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Economics Quotes

“The whole financial structure of Wall Street seems to rise or fall on the mere fact that the Federal Reserve Bank raises or lowers the amount of interest. Any business that can't survive a one percent change must be skating on thin ice. Why even the poor farmer took a raise of another ten percent just to get a loan from the bank, and nobody from the government paid any attention. But you let Wall Street have a nightmare and the whole country has to help to get them back into bed again.”

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Author:Will Rogers
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“I am still puzzled why those in the United States who truly believe in liberty should not only have allowed the left to appropriate this almost indispensable term but should even have assisted by beginning to use it themselves as a term of opprobrium. This seems to be particularly regrettable because of the consequent tendency of many true liberals to describe themselves as conservatives.”

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Author:Friedrich August von Hayek
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“I also believe - and hope - that politics and economics will cease to be as important in the future as they have been in the past; the time will come when most of our present controversies on these matters will seem as trivial, or as meaningless, as the theological debates in which the keenest minds of the Middle Ages dissipated their energies. Politics and economics are concerned with power and wealth, neither of which should be the primary, still less the exclusive, concern of full-grown men.”

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Author:Arthur C. Clarke
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“Today, in the Twenty-First Century, an age of jet aircraft, personal computers, wireless telecommunications, laser surgery, and incipient space travel, the mentality with which many presumably educated, intelligent people approach matters of economics and business is, however astonishing it may seem, still that of the Dark Ages.”

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Author:George Reisman
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“Thus we seem to be on the verge of an expansion of welfare economics into something like a social science of ethics and politics: what was intended to be a mere porch to ethics is either the whole house or nothing at all. In so laying down its life welfare economics may be able to contribute some of its insights and analytical methods to a much broader evaluative analysis of the whole social process.”

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Author:Kenneth E. Boulding
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“I'm very primitive in terms of economics. The kind of new business in which stock gets more valuable because the company grows, but there must be limits to growth. But if publishing is expanding to fill that retail space, it seems like there may be a necessary and unpleasant correction waiting down the road. How many books to people WANT?”

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Author:William Gibson
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“When you look at any experimental work not directly related to economics, but trying to test rational behavior in other ways, experiments have conspicuously failed to show rational behavior. Macro evidence certainly suggests deviations from rationality, but I don't want to say the rationality hypothesis is completely wrong. If you have any introspective idea or experimental idea about people's behavior, it seems to be incompatible with the really full scale rational expectations.”

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Author:Kenneth Arrow
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“Somehow, the fact that more poor people are on welfare, receiving more generous payments, does not seem to have made this country a nice place to live - not even for the poor on welfare, whose condition seems not noticeably better than when they were poor and off welfare. Something appears to have gone wrong; a liberal and compassionate social policy has bred all sorts of unanticipated and perverse consequences.”

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Book:Neoconservatism: The Autobiography of an Idea
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“The danger of tautological propositions is considerable in discussions of the concept of normal profits. Because supernormal profits seem to invite newcomers to an industry and sub-normal profits seem to drive away those who are in an industry, some writers are inclined to define normal profits as the earnings of the fixed resources in an industry which neither grows nor declines in size or number of firms. It should be clear that such a definition is useless: it muddles together attractiveness and actual afflux, desirbility of entry and ease of entry, zero profits and monopoly rents.”

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Author:Fritz Machlup
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“The book, as it stands, seems to me to be one of the most frightful muddles I have ever read, with scarcely a sound proposition in it beginning with page 45 [Hayek provided historical background up to page 45; after that came his theoretical model], and yet it remains a book of some interest, which is likely to leave its mark on the mind of the reader. It is an extraordinary example of how, starting with a mistake, a remorseless logician can end up in bedlam.”

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Book:The Collected Writings of John Maynard Keynes: The general theory and after: pt. 1, Preparation
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“My Prime Minister regards the economy as our highest priority and forgets that economics and ecology are derived from the same Greek word, oikos, meaning household or domain. Ecology is the study of home, while economics is its management. Ecologists try to define the conditions and principles that enable a species to survive and flourish. Yet in elevating the economy above those principles, we seem to think we are immune to the laws of nature. We have to put the ‘eco’ back into economics.”

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Author:David Suzuki
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“The shortcomings of economics are not original error but uncorrected obsolescence. The obsolescence has occurred because what is convenient has become sacrosanct. Anyone who attacks such ideas must seem to be a trifle self-confident and even aggressive. The man who makes his entry by leaning against an infirm door gets an unjustified reputation for violence. Something is to be attributed to the poor state of the door.”

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Book:The affluent society
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“One of the anomalies of modern ecology is the creation of two groups, each of which seems barely aware of the existence of the other. The one studies the human community, almost as if it were a separate entity, and calls its findings sociology, economics and history. The other studies the plant and animal community and comfortably relegates the hodge-podge of politics to the liberal arts. The inevitable fusion of these two lines of thought will, perhaps, constitute the outstanding advance of this century.”

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Book:Aldo Leopold: A Sand County Almanac & Other Writings on Conservation and Ecology: (Library of America #238)
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