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Economics Quotes

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Economics Quotes

“Of the major incentives to improve safety, by far the most compelling is that of economics. The moral incentive, which is most evident following an accident, is more intense but is relatively short lived.”

Moral Majors Economics Safety Following Accidents Intense Aviation Compelling Evident Incentives Short Lived

Author:Jerome F. Lederer

“I believe in market economics. But to paraphrase Churchill - who said this about democracy and political regimes - a market economy might be the worst economic regime available, apart from the alternatives. I believe that people react to incentives, that incentives matter, and that prices reflect the way things should be allocated. But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential - not excessive - regulation of the financial system.”

“Economic power is exercised by means of a positive, by offering men a reward, an incentive, a payment, a value; political power is exercised by means of a negative, by the threat of punishment, injury, imprisonment, destruction. The businessman's tool is values; the bureaucrat's tool is fear.”

Source: The Ayn Rand Lexicon: Objectivism from A to Z

“In the United States especially, politics and economics don’t mix well. Politicians have all sorts of reasons to pass all sorts of laws that, as well-meaning as they may be, fail to account for the way real people respond to real-world incentives.”

People World Way Wells May Real States Reason Law United United States Failing Politician Economics Accounts Real World Incentives Politics And Economics

Book:SuperFreakonomics, Illustrated edition: Global Cooling, Patriotic Prostitutes, and Why Suicide Bombers Should Buy Life Insurance

Source: SuperFreakonomics, Illustrated edition: Global Cooling, Patriotic Prostitutes, and Why Suicide Bombers Should Buy Life Insurance

“Scholars today are under increasing pressure to publish. Consequences of this pressure are incentives to deviate from the truth”

Today Consequence Economics Pressure Scholar Economist Incentives Publish Deviate

Author:Bruno Frey

“People respond to incentives. If unemployment becomes more attractive because of the unemployment benefit, some unemployed workers may no longer try to find a job or may not try to find one as quickly as they would without the benefit.”

People Ifs Trying May Philosophy Jobs Political Benefits Economics Workers Attractive Unemployment Incentives Unemployed Unemployment Benefits

Author:Paul Krugman

“It's for management to enthuse & motivate employees towards excellence in service; the profit incentive doesn't last”

Lasts Business Economics Management Excellence Profit Employee Incentives Motivate Employees

Author:Phil Harding

“Most of economics can be summarized in four words: 'People respond to incentives.' The rest is commentary.”

People Four Economics Incentives Commentary

Book:The Armchair Economist: Economics & Everyday Life

Source: The Armchair Economist: Economics & Everyday Life

“It's just economics 101: When it's free to pollute, you get more pollution. But when there's a price to pay, industry will have an incentive to find low-cost carbon solutions.”

Energy Pay Industry Cost Solutions Lows Economics Pollution Carbon Incentives

Author:Fred Krupp

“There is no reason to believe that bureaucrats and politicians, no matter how well meaning, are better at solving problems than the people on the spot, who have the strongest incentive to get the solution right.”