“The change began with John Stuart Mill and the Utopians . When Mill pointed out that economics had no ultimate solution to the problem of distribution , that society might do with the fruits of its toil as it saw fit, he introduced into the mechanical calculus of the market a conflicting calculus of moral judgment.” ProblemMightMoralSawsFitJudgmentSolutionsEconomicsUltimateFruitToilDistributionMillsCalculusMoral Judgment Author:Robert Heilbroner
“Knowledge is more a matter of learning than of the exercise of absolute judgment. Learning requires time, and in time the situation dealt with, as well as the learner, undergoes change.” WellsMatterEducationSituationKnowledgeLearningExerciseJudgmentEconomicsAbsolutesLearners Book:Risk, Uncertainty and Profit Source: Risk, Uncertainty and Profit
“Positive economics is in principle independent of any particular ethical position or normative judgment...In short, positive economics is or can be an "objective" science.” PrinciplesPositionParticularJudgmentEconomicsIndependentObjectivesEthicalShort Positive Author:Milton Friedman
“We cannot doubt that self-interest is the mainspring of human nature. It must be clearly understood that this word is used here to designate a universal, incontestable fact, resulting from the nature of man, and not an adverse judgment, as would be the word selfishness.” MenHumansSelfFactsWould BeUsedInterestLibertyDoubtEconomicHuman NatureJudgmentUnderstoodEconomicsUniversalSelfishnessSelf InterestAdverseNature Of Man Author:Frederic Bastiat
“In a capitalist society, all human relationships are voluntary. Men are free to cooperate or not, to deal with one another or not, as their own individual judgments, convictions and interests dictate.” MenHumansIndividualInterestDealsLibertyEconomicJudgmentEconomicsConvictionCapitalistHuman RelationsHuman Relationships Book:Capitalism: The Unknown Ideal Source: Capitalism: The Unknown Ideal
“In my judgment, we have to avoid, at all costs, tax increases. That would be the worst possible thing to do and will make a bad economy even worse. Beyond that, targeted tax relief should be expanded upon.” ShouldWould BeEconomyWorstCostTaxesJudgmentEconomicsIncreaseThings To DoReliefTax Increases Author:Meg Whitman
“Economics, as it has emerged, can be made more productive by paying greater and more explicit attention to the ethical considerations that shape human behaviour and judgment.” HumansMadeChallengesAttentionGreaterInspireShapesJudgmentEconomicsProductiveConsiderationEthicalBehaviourProvokingExplicitHuman Behaviour Author:Amartya Sen