Best Economists Quotes & Sayings

We have bought unconditionally the economists' line that competition and innovation would solve all problems, and that we would finally accomplish a technological end-run around biological reality and the human condition. — Wendell Berry

Economists state their GNP growth projections to the nearest tenth of a percentage point to prove they have a sense of humor. — Edgar Fiedler

People dreaming ,economists steals their dreams and politicians kills it — Mohammed Sekouty

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

At best the principles that economists have supposed the choices of rational individuals to satisfy can be presented as guidelines for us to consider when we make our decisions. — John Rawls

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. — Murray Rothbard

[I]t is funny because economists are not real scientists, and because logicians think more clearly, but mathematicians are best. — Mark Haddon

People do more for their fellows than return favors and punish cheaters. They often perform generous acts without the slightest hope for payback ranging from leaving a tip in a restaurant they will never visit again to throwing themselves on a live grenade to save their brothers in arms. [Robert] Trivers together with the economists Robert Frank and Jack Hirshleifer has pointed out that pure magnanimity can evolve in an environment of people seeking to discriminate fair weather friends from loyal allies. Signs of heartfelt loyalty and generosity serve as guarantors of one s promises reducing a partner s worry that you will default on them. The best way to convince a skeptic that you are trustworthy and generous is to be trustworthy and generous. — Steven Pinker

Fiat-money! Let the State 'create' money, and make the poor rich, and free them from the bonds of the capitalists! How foolish to forego the opportunity of making everybody rich, and consequently happy, that the State's right to create money gives it! How wrong to forego it simply because this would run counter to the interests of the rich! How wicked of the economists to assert that it is not within the power of the State to create wealth by means of the printing press!- You statesmen want to build railways, and complain of the low state of the exchequer? Well, then, do not beg loans from the capitalists and anxiously calculate whether your railways will bring in enough to enable you to pay interest and amortization on your debt. Create money, and help yourselves. — Ludwig Von Mises

The problem for free-market economists is that their policy recommendations at the dawn of a recession are not too sexy to the political mindset. They involve either doing nothing to hinder price adjustments, or actively removing extra-market barriers to price adjustments. This often involves short-term pain in exchange for long-term solutions, when politics rewards short-term solutions that result in long-term pain. — Christopher Westley

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. — Paul Ormerod

I guess economists, it's a bit like scientists; you have definitely fewer women in that field. — Christine Lagarde

Many scientists and economists also say putting a price on carbon through carbon taxes and/or cap-and-trade is necessary. — David Suzuki

Analysis predating [Milton] Friedman's gave a different answer to question of the Fed's policy errors [during the Great Depression] and new scholarship is validating the old wisdom. It now appears that Friedman will be merely an interlude between the sounder analysis of economists contemporary to the Great Depression and those who have rediscovered their insights. --Jeff Herbener — David Howden

Losses of a kind of satisfaction that have no market equivalent don't show up in the calculations of economists. — Ivan Illich

I have learned more [from Balzac] than from all the professional historians, economists, and statisticians put together. — Friedrich Engels

Why is it so important to have fun? Because if you love your work (or your activism or your family time), then you'll want to do more of it. You'll think about it before you go to sleep and as soon as you wake up; your mind is always in gear. When you're that engaged, you'll run circles around other people even if they are more naturally talented. From what we've seen personally, the best predictor of success among young economists and journalists is whether they absolutely love what they do. If they approach their job like - well, a job - they aren't likely to thrive. But if they've somehow convinced themselves that running regressions or interviewing strangers is the funnest thing in the world, you know they have a shot. — Steven D. Levitt

Some economists became obsessed with market efficiency and others with market failure. Generally held to be members of opposite schools-freshwater and saltwater, Chicago and Cambridge, liberal and conservative, Austrian and Keynesian-both sides share an essential economic vision. They see their discipline as successful insofar as it eliminates surprise-insofar, that is, as the inexorable workings of the machine override the initiatives of the human actors. — George Gilder

This is what the bourgeois political economists have done: they have treated value as a fact of nature, not a social construction arising out of a particular mode of production. What Marx is interested in is a revolutionary transformation of society, and that means an overthrow of the capitalist value-form, the construction of an alternative value-structure, an alternative value-system that does not have the specific character of that achieved under capitalism. — David Harvey

Economists are always recommending the elimination of this or that market imperfection ... no astrophysicist recommends the elimination of planets that he does not like. — Lester Thurow

I don't think that much change comes from economists. I think it comes more from political realities. Probably the two giants of the 20th century, who actually did shift government policy in the U.S. and around the world, were John Maynard Keynes and Milton Friedman. I don't see anybody in our system who is at that level of influence. — Adam Davidson

The world is better served by syncretic economists and policymakers who can hold multiple ideas in their heads than by 'one-handed' economists who promote one big idea regardless of context. — Dani Rodrik

Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. I would say that the spreading of double-entry bookkeeping by the Monk, Fra Luce de Pacioli, was a big virtue effect in economics. It made business more controllable, and it made it more honest. — Charlie Munger

It is natural that the appearance of pollution should have taken by surprise an economic science which has delighted in playing around with all kinds of mechanistic models. Curiously, even after the event economics gives no signs of acknowledging the role of natural resources in the economic process. Economists still do not seem to realize that, since the product of the economic process is waste, waste is an inevitable result of that process and ceteris paribus increases in greater proportion than the intensity of economic activity. — Nicholas Georgescu-Roegen

Economists are behavioural psychologists, but they think more is better; they want to make everyone richer. They should pause. More's not necessarily better — David Hemenway

When I was Governor, Louis Kelso went out of his way to brief me. I was very impressed, but I was never able to get any of the economists in state government to give him the help his plan deserves. — Jerry Brown

Economists specialize in pointing out unpleasant trade-offs - a skill that is on full display in the health care debate. We want patients to receive the best care available. We also want consumers to pay less. And we don't want to bankrupt the government or private insurers. Something must give. — Sendhil Mullainathan

If there is any hope for changing the world for the better, from reducing family violence to reversing overpopulation and international conflict, economists, educators, and political leaders will need to base their interventions on a sound understanding of what people are really like, not on some fairy-tale version of what we would like them to be. — Douglas T. Kenrick

Popular as Keynesian fiscal policy may be, many economists are skeptical that it works. They argue that fine-tuning the economy is a virtually impossible task, and that fiscal-stimulus programs are usually too small, and arrive too late, to make a difference. — James Surowiecki

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

We have lots of evidence that putting investments in early childhood education, even evidence from very hard-nosed economists, is one of the very best investments that the society can possibly make. And yet we still don't have public support for things like preschools. — Alison Gopnik

Of course, government economists have been doing their part as well to try to sugar-coat the pill of tax increases. They never refer to these changes as "increases." They have not been increases at all; they were "revenue enhancement" and "closing loopholes." The best comment on the concept of "loopholes" was that of Ludwig von Mises. Mises remarked that the very concept of "loopholes" implies that the government rightly owns all of the money you earn, and that it becomes necessary to correct the slipup of the government's not having gotten its hands on that money long since. — Ludwig Von Mises

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

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. — John Kenneth Galbraith

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

The campaign was also among the most heated in recent memory, or short -term anticipation. The soon-to-be Opposition Leader never tired of listing the promises the new Prime Minister would break; she in turn countered with statistics of the mess he'd create as Treasurer, in the mid-eighties. (The causes of that impending recession were still being debated by economists; most claimed it was an "essential precursor" of the prosperity of the nineties , and that The Market, in its infinite, time -spanning wisdom, would choose / had chosen the best of all possible futures. Personally, I suspect it simply proved that even foresight was no cure for incompetence. — Greg Egan

In the 2013 Economists Program, we hired 51 percent women, 49 percent men. And the reason for that is that we have a draft from all over the world, and we've hired, for instance, in that group, a good number of Chinese economists - highly qualified, all Ph.D.s from the best universities of the world. And guess what? They're all women. — Christine Lagarde

Isn't there a flaw in the logic of that phrase - speak truth to power? It assumes that power doesn't know the truth. But power knows the truth just as well, if not better, than the powerless know the truth. Enron knows what it's doing. We don't have to tell it what it's doing. We have to tell other people what Enron is doing. Similarly, the people who are building the dams know what they're doing. The contractors know how much they're stealing. The bureaucrats know how much they're getting in bribes.
Power knows the truth. There isn't any doubt about that. It is really about telling the story. Good fiction is the truest thing that ever there was. Facts are not necessarily the only truths. Facts can be fiddled with by economists and bankers. There are other kinds of truth. It's about telling the story. As a writer, that's the best thing I can do. It's not just about digging up facts. — Arundhati Roy

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

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

The economists will have to revise their theories of value. — Albert Einstein

Scratch the surface at conservative think tanks and universities that house free-market economists, and it's not hard to find proponents of a carbon tax. — Nina Easton

The fear among economists across the political spectrum was that we were rapidly plummeting toward a second Great Depression. So in the weeks and months that followed, we undertook a series of difficult steps to prevent that outcome. And we were forced to take those steps, largely without the help of an opposition party, which, unfortunately, after having presided over the decision-making that had led to the crisis, decided to hand it over to others to solve. — Barack Obama

Priests, kings, statesmen, soldiers, bankers and public functionaries of all sorts; policemen, jailers and hangmen; capitalists, usurers, businessmen and property-owners; lawyers, economists and politicians - all of them, down to the meanest grocer, repeat in chorus the words of Voltaire, that if there were no God it would be necessary to invent Him. — Mikhail Bakunin

Economists who speak the English tongue are strangely intimidated by mathematical symbols. — Al Nichol

Thanks to economists, all of us, from the days of Adam Smith and before right down to the present, tariffs are perhaps one tenth of one percent lower than they otherwise would have been. ...
And because of our efforts, we have earned our salaries ten-thousand fold. — Milton Friedman

Evolving technologies that allow economists to gather new types of data and to manipulate millions of data points are just one factor among several that are likely to transform the field in coming years. — Ben Bernanke

Economists agree about economics - and that's a science - and they disagree about economic policy because that's a value judgment ... I've had profound disagreements on policy with the famous Milton Friedman. But, on economics, we agree. — Franco Modigliani

Until the Great Depression, most economists clung to a vision of capitalism as a perfect or nearly perfect system. That vision wasn't sustainable in the face of mass unemployment, but as memories of the Depression faded, economists fell back in love with the old, idealized vision of an economy in which rational individuals interact in perfect markets. — Paul Krugman

The curious mind embraces science; the gifted and sensitive, the arts; the practical, business; the leftover becomes an economist — Nassim Nicholas Taleb

Retirement savings is probably behavioral economists' greatest success story. It is a prototypical behavioral-economics problem because saving for retirement is cognitively hard - figuring out how much to save - and requires self-control. — Richard Thaler

In a comprehensive study of all public multiple shooting incidents in America between 1977 and 1999, economists John Lott and Bill Landes found that the only public policy that reduced both the incidence and casualties of such shootings were concealed-carry laws. Not only are there 60 percent fewer gun massacres after states adopt concealed-carry laws, but the death and injury rate of such rampages are reduced by 80 percent. — Ann Coulter

It is obvious that the fascist mass pestilence, with its background of thousands of years, cannot be mastered with social measures corresponding to the past three hundred years. The discovery of the natural biological work democracy in international human intercourse is the answer to fascism. This will be no less true even if not one of the living sex-economists, orgone biophysicists or work democrats should live to see its general functioning and its victory over the irrationalism in social life. — Wilhelm Reich

I'll bet you didn't think a handful of economists could save the world, did you? You thought the world would end with nuclear war or something? No, it's much more basic than that. It's more likely going to be from a disruption in the water supply, power, and from lack of food due to an economic collapse. Either that or a financial war. — Kenneth Eade

The fallacy that dynamic processes must be modeled as if the system is in continuous equilibrium is probably the most important reason for the intellectual failure of neoclassical economics. Mathematics, science and engineering developed tools long ago to model outside of equilibrium processes. This dynamic approach to thinking about the economy should become second nature to economists. — Steve Keen

Economists have calculated that every dollar invested in high-quality home visitation, day care, and preschool programs results in seven dollars of savings on welfare payments, health-care costs, substance-abuse treatment, and incarceration, plus higher tax revenues due to better-paying jobs.37 — Bessel A. Van Der Kolk

In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again. — John Maynard Keynes

Economists often talk about the 80/20 Principle, which is the idea that in any situation roughly 80 percent of the "work" will be done by 20 percent of the participants. In most societies, 20 percent of criminals commit 80 percent of crimes. Twenty percent of motorists cause 80 percent of all accidents. Twenty percent of beer drinkers drink 80 percent of all beer. When it comes to epidemics, though, this disproportionality becomes even more extreme: a tiny percentage of people do the majority of the work. — Malcolm Gladwell

In my opinion, economists and sociologists are the people to whom we ought to turn more than we do for instruction in the grounds and foundations of all rational decisions. — Oliver Wendell Holmes Jr.

It affects every aspect of our lives, is often said to be the root of all evil, and the analysis of the world that it makes possible - what we call 'the economy' - is so important to us that economists have become the high priests of our society. Yet, oddly, there is absolutely no consensus among economists about what money really is. — David Graeber

Economists can never be free of from difficulties unless they will distinguish between a theory and the application of a theory. — William Stanley Jevons

I'm not going to put my lot in with economists. — Hillary Clinton

Our biggest challenge is to eliminate the popular perception that economists don't have anything useful to say. — Mark Zandi

Most economists would concede that, in theory, government has the tools to smooth the business cycle. The problem is that fiscal policy is not made in theory; it's made in Congress. — Charles Wheelan

Greed is good to most economists. It's greed that makes people work harder, be more productive and helps the economy grow. — Rebecca M. Blank

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