“Economists can never be free of from difficulties unless they will distinguish between a theory and the application of a theory.” TheoryDifficultyApplicationEconomist Book:The Theory of Political Economy Source: The Theory of Political Economy
“The obstacles facing academic economists are formidable, for tenure and professional advancement still depend to a large extent on a willingness to comply with and to work within the tenets of orthodox theory.” StillsTheoryDependsObstaclesOrthodoxWillingnessAcademicEconomistAdvancementFormidableTenure Author:Paul Ormerod
“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.” ThinkingMenLittlesHas BeensSelfGivenSocialProcessInterestViewsAttentionEconomicSubjectsMankindTheoryEconomicsImportanceRegardStructureSelfishOur SocietyPhenomenonSurprisingPhilanthropyIgnoredEconomistTheoreticalSelf InterestTheoristsEconomic Theory Author:Kenneth E. Boulding
“One of the best predictors of policy around is Thomas Ferguson's investment theory of politics, as he calls it - very outstanding political economist - which essentially - I mean, to say it in a sentence, he describes elections as occasions in which groups of investors coalesce and invest to control the state.” MeanStatesPoliticalGroupsPolicyTheoryElectionInvestmentSentencesOccasionsInvestorsEconomistOutstandingFerguson Author:Noam Chomsky
“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.” ShouldWellsStrongWealthCommonWorryHappenedConditionsEffectsTheoryCreatingEconomicsCurrentsExtremesPhysicsMathematicalAcademicReversePuzzlesEconomistRecessionsPhdsAppraise Author:Charlie Munger
“Economists are people who wonder if what works in reality can also work in theory.” PeopleIfsRealityWonderTheoryEconomist Author:Ronald Reagan
“The study of economic organization commonly proceeds as though market and administrative modes of organization were disjunct. Market organization is the province of economists. Internal organization is the concern of organization theory specialist. And never the twain shall meet.” StudyEconomicTheoryConcernOrganizationEconomistProvincesSpecialistsAdministrative Author:Oliver E. Williamson
“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).” MenFirstsPoliticalMemoriesBrainPsychologyTheoryComputerMajorsEconomicsScientistProfoundComplexesInsightScalesOperationsRemarkablePrizeBroadsEconomistSociologyPolitical ScienceNobelNobel PrizeComplex SystemsHayekJurisprudenceBrain ScienceVon Hayek Author:Joaquin Fuster
“The seminar in economic theory conducted by Hayek at the L.S.E. in the 1930s was attended, it came to seem, by all of the economists of my generation - Nicky Kaldor , Thomas Balogh, L. K. Jah, Paul Rosenstein-Rodan, the list could be indefinitely extended. The urge to participate (and correct Hayek) was ruthlessly competitive.” SeemsGenerationsEconomicTheoryListsUrgesEconomistMy Generation1930sSeminarsHayekEconomic Theory Author:John Kenneth Galbraith
“The IMF economists were doubtless shaken by the extreme failures of their prescriptions over many years, and by the collapse of the intellectual edifice of economic theory on which they were relying.” YearsEconomicTheoryIntellectualExtremesCollapseEconomistPrescriptionsEdificeEconomic TheoryImf Author:Noam Chomsky