Best economics & mathematical Quotes | Short & Famous Sayings

“Conventions of generality and mathematical elegance may be just as much barriers to the attainment and diffusion of knowledge as may contentment with particularity and literary vagueness... It may well be that the slovenly and literary borderland between economics and sociology will be the most fruitful building ground during the years to come and that mathematical economics will remain too flawless in its perfection to be very fruitful.”

Years Wells May Building Economics Perfection Mathematical Contentment Barriers Conventions Sociology Elegance Attainment Flawless Generalities Vagueness Diffusion

Author:Kenneth E. Boulding

“I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.”

“The good news is that, at least in economics, I've seen movement away from its overemphasis on mathematical models of purely rational behavior to a more eclectic and commonsense approach: research that is, among other things, more respectful of insights from psychology.”

Psychology Movement Behavior Approach News Models Research Economics Insight Rational Mathematical Good News Respectful Eclectic Mathematical Models

Author:Robert J. Shiller

“Economics in college was very poor; I was not very impressed with it. I actually wanted to study statistics. I discovered mathematical statistics as an undergraduate and was fascinated with it.”

Wanted Poor Study College Economics Mathematical Statistics Fascinated Impressed Undergraduate

Author:Kenneth Arrow

“Unlike physics, for example, such parts of the bare bones of economic theory as are expressible in mathematical form are extremely easy compared with the economic interpretation of the complex and incompletely known facts of experience, and lead one a very little way towards establishing useful results.”

Way Littles Facts Form Easy Results Known Economic Example Theory Economics Complexes Bones Physics Mathematical Interpretation Economic Theory

Book:The Collected Writings of John Maynard Keynes: Essays in biography

Source: The Collected Writings of John Maynard Keynes: Essays in biography

“Page after page of professional economic journals are filled with mathematical formulas leading the reader from sets of more or less plausible but entirely arbitrary assumptions to precisely stated but irrelevant theoretical conclusions.”

Economic Reader Pages Economics Filled Conclusion Mathematical Assumption Formulas Journal Irrelevant Arbitrary Theoretical Plausible

Book:Essays in Economics: Theories, Theorizing, Facts, and Policies

Source: Essays in Economics: Theories, Theorizing, Facts, and Policies

“There is a history of mathematical models of oligopolistic competition dating from Cournot to the theory of games. There is also a literature generated by institutional economists, lawyers, and administrators interested in formulating and implementing public policy. It has been the tendency of these groups to work almost as though the other did not exist.”

Has Beens Literature Games Groups Policy Theory Models Economics Dating Competition Lawyer Tendencies Mathematical Economist Public Policy Administrators Implementing Mathematical Models

Book:Market structure and behavior

Source: Market structure and behavior

“Too large a proportion of recent "mathematical" economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.”

World Real Loses Economics Sight Mere Investing Symbols Mathematical Complexity Assumption Proportion Real World Initials Pretentious Mazes

Book:General Theory Of Employment , Interest And Money

Source: General Theory Of Employment , Interest And Money

“For far too long economists have sought to define themselves in terms of their supposedly scientific methods. In fact, those methods rely on an immoderate use of mathematical models, which are frequently no more than an excuse for occupying the terrain and masking the vacuity of the content.”

Long Facts Use Term Models Economics Method Excuse Mathematical Rely Economist Scientific Method Terrain Vacuity Mathematical Models

Author:Thomas Piketty

“Mathematical economics is old enough to be respectable, but not all economists respect it. It has powerful supporters and impressive testimonials, yet many capable economists deny that mathematics, except as a shorthand or expository device, can be applied to economic reasoning. There have even been rumors that mathematics is used in economics (and in other social sciences) either for the deliberate purpose of mystification or to confer dignity upon common places as French was once used in diplomatic communications.”

“Economists who speak the English tongue are strangely intimidated by mathematical symbols.”

Speak Economics Tongue Symbols Mathematical Economist Intimidated

Author:Al Nichol

“There can be no question, however, that prolonged commitment to mathematical exercises in economics can be damaging. It leads to the atrophy of judgement and intuition. . .”

Exercise Commitment Economics Mathematics Intuition Math Mathematical Judgement Statistics Atrophy

Author:John Kenneth Galbraith

“Modern economics is a set of formal models and equations purporting to fully determine human behaviour, at least in the economic realm. And there is no way that uncertainty can be compressed into determinate mathematical models.”

Way Humans Economic Modern Models Economics Determine Mathematical Uncertainty Realms Behaviour Formal Equations Human Behaviour Mathematical Models

Author:Murray Rothbard

“It is clear that economics, if it is to be a science at all, must be a mathematical science.”

Ifs Science Clear Economics Mathematics Math Mathematical

Author:William Stanley Jevons

“It is clear that Economics, if it is to be a science at all, must be a mathematical science ... simply because it deals with quantities... As the complete theory of almost every other science involves the use of calculus, so we cannot have a true theory of Economics without its aid.”

Ifs Use Deals Education Clear Theory Economics Mathematics Aids Mathematical Statistics Quantity Calculus

Author:William Stanley Jevons

“To be sure, mathematics can be extended to any branch of knowledge, including economics, provided the concepts are so clearly defined as to permit accurate symbolic representation. That is only another way of saying that in some branches of discourse it is desirable to know what you are talking about.”

Knows Way Talking Knowledge Concepts Economics Mathematics Including Math Defined Mathematical Branches Permit Accurate Representation Discourse Desirable Another Way Symbolic

Book:The World of Mathematics

Source: The World of Mathematics

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