Best theory & economics Quotes | Short & Famous Sayings

“In an information economy, entrepreneurs master the science of information in order to overcome the laws of the purely physical sciences. They can succeed because of the surprising power of the laws of information, which are conducive to human creativity. The central concept of information theory is a measure of freedom of choice. The principle of matter, on the other hand, is not liberty but limitation- it has weight and occupies space.”

Source: Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World

“From the equilibrium and spontaneous order of Adam Smith and his heirs, from invisible-handed markets and perfect competition, supply and demand, and rewards and punishments, I was pushed to theories of disequilibrium and disorder, and information and noise, as the keys to understanding economic progress.”

Source: Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World

“The most important feature of an information economy, in which information is defined as surprise, is the overthrow, not the attainment, of equilibrium. The science that we have come to know as information theory establishes the supremacy of the entrepreneur because it appreciates the powerful connection between destruction and what Schumpeter described as "creative destruction," between chaos and creativity.”

Source: Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World

“My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.”

Two Whole Jobs Teach Economic Subjects Theory Mass Economics International Unemployment Economic Theory Corpus

Author:James Meade

“My interest in economics has always been in the whole corpus of economic theory, the interrelationships between the various fields of theory and their relevance for the formulation of economic policy.”

Whole Interest Economic Policy Fields Theory Economics Various Relevance Economic Policy Economic Theory Corpus

Author:James Meade

“Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.”

Study Economic Subjects Fields Theory Economics Labor Marketing Instruction Castes Economic Theory Prestigious

Book:the new industrial state

Source: the new industrial state

“Those, who are strongly wedded to what I shall call 'the classical theory', will fluctuate, I expect, between a belief that I am quite wrong and a belief that I am saying nothing new. It is for others to determine if either of these or the third alternative is right.”

Ifs Belief History Power Learning Theory Economics Thirds Determine Alternatives Nothing New Saying Nothing

Book:General Theory Of Employment , Interest And Money

Source: General Theory Of Employment , Interest And Money

“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 theory which follows is entirely based on a calculus of pleasure and pain; and the object of economics is to maximize happiness by purchasing pleasure, as it were, at the lowest cost of pain.”

Pain Pleasure Objects Theory Cost Economics Lowest Calculus Pain And Pleasure Purchasing

Book:The Theory of Political Economy

Source: The Theory of Political Economy

“Our new economic approach is rooted in ideas which stress the importance of macro-economics, post neo-classical endogenous growth theory and the symbiotic relationships between growth and investment, and people and infrastructure.”

People Ideas Growth Economic Theory Approach Economics Importance Stress Investment Posts Rooted Infrastructure Macro

Author:Gordon Brown

“Whatever their limitations, Freud and Marx developed complex and subtle theories of human nature grounded in their observation of individual and social behavior. The crackpot rationalism of free-market economics merely relies on an abstract model of how people "must" behave.”

“observation of realities has never, to put it mildly, been one of the strengths of economic development theory.”

Reality Economic Theory Development Economics Observation Economic Development

Book:Cities and the Wealth of Nations

Source: Cities and the Wealth of Nations

“A sure sign of a crisis is the prevalence of cranks. It is characteristic of a crisis in theory that cranks get a hearing from the public which orthodoxy is failing to satisfy.”

Failing Theory Economics Crisis Hearing Complaining Characteristics Orthodoxy Crank

Book:Contributions to Modern Economics

Source: Contributions to Modern Economics

“There is no single theory that is used in economics that considers the finite nature of resources. It's shocking.”

Used Theory Resources Economics Shocking Finite

Author:Jeremy Grantham

“I think that local school districts - not the federal government - should make the decision about how they teach science, biology, economics. I want my kids to be taught about evolution; I want my kids to be taught about other theories.”

“The theory of the IRS is rather repugnant to me because the assumption is made that I, the government, owns 100% of your income and I permit you to keep 5%, 10% or 20%. You're vulnerable, you've sold out. The government can take 80% if they want, which they did at one time.”

Ifs Want Made Government Theory Economics Income Vulnerable Assumption Permit One Time Irs Sold Out

Author:Ron Paul

“In view of the importance of philanthropy in our society, it is surprising that so little attention has been given to it by economic or social theorists. In economic theory, especially, the subject is almost completely ignored. This is not, I think, because economists regard mankind as basically selfish or even because economic man is supposed to act only in his self-interest; it is rather because economics has essentially grown up around the phenomenon of exchange and its theoretical structure rests heavily on this process.”

“Why should we, however, in economics, have to plead ignorance of the sort of facts on which, in the case of a physical theory, a scientist would certainly be expected to give precise information?”

Giving Should Facts Cases Information Ignorance Theory Economics Scientist Expected Precise

Author:Friedrich August von Hayek

“Mr. Greenspan did a very good job in the early 1990's. But recently he's fallen prey to this crazy theory that prosperity causes inflation. So they're trying to slow the economy down by raising interest rates. It's like a doctor saying you're in great health, so we have to make you sick a little bit. It's a bizarre theory. It's going to hurt our economy.”

Trying Littles Jobs Causes Bits Interest Hurt Economy Crazy Theory Little Bit Economics Doctors Sick Rate Very Good Prosperity Finance Fallen Bizarre Good Job Inflation Prey Interest Rate

Author:Steve Forbes

“So we don't need more top-down economics. We've tried that theory. We've seen what happens. We can't afford to go back to it.”

Needs Happens Theory Economics Top Down

Author:Barack Obama

“Everybody thinks of economics whether he is aware of it or not. In joining a political party or in casting his ballot, the citizen implicitly takes a stand upon essential economic theories.”

Thinking Political Party Economic Theory Citizens Essentials Economics Political Parties Casting Joining Ballots Economic Theory

Author:Ludwig von Mises

“Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And not one ounce of attention to the descendants of that idea, which came out of academic economics and went into corporate finance and morphed into such obscenities as the capital asset pricing model, which we also paid no attention to. I think you'd have to believe in the tooth fairy to believe that you could easily outperform the market by seven-percentage points per annum just by investing in high volatility stocks.”

“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.”

“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.”

World Years Real Happens Opportunity Games Modern Changed Theory Return Cost Findings Economics Investment Compare Attractive Real World Portfolios Freshman Dreamland Opportunity Cost

Author:Charlie Munger

“I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.”

“The first proponent of cortical memory networks on a major scale was neither a neuroscientist nor a computer scientist but .. a Viennes economist: Friedrich von Hayek (1899-1992). A man of exceptionally broad knowledge and profound insight into the operation of complex systems, Hayek applied such insight with remarkable success to economics (Nobel Prize, 1974), sociology, political science, jurisprudence, evolutionary theory, psychology, and brain science (Hayek, 1952).”

“[Donald] Trump and all the Republicans believe in the theory of trickle down economics which is a theory discredited even by the author himself David Stockton. The theory suggests that if we take care of the people at the top, if we cut taxes for the wealthy, if we make sure they are doing really well, then the investments that they make in the economy and the jobs that will create, will make everything grow and it will have a trickle down effect on the rest of us.”

People Ifs Believe Wells Care Jobs Grows Economy Cutting Effects Theory Trump Republican Taxes Economics Investment Take Care Wealthy Trickle Down Trickle Down Economics

Author:Debbie Wasserman Schultz

“Today this is what we are confronted with, I mean what is pure ideology, which takes no account of the human context. In economics it's the same. Economics wanted to take into account theory over and above human criteria, or the parameter 'man'.”

Men Humans Mean Today Wanted Theory Pure Economics Accounts Ideology Criteria Parameters

Author:Catherine Camus

“The theory of Communism may be summed up in one sentence: Abolish all private property.”

May Philosophy Political Politics Theory Economics Philosophical Property Sentences Communism Private Property Abolish One Sentence

Author:Karl Marx

“I don't think Obama understands basic economics. Not economics that work. He may understand some theory that someone in Princeton sat and dreamed up, but it's not working.”

Thinking May Theory Economics Sat Princeton

Author:Rick Perry

“The theory that can absorb the greatest number of facts, and persist in doing so, generation after generation, through all changes of opinion and detail, is the one that must rule all observation.”

Facts Change Numbers Opinion Economy Generations Theory Economics Details Observation Persist

Author:Adam Smith

Theory Quotes

Related topics

Theory Quotes