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Economics Quotes

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Economics Quotes

“It's really hard to design products by focus groups. A lot of times, people don't know what they want until you show it to them. As Henry Ford said many years earlier: "If I had listened to my customers, I would have built a faster horse." Inventions in general express Shannon entropy. They come from the supply side.”

“Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for attainment of ends chosen, not, to be sure, a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.”

“I work in the field of art, and you know how during a period of Marxist ideology, fewer people are inclined to believe in the power of the culture as a whole: they believe in the revolutionary potential of economics, class struggle theory.. ..Therefore it's time to show that art means the power of creativity, and it's time to define art in a larger way, to include science and religion too..(1973”

“The economics of television syndication and DVD sales mean that there's a tremendous financial pressure to make programs that can be watched multiple times, revealing new nuances and shadings on the third viewing. Meanwhile, the Web has created a forum for annotation and commentary that allows more complicated shows to prosper, thanks to the fan sites where each episode of shows like 'Lost' or 'Alias' is dissected with an intensity usually reserved for Talmud scholars.”

“Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'.”

“The Philosophy of Tea is not mere aestheticism ... for it expresses conjointly with ethics and religion our whole point of view about man and nature. It is hygiene, for it enforces cleanliness; it is economics, for it shows comfort in simplicity rather than in the complex and costly; it is moral geometry, inasmuch as it defines our sense of proportion to the universe.”

“My biggest surprise of the year does involve Donald Trump and it involves his money. And I am one of the prominent disbelievers of his claims of wealth and how rich he was. He put out a press release before he did his financial disclosure form saying he made over $200 million from a TV show.If you know about the economics of televisions, that sounds impossible. I don`t believe it.”

“I chose to write about food: food is inherently political, but it's also an essential part of people's real lives. It's where the public and private spheres connect. I wanted to show readers that the larger politics of war and economics and U.S. foreign policy are inextricably bound to the supposedly trivial details of our everyday lives.”

“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.”

“The greatest country, the richest country, is not that which has the most capitalists, monopolists, immense grabbings, vast fortunes, with its sad, sad soil of extreme, degrading, damning poverty, but the land in which there are the most homesteads, freeholds - where wealth does not show such contrasts high and low, where all men have enough - a modest living- and no man is made possessor beyond the sane and beautiful necessities.”

“We must show that liberty is not merely one particular value but that it is the source and condition of most moral values. What a free society offers to the individual is much more than what he would be able to do if only he were free. We can therefore not fully appreciate the value of freedom until we know how a society of free men as a whole differs from one in which unfreedom prevails.”

“Darwin's greatest achievement was to show that the appearance of purpose, planning, teleology (design), and intentionality in the origin and development of human and animal species was entirely an illusion. The illusion could be explained by evolutionary processes that contained no such purpose at all. But the spread of ideas through imitation required the whole apparatus of human consciousness and intentionality”

“At its heart, this book touches on a mystery of economics: what exactly is happening in our world, and why does it often work so well? As the authors show, apparently messy systems - such as untidy desks - actually exhibit a high degree of order: the piles of paper are close to hand, and the most important documents tend to make their way to the top while un-needed ones sink to the bottom. If the mess works, why mess with it?”