promoting economic growth.”

Real Philosophy Bigs Political Nations Growth Economic Standards Economics Investment Rate Factors Saving Productive Wages Promoting Economic Growth Payoff

Author:Paul Samuelson