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Economist Quotes

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Economist Quotes

“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.”

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Book:Market structure and behavior
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“Modern economics is sick. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world. Economists have converted the subject into a sort of social mathematics in which analytical rigour is everything and practical relevance is nothing.”

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Author:Mark Blaug
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“The accepted ideas of any period are singularly those that serve the dominant economic interest...What economists believe and teach, whether in the United States or in the Soviet Union, is rarely hostile to the institutions - the private business enterprise, the Communist Party - that reflect the dominant economic power. Not to notice this takes effort, although many succeed.”

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Author:John Kenneth Galbraith
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“Probably the only people left who think that economics deserves a Nobel Prize are economists. It confirms their conceit that they're doing 'science' rather than the less tidy task of observing the world and trying to make sense of it. This, after all, is done by mere historians, political scientists, anthropologists, sociologists, and (heaven forbid) even journalists. Economists are loath to admit that they belong in such raffish company.”

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Author:Robert J. Samuelson
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“Why, when the economist gives advice to his society, is he so often cooly ignored? He never ceases to preach free trade, and protectionism is growing in the United States. He deplores the perverse effects of minimum wage laws, and the legal minimum is regularly raised each 3 or 5 years. He brands usury laws as a medieval superstition, but no state hurries to repeal its law.”

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Author:George Stigler
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“It is particularly odd that economists who profess to be champions of a free-market economy, should go to such twists and turns to avoid facing the plain fact: that gold, that scarce and valuable market-produced metal, has always been, and will continue to be, by far the best money for human society.”

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Author:Murray Rothbard
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“For complex reasons, our culture allows "economy" to mean only "money economy." It equates success and even goodness with monetary profit because it lacks any other standard of measurement. I am no economist, but I venture to suggest that one of the laws of such an economy is that a farmer is worth more dead than alive. A second law is that anything diseased is more profitable than anything that is healthy. What is wrong with us contributes more to the "gross national product" than what is right with us.”

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Author:Wendell Berry
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“It had been held that the economic system, any capitalist system, found its equilibrium at full employment. Left to itself, it was thus that it came to rest. Idle men and idle plant were an aberration, a wholly temporary failing. Keynes showed that the modern economy could as well find its equilibrium with continuing, serious unemployment. Its perfectly normal tendency was to what economists have since come to call an underemployment equilibrium.”

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Book:The Essential Galbraith
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“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.”

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Author:James R Newman
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“The effort of the economist is to "see," to picture the interplay of economic elements. The more clearly cut these elements appear in his vision, the better; the more elements he can grasp and hold in his mind at once, the better. The economic world is a misty region. The first explorers used unaided vision. Mathematics is the lantern by which what before was dimly visible now looms up in firm, bold outlines. The old phantasmagoria disappear. We see better. We also see further.”

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Book:Mathematical Investigations in the Theory of Value and Prices, and Appreciation and Interest
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“Love is the felt experience of connection to another being. An economist says 'more for you is less for me.' But the lover knows that more of you is more for me too. If you love somebody their happiness is your happiness. Their pain is your pain. Your sense of self expands to include other beings. This shift of consciousness is universal in everybody, 99% and 1%.”

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Author:Charles Eisenstein
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“But if, if you take a look at what would have happened, I mean, do we need to see soup lines down the street to figure out what would have happened? We avoided - and all economists will tell you that millions of jobs were saved because of the Recovery Act, and we avoided a second Great Depression. That, that is a reality.”

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Author:Alexi Giannoulias
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“I've debated many economists who claim to specialize in risk and probability: when one takes them slightly outside their narrow focus, but within the discipline of probability, they fall apart, with the disconsolate face of a gym rat in front of a gangster hit man.”

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Book:Antifragile: Things That Gain from Disorder
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“When we have an experience -- hearing a particular sonata, making love with a particular person, watching the sun set from a particular window of a particular room -- on successive occasions, we quickly begin to adapt to it, and the experience yields less pleasure each time. Psychologists call this habituation, economists call it declining marginal utility, and the rest of us call it marriage”

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Book:Stumbling on Happiness
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“There is a small minority of well-educated people with relatively sensible views on economics, and an extremely tiny minority of economists with highly sensible views. Then there's everybody else. ... To win, a politician needs to please the median voter. It makes little difference if a few thousand economists think you a fool.”

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Author:Bryan Caplan
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