Basic Economics Quotes & Sayings

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'. — Thomas Sowell

The use of force is easy to rationalize in terms of basic economics. 'We should make them PAY for what they've done!' It's just the law of demand: raise the price of crossing us, and fewer people will cross us. Make the price another Hiroshima, and perhaps the quantity demanded will fall to zero. — Bryan Caplan

Look, America is no more a democracy than Russia is a Communist state. The governments of the U.S. and Russia are practically the same. There's only a difference of degree. We both have the same basic form of government: economic totalitarianism. In other words, the settlement to all questions, the solutions to all issues are determined not by what will make the people most healthy and happy in the bodies and their minds but by economics. Dollars or rubles. Economy uber alles. Let nothing interfere with economic growth, even though that growth is castrating truth, poisoning beauty, turning a continent into a shit-heap and riving an entire civilization insane. Don't spill the Coca-Cola, boys, and keep those monthly payments coming. — Tom Robbins

Basic Economics 101. It's the most complicated simple subject there is. — Rush Limbaugh

The most basic law of economics?that one cannot get something for nothing. — Sir Henry Roy Forbes Harrod

None of this excuses anyone from mastering the basic ideas and terminology of economics. The intelligent layman must expect also to encounter good economists who are difficult writers even though some of the best have been very good writers. He should know, moreover, that at least for a few great men ambiguity of expression has been a positive asset. But with these exceptions he may safely conclude that what is wholly mysterious in economics is not likely to be important. — John Kenneth Galbraith

If I had known how much I would miss these sensations I might have experienced them differently, recognized their shabby glamour, respected the ticking clock that defined this entire experience. I would have put aside my resentment, dropped my defenses. I might have a basic understanding of European history or economics. More abstractly, I might feel I had truly been somewhere, open and porous and hungry to learn. Because being a student was an enviable identity and one I can only reclaim by attending community college late in life for a bookmaking class or something. — Lena Dunham

In a basic agricultural society, it's easy enough to swap five chickens for a new dress or to pay a schoolteacher with a goat and three sacks of rice. Barter works less well in a more advanced economy. The logistical challenges of using chickens to buy books on Amazon would be formidable. — Charles Wheelan

In order for our land contribution model to be complete, we have to consider two more aspects of affordable housing. First, we have to minimise the inequality between tenants and landowners, and second, we have to provide the homeless with guaranteed access to land.

Because higher rents are a byproduct of increasing community affluence, tenants get priced out (gentrification). The option of rent control results in a shortage of housing and lower quality housing.

What's required is a new mechanism by which higher rents are equally shared with all residents - a Universal Basic Income, financed entirely by community land contributions.

The homeless should receive free public housing with the cost deducted from their Universal Basic Income. — Martin Adams

Three things are needed
For humanity to co-exist:
Truth, peace and basic needs.
Everything else -
Is irrelevant. — Suzy Kassem

At a purely practical level, history is important because it provides the basic skills needed for students to go further in sociology, politics, international relations and economics. History is also an ideal discipline for almost all careers in the law, the civil service and the private sector. — Antony Beevor

As a multisport athlete, I was always fascinated with competition and how to win. At HBS and later at the Harvard Department of Economics, I was drawn to the field of competition and strategy because it tackles perhaps the most basic question in both business management and industrial economics: What determines corporate performance? — Michael Porter

Environmental degradation is an iatrogenic disease induced by economic physicians who treat the basic malady of unlimited wants by prescribing unlimited growth ... Yet one certainly does not cure a treatment-induced disease by increasing the treatment dosage. — Herman E. Daly

I think - something I learned recently looking up the meaning of ideology. If you look in American encyclopedias, it says, you know, 'Rules for - basic rules for a system of economics or politics.' If you look in the Oxford, it says that, and then it says ... 'Despite - and people will hold these propositions despite events.' — Mario Cuomo

Democracy, we now know, is more than periodic elections in some countries, such elections have been used to legitimize essentially authoritarian regimes and deprive large parts of the citizenry of basic rights. — Joseph E. Stiglitz

Well, I feel that we're kind of fortunate that this book gives the whole world a lesson in economics and how to get out of the mess that we're all in. It's basic message is to try and stop spending as much and try to release some of your assets to pay off your debt. — Jerry Bruckheimer

So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics. — Charlie Munger

Since scarcity is the basic economic problem, if it does not exist then there is no reason for my economics course. Devoting time to the study of how people use limited resources to fulfill unlimited wants and needs should help us to discover how to best utilize the resources we have at our disposal. — Kurt Bills

The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not. — John Kenneth Galbraith

I don't think that that's a desirable option for us. Besides, it wouldn't work, because there are too many other countries that are willing to work economically with China. But I don't think the basic relationship depends on economics. It depends on a political understanding of what is required for peace in Asia. — Henry A. Kissinger

Prices impose the most effective kind of rationing - self-rationing. Why is rationing necessary? Because what everybody wants always adds up to more than there is ... Resources are limited but desires are not. That is the basic and defining problem of economics. — Thomas Sowell

In neo-classical economic theory, it is claimed without evidence that people are basically self-seeking, that they want above all the satisfaction of their material desires: what economists call "maximising utility". The ultimate objective of mankind is economic growth, and that is maximized only through raw, and lightly regulated, competition. If the rewards of this system are spread unevenly, that is a necessary price. Others on the planet are to be regarded as either customers, competitors or factors of production. Effects upon the planet itself are mere "externalities" to the model, with no reckoning of the cost - at least for now. Nowhere in this analysis appears factors such as human cooperation, love, trust, compassion or hatred, curiosity or beauty. Nowhere appears the concept of meaning. What cannot be measured is ignored. But the trouble is that once our basic needs for shelter and food have been met, these factors may be the most important of all. — Carne Ross

And each of these perspectives comes to the same conclusion, which is that our global economy is out of control and performing contrary to basic principles of market economics. — David Korten

Unfortunately, the truth is that in universities the world over, the tremendous analytical power and insights of market economics are unappreciated. For whatever political or ideological reasons, we have deprived generations of university students of a clear understanding of basic economic forces and their proper role in a free society. — HENRY MANNE

Minimum standards to promote workers' wages, health and safety, to safeguard the community against pollution and degradation, and to ensure basic life goods for all as a basic contract for civil society was between 1945 and the mid-1970s, in fact, a rapidly evolving framework which inhibited the causes and effects of a corporate market system committed to an opposed goal. — John McMurtry

An essential pedagogic step here is to relegate the teaching of mathematical methods in economics to mathematics departments. Any mathematical training in economics, if it occurs at all, should come after students have at the very least completed course work in basic calculus, algebra and differential equations (the last being one about which most economists are woefully ignorant). This simultaneously explains why neoclassical economists obsess too much about proofs and why non-neoclassical economists, like those in the Circuit School, experience such difficulties in translating excellent verbal ideas about credit creation into coherent dynamic models of a monetary production economy. — Steve Keen

The basic idea that if you increase government spending or you cut people's taxes that stimulates the economy and lowers the unemployment rate, is a very widely accepted idea. It's in every economics textbook, that's what we teach our undergraduates, and I certainly try to teach them the truth. — Christina Romer

When economics is regarded as 'the most important key to every lock of every door,' it is only natural that the worth of man should come to be decided largely, even wholly, by his effectiveness as an economic tool.8 This is at variance with the vision of a world where economic, political and social institutions work to serve man, instead of the other way round; where culture and development coalesce to create an environment in which human potential can be realized to the full. The differing views ultimately reflect differences in how the valuation of the various components of the social and national entity are made; how such basic concepts as poverty, progress, culture, freedom, democracy and human rights are defined and, of crucial importance, who has the power to determine such values and definitions. The — Suu Kyi, Aung San

I wonder if economics has less basic core material than is necessary for fields such as mathematics, physics, or chemistry, say. — Clive Granger

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. — Rick Perry

I went into the ministry to use the church to elicit political change according to a soft Marxist vision of wealth distribution and proletarian empowerment. Edrita [his wife] could sense that I was on a long and uncertain path. She was always more conservative than I, but she did share my basic social values and was willing at least to let me test my political follies ... Whenever I read the New Testament after 1950, I was trying to read it entirely without its crucial premises of incarnation and resurrection. That required a lot of circular reasoning for me to establish what the text said. I habitually assumed that truth in religion was finally reducible to economics (with Marx) or psychosexual motives (with Freud) or self assertive power (with Nietzsche). It was truly a self-deceptive time for me, but I had no inkling of its insidious dangers. — Thomas C. Oden

The entire point of life is to find ways to get others to do your work for you. Don't you know anything about basic economics? — Brandon Sanderson

Many of my students assume that government protection is the only thing ensuring decent wages for most American workers. But basic economics shows that competition between employers for workers can be very effective at preventing businesses from misbehaving. — Christina Romer

Most Americans don't know enough about basic economics to fill out one fortune cookie. — Neal Boortz

The Universe operates on a basic principle of economics: everything has its
cost. We pay to create our future, we pay for the mistakes of the past. We
pay for every change we make ... and we pay just as dearly if we refuse to
change. — Brian Herbert

The United States spends over $87 billion conducting a war in Iraq while the United Nations estimates that for less than half that amount we could provide clean water, adequate diets, sanitations services and basic education to every person on the planet. And we wonder why terrorists attack us. — John Perkins

The solution is not that people need to major in marketing in college, but that their liberal education should be more structured and demanding. Majors should have some required sequence of basic courses, as in economics. — Fareed Zakaria

My dear friend, the entire point of life is to find ways to get others to do your work for you. Don't you know anything about basic economics? - Breeze — Brandon Sanderson

It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling to parlay their existing advantage into dominance on the Internet. But it is way less sure [that this will occur] than the certainty 20 years ago that the basic business would grow steadily, so there's more downside risk. The perfectly fabulous economics of this business could become grievously impaired. — Charlie Munger

The only rule that ever made sense to me I learned from a history, not an economics, professor at Wharton. "Fear," he used to say, "fear is the most valuable commodity in the universe." That blew me away. "Turn on the TV," he'd say. "What are you seeing? People selling their products? No. People selling the fear of you having to live without their products." Fuckin' A, was he right. Fear of aging, fear of loneliness, fear of poverty, fear of failure. Fear is the most basic emotion we have. Fear is primal. Fear sells. — Max Brooks

Once you admit that the individual is merely a means to serve the ends of the higher entity called society or the nation, most of those features of totalitarian regimes which horrify us follow of necessity. From the collectivist standpoint intolerance and brutal suppression of dissent, the complete disregard of the life and happiness of the individual, are essential and unavoidable consequences of this basic premise, and the collectivist can admit this and at the same time claim that his system is superior to one in which the "selfish" interests of the individual are allowed to obstruct the full realisation of the ends the community pursues. — Friedrich Hayek

of the basic laws of economics and common — Sheryl Sandberg

Lthough the basic principles of economics are not very complicated, the very ease with which they can be learned also makes them easy to dismissed as "simplistic" by those who do not want to accept analyses which contradict their cherished beliefs. Evasions of the obvious are often far more complicated than the facts. Nor is it automatically true that complex effects must have complex causes. The ramifications of something very simple can become enormously complex. — Thomas Sowell

I gradually became persuaded that the subjects, without intending to, had revealed to me a basic truth about markets that was foreign to the literature of economics. — Vernon L. Smith

The basic issue of an American society which is fair, which is providing opportunity for all, is nowadays being replaced by the correct perception that we're living in a rigged economy - where it doesn't matter how hard you worked, the result will be all the income goes to the people at the very top. It's leading to a lot of frustration and anger, and people want some fundamental changes to the way we do economics and growth. — Bernie Sanders

July 4, the day we celebrate giving our political masters independence from conscience, morality, consequences for evil doing, and basic social and economic reality.
The fireworks are the glowing tears of your children's incinerated futures.
Cheer happy slaves - your only chains are your deluded joys. Cheer and sing, because for you, songs of death are easier than questions of life. — Stefan Molyneux

But, as the results presented in this book (and others) show, we are all far less rational in our decision making than standard economic theory assumes. Our irrational behaviors are neither random nor senseless-they are systematic and predictable. We all make the same types of mistakes over and over, because of the basic wiring of our brains. So wouldn't it make sense to modify standard economics and move away from naive psychology, which often fails the tests of reason, introspection, and-most important-empirical scrutiny?

Wouldn't economics make a lot more sense if it were based on how people actually behave, instead of how they should behave? As I said in the Introduction, that simple idea is the basis of behavioral economics, an emerging field focused on the (quite intrusive) idea that people do not always behave rationally and that they often make mistakes in their decisions. — Dan Ariely

Our hopes of avoiding the fate which threatens must ... [be to make]adjustments that will be needed if we are to recover and surpass our former standards ... and only if every one of us is ready to individually obey the necessities of readjustment shall we be able to get through a difficult period as free men who can choose their own way of life. Let a uniform minimum be secured to everybody by all means; but let us admit at the same time that with this assurance of a basic minimum all claims for a privileged security for particular classes must lapse ... — Friedrich Hayek

Standard economics assumes that we are rational ... But, as the results presented in this book (and others) show, we are far less rational in our decision making ... Our irrational behaviors arevneither random nor senseless- they are systematic and predictable. We all make the same types of mistakes over and over, because of he basic wiring of our brains.-pg. 239 — Dan Ariely