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Economics Quotes

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Economics Quotes

“As the worldly philosophers of the past affirmed, the goal of economics is to improve the way society functions. In The New Financial Order, Robert Shiller joins this proud tradition by directing his brilliant economic skills toward the creation of financial institutions designed to reduce the risks an unknown future visits on most members of our society and others. Shiller's imaginative and compelling analysis will appeal to all readers who share his passion for initiating not only a richer, but a better, century.”

“A colleague saw the same model-calibrating the elasticity of demand facing a Cournot oligopolist as a function of the number of firms in the industry--described at the University of Chicago and at M.I.T. A Chicago economist derived the formula and said, "Look at how few firms you need to get close to infinite elasticities and perfect competition." An M.I.T. economist derived the same formula and said, "Look at how large n has to be before you get anywhere close to an infinite elasticity and perfect competition."”

“In the model that we grew up with, governments rule physical territory in which national economies function, and strong economies support hegemonic military power. In the new model, already emerging under our noses, economic decisions don't pay much attention to national sovereignty in a world where more than half of the one hundred or two hundred largest economic entities are not countries but companies.”

“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.”

“But the thought leaders on talk radio and Fox do more than shape opinion. Backed by their own wing of the book-publishing industry and supported by think tanks that increasingly function as public-relations agencies, conservatives have built a whole alternative knowledge system, with its own facts, its own history, its own laws of economics.”