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Economist Quotes

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Economist Quotes

“There is the expression of selfishness and there is the expression of selflessness - but economists or theoreticians never touched that part. They said: 'Go and become a philanthropist.' I said, 'No, I can do that in the business world, create a different kind of business - a business based on selflessness.'”

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Author:Muhammad Yunus
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“If God had perceived that our greatest need was economic, he would have sent an economist. If he had perceived that our greatest need was entertainment, he would have sent us a comedian or an artist. If God had perceived that our greatest need was political stability, he would have sent us a politician. If he had perceived that our greatest need was health, he would have sent us a doctor. But he perceived that our greatest need involved our sin, our alienation from him, our profound rebellion, our death; and he sent us a Savior.”

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Book:A Call to Spiritual Reformation: Priorities from Paul and His Prayers
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“What I did not know yet about hunger, but would find out over the next twenty-one years, was that brilliant theorists of economics do not find it worthwhile to spend time discussing issues of poverty and hunger. They believe that these will be resolved when general economic prosperity increases. These economists spend all their talents detailing the process of development and prosperity, but rarely reflect on the origin and development of poverty and hunger. A a result, poverty continues.”

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Author:Muhammad Yunus
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“Only the free-wheeling artist-explorer, non-academic, scientist-philosopher, mechanic, economist-poet who has never waited for patron-starting and accrediting of his co-ordinate capabilities holds the prime initiative today.”

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Book:Ideas and Integrities: A Spontaneous Autobiographical Disclosure
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“Keynes was a great economist. In every discipline, progress comes from people who make hypotheses, most of which turn out to be wrong, but all of which ultimately point to the right answer. Now Keynes, in 'The General Theory of Employment, Interest and Money,' set forth a hypothesis which was a beautiful one, and it really altered the shape of economics. But it turned out that it was a wrong hypothesis. That doesn't mean that he wasn't a great man!”

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Author:Milton Friedman
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“Economists often talk about the 80/20 Principle, which is the idea that in any situation roughly 80 percent of the “work” will be done by 20 percent of the participants. In most societies, 20 percent of criminals commit 80 percent of crimes. Twenty percent of motorists cause 80 percent of all accidents. Twenty percent of beer drinkers drink 80 percent of all beer. When it comes to epidemics, though, this disproportionality becomes even more extreme: a tiny percentage of people do the majority of the work.”

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Author:Malcolm Gladwell
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“Experts kill me. Economic experts, that is. Corporations, foundations, publications and governments pay them by the bucketful, and they fill buckets with forecasts that change more frequently than white-collar, workers do shirts. What Lies Ahead is the usual title. What Lies would often be more appropriate. If women's hemlines changed as rapidly as an economist's forecasts, the fashion people and the textile industry would be more profitable than any other. In fact, if all the country's economists were laid end to end, they still wouldn't reach a conclusion.”

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Author:Malcolm Forbes
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“Independent economists say immigration reform will grow our economy and shrink our deficits by almost $1 trillion in the next two decades. And for good reason: when people come here to fulfill their dreams - to study, invent, and contribute to our culture - they make our country a more attractive place for businesses to locate and create jobs for everyone. So let's get immigration reform done this year.”

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Author:Barack Obama
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“Physicists only talk to physicists, economists to economists-worse still, nuclear physicists only talk to nuclear physicists and econometricians to econometricians. One wonders sometimes if science will not grind to a stop in an assemblage of walled-in hermits, each mumbling to himself words in a private language that only he can understand.”

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Book:Illustrating Economics: Beasts, Ballads and Aphorisms
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“In the company of friends, writers can discuss their books, economists the state of the economy, lawyers their latest cases, and businessmen their latest acquisitions, but mathematicians cannot discuss their mathematics at all. And the more profound their work, the less understandable it is.”

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Author:Alfred Adler
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“In a comprehensive study of all public multiple shooting incidents in America between 1977 and 1999, economists John Lott and Bill Landes found that the only public policy that reduced both the incidence and casualties of such shootings were concealed-carry laws. Not only are there 60 percent fewer gun massacres after states adopt concealed-carry laws, but the death and injury rate of such rampages are reduced by 80 percent.”

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Author:Ann Coulter
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“A colleague saw the same model-calibrating the elasticity of demand facing a Cournot oligopolist as a function of the number of firms in the industry--described at the University of Chicago and at M.I.T. A Chicago economist derived the formula and said, "Look at how few firms you need to get close to infinite elasticities and perfect competition." An M.I.T. economist derived the same formula and said, "Look at how large n has to be before you get anywhere close to an infinite elasticity and perfect competition."”

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Author:Matthew Rabin
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