Quotessence
Home / Topics / Economics Quotes

Economics Quotes

Browse 2895 quotes about Economics.

Related topics

PeopleBusinessIfsPoliticalEconomyLibertyManagementWorldPhilosophyMenThinkingGovernmentWayEconomistHumansKnowsWantShouldLibertarianProblemMeanWellsLawStatesCapitalismInterestMayNeedsPoliticsYearsBelieveFactsFirstsCountrySocialStudyIndividualLibertarianismHas BeensDoeTaxesTheoryIdeasLongRealWealthResourcesTodayPolicyTwoUseImportantEnvironmentInvestingMadeMatterMoneySubjectsWarGivingOrderResultsSocialismTermValuesWholeClassEndsPayPrinciplesHelpingIgnoranceLooksNationsPoorFinanceGrowthIssuesReasonAmericaDebtLittlesMoralArtCompanyCostCoursesFormHardJobsModernSelfTryingBookEconomy And EconomicsEnoughEthicsFundamentalsKindProcessmore

Economics Quotes

“At the heart of capitalism is the unification of knowledge and power. As Friedrich Hayek, the leader of the Austrian school of economics, put it, "To assume all the knowledge to be given to a single mind... is to disregard everything that is important and significant in the real world." Because knowledge is dispersed, power must be as well.”

WorldMindWellsHeartImportantRealSchoolGivenLeaderCapitalismEconomicsAssumingSignificantReal WorldDisregardUnificationHayekKnowledge And PowerFriedrich Hayek
Book:Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World
Create image

“Economics, over the years, has become more and more abstract and divorced from events in the real world. Economists, by and large, do not study the workings of the actual economic system. They theorize about it. As Ely Devons, an English economist, once said in a meeting: 'If economists wanted to study the horse, they wouldn't go around and look at horses. They'd sit in their studies and say to themselves, `What would I do if I were a horse?' '”

IfsWorldYearsLooksSaidRealWantedStudyEconomicEventsEconomicsHorseMeetingsAbstractReal WorldEconomistDivorcedEconomic SystemsDevon
Author:Ronald Coase
Create image

“The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of you once learned as gospel from your mistaken professors of yore. Your mistaken professors were too much influenced by "rational man" models of human behavior from economics and too little by "foolish man" models from psychology and real-world experience.”

MenWorldHumansLittlesRealHardFormValuesPsychologyToo MuchPossibilityTheoryBehaviorModelsEconomicsContraryFoolishRationalProfessorsReal WorldEfficientMistakenHuman BehaviorFoolish ManEfficient Markets
Author:Charlie Munger
Create image

“Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That's your opportunity cost. That's what you learn in freshman economics. The game hasn't changed at all. That's why Modern Portfolio Theory is so asinine.”

WorldYearsRealHappensOpportunityGamesModernChangedTheoryReturnCostFindingsEconomicsInvestmentCompareAttractiveReal WorldPortfoliosFreshmanDreamlandOpportunity Cost
Author:Charlie Munger
Create image

“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.”

PeopleWorldWayWellsMayRealStatesReasonLawUnitedUnited StatesFailingPoliticianEconomicsAccountsReal WorldIncentivesPolitics And Economics
Book:SuperFreakonomics, Illustrated edition: Global Cooling, Patriotic Prostitutes, and Why Suicide Bombers Should Buy Life Insurance
Create image

“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.”

WorldRealLosesEconomicsSightMereInvestingSymbolsMathematicalComplexityAssumptionProportionReal WorldInitialsPretentiousMazes
Book:General Theory Of Employment , Interest And Money
Create image