Best Economics Quotes & Sayings

Economics is also an effective theory, based on the notion of free will plus the assumption that people evaluate their possible alternative courses of action and choose the best. That effective theory is only moderately successful in predicting behavior because, as we all know, decisions are often not rational or are based on a defective analysis of the consequences of the choice. This is why the world is in such a mess. — Stephen Hawking

A citizen who casts his ballot without having to the best of his abilities studied as much economics as he can fails in his civic duties. — Ludwig Von Mises

The laws of economics tell us that atoms are expensive if they're rare, and the laws of physics tell us that they're rare if they require unusually high temperatures to make. Putting this together tells us that if atoms could talk, the priciest ones would tell the best stories. Garden-variety atoms such as carbon, nitrogen and oxygen (which together with hydrogen make up 96% of your body weight) are so cheap because garden-variety stars such as our Sun can produce them in their death throes, after which they can form new solar systems in a cosmic recycling event. Gold, on the other hand, is produced when a star dies in a supernova explosion so violent and rare that it, during a fraction of a second, releases about as much energy as all the other stars in our observable Universe combined. No wonder making gold eluded the alchemists. — Max Tegmark

The body of economic knowledge is an essential element in the structure of human civilization; it is the foundation upon which modern industrialism and all the moral, intellectual, technological, and therapeutical achievements of the last centuries have been built. It rests with men whether they will make the proper use of the rich treasure with which this knowledge provides them or whether they will leave it unused. But if they fail to take the best advantage of it and disregard its teachings and warnings, they will not annul economics; they will stamp out society and the human race. — Ludwig Von Mises

The best of all monopoly profits is a quiet life. — Sir John Richard Hicks

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

Demand is best measured in terms of spending. You know, I think in traditional economics, it's a mistake to measure it in terms of the quantity of goods. — Ray Dalio

[ ... ] it is generally accepted that the Civil War was fought over the issue of slavery. That, at best, is a half-truth. Slavery was an issue, but the primary force for war was a clash between the economic interests of the North and the South. Even the issue of slavery itself was based on economics. — G. Edward Griffin

Economics.
Something humans invented and then lost control of, it isn't real, it's not like gravity and we could evolve the economic process to make sense, but can't because we would all lose money if we did. Hysterical scientific exerts aside, it doesn't exist outside of our collective heads. So at best its a pseudo science of religious proportions, at worst, it will turn us into a globally warmed suicide cult en mass. ;-) — Steve Merrick

We must arm ourselves with patience and wisdom and listen to the poor what they want. This is the best way to avoid the trap of ignorance, ideology and inertia on our side. — Abhijit V. Banerjee

Toxic derivatives were underpinned by toxic economics, which, in turn, were no more than motivated delusions in search of theoretical justification; fundamentalist tracts that acknowledged facts only when they could be accommodated to the demands of the lucrative faith. Despite their highly impressive labels and technical appearance, economic models were merely mathematized versions of the touching superstition that markets know best, both at times of tranquility and in periods of tumult. — Yanis Varoufakis

social mobility isn't just about money and economics, it's about a lifestyle change. The wealthy and the powerful aren't just wealthy and powerful; they follow a different set of norms and mores. When you go from working-class to professional-class, almost everything about your old life becomes unfashionable at best or unhealthy at worst. — J.D. Vance

It is true that some secluded intellectuals in their esoteric circles talk differently. They proclaim the priority of what they call eternal absolute values and feign in their declamations - not in their personal conduct - a disdain of things secular and transitory. But the public ignores such utterances. The main goal of present-day political action is to secure for the respective pressure group memberships the highest material well-being. The only way for a leader to succeed is to instill in people the conviction that his program best serves the attainment of this goal. — Ludwig Von Mises

If the world were full of the self-seeking individuals found in economics textbooks, it would grind to a halt because we would be spending most of our time cheating, trying to catch the cheaters, and punishing the caught. The world works as it does only because people are not the totally self seeking agents that free-market economics believes them to be. We need to design an economic system that, while acknowledging that people are often selfish, exploits other human motives to the full and gets the best out of people. The likelihood is that, if we assume the worst about people, we will get the worst out of them. — Ha-Joon Chang

I think the very best attitude for anyone investing in the stock market is to make up his mind to lose money.
- The Duchess Gloriana XII — Leonard Wibberley

Let's be clear. The debate over health care in this country is not a debate about medical treatment or the best way to prevent disease. It is a debate about economics and class politics. Either we maintain a profit-driven health care system whose main function is to enrich certain individuals and institutions, or we develop a nonprofit, cost-effective system that provides quality health care for all people as a right of citizenship. — Bernie Sanders

Intellectually, what is stimulating to a young man is a problem of obvious practical importance. A young man learning economics, for example, ought to hear lectures from individualists and socialists, protectionists and free-traders, inflationists and believers in the gold standard. He ought to be encouraged to read the best books of the various schools, as recommended by those who believe in them. This would teach him to weigh arguments and evidence, to know that no pinion is certainly right, and to judge men by their quality rather than by their consonance with preconceptions. — Bertrand Russell

...[I]t doesn't take an advanced degree to figure out that this education talk is less a strategy for mitigating inequality than it is a way of rationalizing it. To attribute economic results to school years finished and SAT scores achieved is to remove matters from the realm of, well, economics and to relocate them to the provinces of personal striving and individual intelligence. From this perspective, wages aren't what they are because one party (management) has a certain amount of power over the other (workers); wages are like that because the god of the market, being surpassingly fair, rewards those who show talent and gumption. Good people are those who get a gold star from their teacher in elementary school, a fat acceptance letter from a good college, and a good life when they graduate. All because they are the best. Those who don't pay attention in high school get to spend their days picking up discarded cans by the side of the road. Both outcomes are our own doing. — Thomas Frank

Economists have the correct insight that economics is a theory of choice, the key to the story is the variety of options and centralised political control limits the options. The best recipe is adaptive efficiency coping with novel uncertainty in a non-ergodic world, the maintenance of institutions which enable trial & error experiment to occur, and an effective means of eliminating unsuccessful solutions — Douglass North

A study of economics usually reveals that the best time to buy anything is last year. — Marty Allen

In Economics as almost everywhere else, with all our cleverness, we have become decidedly less wise, while knowing more and more about less and less. We have lost the sense of proportion--so indispensable for every economist--while analysing the curiosities of hypothetical economic situations and forgetting what has a bearing on real economic life. In spinning out the fine threads of the New Economics, we forget the most elementary principles of economics, and while stressing what might
at best in highly exceptional circumstances we overlook what are almost perennial truths. While proudly parading our elaborate equations we unlearnt that simple common sense which consists in reckoning with human reactions and institutions as they really are. — Wilhelm Ropke

Best practices are useful reference points, but they must come with a warning label : The more you rely on external intelligence, the less you will value an internal idea.
And this is the age of the idea — Gyan Nagpal

Behavioral economics is about working constructively with the standard economic model to get a better understanding of economic behavior. The objective is definitely not to criticize the standard economic model, or accentuate the negatives. Testing the standard model is a means to an end, and that end is to understand economic behavior as best we can. — Edward Cartwright

More people than ever before look to government as their best chance of securing well-being rather than as their inevitable enemy. Politics as a contest to capture state power has at times apparently replaced religion (sometimes even appearing to eclipse market economics) as the focus of faith that can move mountains. — J.M. Roberts

Home-making today should have a background of scientific training because only in this way can real efficiency be achieved. The average girl wants to be able to keep her house with the least possible strain, and in order to do this she must have good training. This can best be achieved by taking a good course in home economics. — Eleanor Roosevelt

The laws of economics are to be compared with the laws of the tides, rather than with the simple and exact law of gravitation. For the actions of men are so various and uncertain, that the best statement of tendencies, which we can make in a science of human conduct, must needs be inexact and faulty. — Alfred Marshall

The most effective way of making people accept the validity of the values they are to serve is to persuade them that they are really the same as those which they, or at least the best among them, have always held, but which were not properly understood or recognised before. — Friedrich Hayek

There is no means by which anyone can evade his personal responsibility. Whoever neglects to examine to the best of his abilities all the problems involved voluntarily surrenders his birthright to a selfappointed elite of supermen. In such vital matters blind reliance upon 'experts' and uncritical acceptance of popular catchwords and prejudices is tantamount to the abandonment of self-determination and to yielding to other people's domination. As conditions are today, nothing can be more important to every intelligent man than economics. His own fate and that of his progeny are at stake. — Ludwig Von Mises

Localisation stands, at best, at the limits of practical possibility, but it has the decisive argument in its favour that there will be no alternative. — David Fleming

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

One the one hand, our economists treat human beings as rational actors making choices to maximize their own economic benefit. On the other hand, the same companies that hire those economists also pay for advertising campaigns that use the raw materials of myth and magic to encourage people to act against their own best interests, whether it's a matter of buying overpriced fizzy sugar water or the much more serious matter of continuing to support the unthinking pursuit of business as usual in the teeth of approaching disaster. — John Michael Greer

An American economist of two generations ago, H. J. Davenport, who was the best friend Thorstein Veblen ever had (Veblen actually lived for a time in Davenport's coal cellar) once said: "There is no reason why theoretical economics should be a monopoly of the reactionaries." All my life I have tried to take this warning to heart, and I dare call it to your favorable attention. — Paul Samuelson

Economics may not fundamentally be about value creation in real business. At its best it may be an idealized and abstract view of markets built around the goals of prediction, not around the way that actual business works. It is clearly useful for many purposes, but perhaps not for solving the problems of understanding business in the twenty-first century. — Freeman Et Al

In sum, economists (and those who listened to them) became overconfident in their preferred models of the moment: markets are efficient, financial innovation improves the risk-return trade-off, self-regulation works best, and government intervention is ineffective and harmful. They forgot about the other models. There was too much Fama, too little Shiller. The economics of the profession may have been fine, but evidently there was trouble with its psychology and sociology. — Dani Rodrik

I've been a foodie most of my life. I started when I lived for a year in Germany in my early 20s, and here was this new food environment, and I decided I needed to make sense of it. And I found it was the rules of economics that do the best job. Food is a capitalist product of supply and demand. — Tyler Cowen

It is because every individual knows little and, in particular, because we rarely know which of us knows best best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it. — Friedrich Hayek

I don't like stuff that can only go into one set; I want stuff that can be applied across sets. It's a more real Lego building experience. And, of course, it's the same from a manufacturing point of view. I want elements that are universal; that gives me the best economics and best utilisation of the mould. — Jorgen Vig Knudstorp

Let's take a minute to talk about spellbooks, since, in this day and age when magic is no longer taught in schools (or is, at best, an elective like Home Economics), very few people have the experience with spellbooks that they used to. — Ursula Vernon

The fully planned economy, so far from being unpopular, is warmly regarded by those who know it best. — John Kenneth Galbraith

How should the best parts of psychology and economics interrelate in an enlightened economist's mind? ... I think that these behavioral economics ... or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology. — Charlie Munger

Inequality of wealth and incomes is an essential feature of the market economy. It is the implement that makes the consumers supreme in giving them the power to force all those engaged in production to comply with their orders. It forces all those engaged in production to the utmost exertion in the service of the consumers. It makes competition work. He who best serves the consumers profits most and accumulates
riches. — Ludwig Von Mises

For the etatist, money is a creature of the State, and the esteem in which money is held is the economic expression of the respect or prestige enjoyed by the State. The more powerful and the richer the State, the better its money. Thus, during the War, it was asserted that 'the monetary standard of the victors' would ultimately be the best money. Yet victory and defeat on the battlefield can exercise only an indirect influence on the value of money. — Ludwig Von Mises

One day, J. Howard Pew of Sun Oil called Read to tell him that he had $136,000 that he had to get rid of, for some arcane tax reason, in the next twenty-four hours-and would Read, along with Howard Kershner of Christian Economics (a more right-wing religious education group Pew also supported) figure out among themselves what they could best do with it? Thanks. And they did. — Brian Doherty

What causes recessions? Many economists talk about the need for a consumer economy, but we can't have a consumer economy if people can't afford to consume, and the only way they can afford to consume over the long run is if they create new wealth to either consume at that time or to defer as investments for later consumption. Simply put, the best way to have a functioning economy is to focus on having a wealth-producing economy. But when wealth can't be created in spite of the need for such, the production of wealth has been artificially limited, and this artificial limitation is the root cause of business recessions. — Martin Adams

Sustainability is best illustrated by those who sell food ... just so they afford something to eat. — Mokokoma Mokhonoana

I mean, these good folks are revolutionizing how businesses conduct their business. And, like them, I am very optimistic about our position in the world and about its influence on the United States. We're concerned about the short-term economic news, but long-term I'm optimistic. And so, I hope investors, you know - secondly, I hope investors hold investments for periods of time - that I've always found the best investments are those that you salt away based on economics. — George W. Bush

Entrepreneurship isn't for everyone, and not everyone is going to be an entrepreneur, but women who turn to business, turn to economics, because there are people depending on them, I think that their creativity, their resilience, their spirit, embody what's best about entrepreneurship. — Gayle Tzemach Lemmon

Because economics is all about optimising, doing the best you can with what you have - it's usually the first place you should look for answers if you want to maximise your happiness. — Emily Oster

What people intuitively grasped was the new efficiences in distribution, manufacturing, and marketing were changing the definition of what was commercially viable across the board. The best way to describe these forces is that they are turning unprofitable customers, products, and markets into profitable ones. Although this phenomenon is most obvious in entertainment and media, it's an easy leap to eBay to see it at work more broadly, from cars to crafts. Seen broadly, it's clear that the story of the Long Tail is really about the economics of abundance - what happens when the bottlenecks and stand between supply and demand in our culture start to disappear and everything becomes available to everyone. — Chris Anderson

[Voltaire] theoretically prefers a republic, but he knows its flaws: it permits factions which, if they do not bring on civil war, at least destroy national unity; it is suited only to small states protected by geographic situation, and as yet unspoiled and untorn with wealth; in general "men are rarely worthy to govern themselves." Republics are transient at best; they are the first form of society, arising from the union of families; the American Indians lived in tribal republics, and Africa is full of such democracies. but differentiation of economic status puts an end to these egalitarian governments; and differentiation is the inevitable accompaniment of development. — Will Durant

The weakness of our age is in want of great men and women. It is hard to resist the current. Someone must completely detach himself from the ordinary run of politicians if he is to save politics; economists must break with the ordinary run of the mill of capital and labor commonplaces, if economics is to be saved. In other words, we need saints. These are not easy to make. First of all - because we do not always want the best; the best demands sacrifice of the ordinary and the discipline of the lower self. God, in His turn, finds it hard to give, because He gives only the best - moral perfection - and few there are who want it. As Augustine said at one point in his life, "I want to be good, dear Lord...but not now - a little later on. — Fulton Sheen

Printing currency for foreigners to buy is the best racket a government can get into. — Lee Child

Whether one believes or not, religion is as real a force in the life of the world as economics or politics, and it demands fair-minded attention. Even if you think the entire religious enterprise is at best misguided and at worst counterproductive, it remains vital, inspiring great good and, sometimes, great evil. — Jon Meacham

The quasi-peaceable gentleman of leisure, then, not only consumes of the staff of life beyond the minimum required for subsistence and physical efficiency, but his consumption also undergoes a specialisation as regards the quality of the goods consumed. He consumes freely and of the best, in food, drink, narcotics, shelter, services, ornaments, apparel, weapons and accoutrements, amusements, amulets, and idols or divinities. — Thorstein Veblen

To join or not to join films was the biggest choice I had to make. I'd done two years of biogenetic engineering, was an economics graduate and a gold medalist. I had also been a Bharatanatyam dancer from age five, always won the best actress award in school. Finally, I decided to do things for my soul, chose to act. — Amisha Patel

We should not conclude from this that everything depends on waves of irrational psychology. On the contrary, the state of long-term expectation is often steady, and, even when it is not, the other factors exert their compensating effects. We are merely reminding ourselves that human decisions affecting the future, whether personal or political or economic, cannot depend on strict mathematical expectation, since the basis for making such calculations does not exist; and that it is our innate urge to activity which makes the wheels go round, our rational selves choosing between the alternatives as best we are able, calculating where we can, but often falling back for our motive on whim or sentiment or chance. — John Maynard Keynes

The lesson I have to teach is this: Leave all creative energies uninhibited. Merely organize society to act in harmony with this lesson. Let society's legal apparatus remove all obstacles the best it can. Permit these creative know-hows freely to flow. Have faith that free men and women will respond to the Invisible Hand. This faith will be confirmed. I, Pencil, seemingly simple though I am, offer the miracle of my creation as testimony that this is a practical faith, as practical as the sun, the rain, a cedar tree, the good earth. — Leonard E. Read

This is the best possible way to retain important details that you wish to remember in any unified field of knowledge, whether it be the field of economics, science, history, or any other
link them up with related items which you already know or wouldn't mind knowing. — Ralph Alfred Habas

Health is more than absence of disease; it is about economics, education, environment, empowerment, and community. The health and well being of the people is critically dependent upon the health system that serves them. It must provide the best possible health with the least disparities and respond equally well to everyone. — Joycelyn Elders

When men are employed they are best contented. — Benjamin Franklin