Economic Theories Quotes & Sayings

The social function of economic science consists precisely in developing sound
economic theories and in exploding the fallacies of vicious reasoning. In the pursuit of
this task the economist incurs the deadly enmity of all mountebanks and charlatans
whose shortcuts to an earthly paradise he debunks. The less these quacks are able to
advance plausible objections to an economist's argument, the more furiously do they
insult them. — Ludwig Von Mises

Odonianism is anarchism. Not the bomb-in-the-pocket stuff, which is terrorism, whatever name it tries to dignify itself with, not the social-Darwinist economic 'libertarianism' of the far right; but anarchism, as prefigured in early Taoist thought, and expounded by Shelley and Kropotkin, Goldman and Goodman. Anarchism's principal target is the authoritarian State (capitalist or socialist); its principle moral-practical theme is cooperation (solidarity, mutual aid). It is the most idealistic, and to me the most interesting, of all political theories. — Ursula K. Le Guin

The world knows about our Jesus. They know about His poverty and love of the underdog. They know He told His followers to care for the poor and to share. They've heard about His radical economic theories and revolutionary redistribution concepts. They might not understand the nuances of His divinity or the various shades of His theology, but they know He was a friend of the oppressed. — Jen Hatmaker

Even philosophies who have denounced pseudosciences like psychoanalysis, have condoned pseudoscientific economic theories like neoclassical microeconomics. It is far safer and easier to criticize Freud and Jung than to criticize Milton Friedman and Friedrich Hayek, because the latter are backed by political movements whereas the former are not. — Mario Bunge

This you may say of man - when theories change and crash, when schools, philosophies, when narrow dark alleys of thought, national, religious, economic, grow and disintegrate, man reaches, stumbles forward, painfully, mistakenly sometimes. Having stepped forward, he may slip back, but only half a step, never the full step back. — John Steinbeck

I began my work in the '70s, teaching at a university in Bangladesh, and these economic theories that I had learned stopped ringing true for me, as I saw the misery of people living all around me. — Muhammad Yunus

What does not yet exist cannot now be known. The future is imagined by each man for himself and this process of the imagination is a vital part of the process of decision. But it does not make the future known. The absolute and eternal difference between the recorded past and the unformed future, despite its overwhelming significance for the very stuff of human existence, has been often overlooked in our economic theories. — G.L.S. Shackle

Yes, many years of oppression may have complicated things and it seems impossible for blacks to create their own means of production. But, I truly believe that we must start somewhere. We must reimagine a world where we are proudly black and support all things black in order to reinvent the economic wheel. We talk. We produce theories. We prove ourselves and and and... But we must also put our money where our mouths and theories are. This is why we fight each and every single day. — Malebo Sephodi

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. — Ludwig Von Mises

Now, because he knows that his economic theories don't work, he's been spending these last few days calling me every name in the book. Lately he's called me a socialist for wanting to roll-back the Bush tax cuts for the wealthiest Americans so we can finally give tax relief to the middle class. I don't know what's next. By the end of the week he'll be accusing me of being a secret communist because I shared my toys in kindergarten. I shared my peanut butter and jelly sandwich. — Barack Obama

Like all social theories, internationalism must seek its basis in the economic and technical fields; here are to be found the most profound and the most decisive factors in the development of society. — Christian Lous Lange

All progressive thought has assumed tacitly that human beings desire nothing beyond ease, security and avoidance of pain ... Hitler, because in his joyless mind he feels it with exceptional strength, knows that human beings don't only want comfort, safety, short working-hours, hygiene, birth-control and, in general, common sense; they also, at least intermittently, want struggle and self-sacrifice, not to mention drums, flags and loyalty-parades. However they may be as economic theories, Fascism and Nazism are psychologically far sounder than any hedonistic conception of life. — George Orwell

You were probably educated in the conventional economic theories of your period which were magnificent and most ingenious, but
if you will pardon my saying so
all wrong. — Robert A. Heinlein

This is consistent with holding that freedom is at its maximum when each individual is able to act without deliberate interference from others. This liberal conception of freedom fits perfectly with the economic theories of defenders of unrestrained capitalism, for they portray capitalism as the outcome of the free choices of millions of individuals. — Anonymous

Free market economists frequently see minimum wage legislation as mere political intervention. However, there are decent economic theories which show that, under certain circumstances, minimum wages can be beneficial, as it makes workers more productive. — Ha-Joon Chang

The notion that a society could be regulated entirely by market forces is a utopian fantasy: an impossible dream generated by imagining what the world would be like if everyone's behavior was utterly consistent with some abstract moral ideal-in this case, economic theories that assume all human action is based on calculating, systematic, (but scrupulously law-abiding), greed. — David Graeber

Some of you may have been hoping that today I would speak about Lucien Bouchard's latest economic theories. But I have decided to spare him for the time being: after all, he is a man. — Kim Campbell

When dealing with Arab society, [we are dealing with] a production system that is in competition with others (and not with a theoretical opposition between specific economic rationalities), a social structure that must at all times prove its viability in the world arena (and not with its inner logic, which is theoretically as total, as elegant, and plausible as that of any other society whatever), a practical politics that is in perpetual disequilibrium (and not with elaborate theories about the best form of government), a language that must constantly prove its creativity and capacity for adaptation in competition with other languages in an accelerating evolutionary situation (and not with a theory of the language at a given moment of its evolution). — Abdallah Laroui

No one can predict whether the earth will be cooler or hotter next year, let alone do anything to change it. If you're afraid of global warming, turn off the lights when you leave the room - but don't participate in the corruption of science, don't scare our kids with unproven cataclysmic theories, and don't try to ban economic energy sources that people living on this planet depend upon today. And don't try to stop progress; it's the only hope the earth has of seeing clean industry, short of exterminating mankind. — Doug Casey

A book can only end one of two ways: truthfully or artfully. If it ends artfully, then it never feels quite right. It feels forced, manipulated. If it ends truthfully, then the story ends badly, in death. It's the reason most theories and religions and economic systems break down before you get too far into them
and the reason Buddhism and the Beach Boys make sense to teenagers, because they're too young to know what life really is: a frantic struggle that always ends the same way. The only thing that varies is the beginning and the middle. Life itself always ends badly. — Jess Walter

As an economic doctrine it does not stand up to scientific probing. Marx's economic theories are not a scientific account of the nature and extent of exploitation under capitalism. They nevertheless offer a vivid picture of an uncontrolled society in which the productive workers unconsciously create the instruments of their own oppression. It is a picture of human alienation, writ large as the dominance of past labour, or capital, over living labour. — Anonymous

Washington's insatiable desire to spend our children's inheritance on failed stimulus plans and other misguided economic theories have given record debt and left us with far too many unemployed. — Rick Perry

It will change everything. We won't need governments and corporations. The very concepts our economic and social systems are based on: money, wealth, privilege, will be meaningless. What use is money when everyone can build everything they need?'...
'These are people who've spent their whole lives fighting their way to the top and you're just going to tell them that there is no top anymore?... it's you that doesn't understand: they only care about material things as status symbols, to show that they're better than everyone else, that they've beaten everyone else, that's what drives them. They'll never give that up. — K. Valisumbra

I began my career as an economics professor but became frustrated because the economic theories I taught in the classroom didn't have any meaning in the lives of poor people I saw all around me. I decided to turn away from the textbooks and discover the real-life economics of a poor person's existence. — Muhammad Yunus

I'm not critical of the people who do psychotherapy. The therapists in the trenches have to face an awful lot of the social, political, and economic failures of capitalism. They have to take care of all the rejects and failures. They are sincere and work hard with very little credit, and the HMOs and the pharmaceutical companies and insurance companies are trying to wipe them out. So certainly I am not attacking them. I am attacking the theories of psychotherapy. — James Hillman

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. — George Gilder

Contrary to what professional economists will typically tell you, economics is not a science. All economic theories have underlying political and ethical assumptions, which make it impossible to prove them right or wrong in the way we can with theories in physics or chemistry. — Ha-Joon Chang

It is a fundamental truth that the responsibilities of motherhood cannot be successfully delegated. No, not to day-care centers, not to schools, not to nurseries, not to babysitters. We become enamored with men's theories such as the idea of preschool training outside the home for young children. Not only does this put added pressure on the budget, but it places young children in an environment away from mother's influence. Too often the pressure for popularity, on children and teens, places an economic burden on the income of the father, so mother feels she must go to work to satisfy her children's needs. That decision can be most shortsighted. It is mother's influence during the crucial formative years that forms a child's basic character. Home is the place where a child learns faith, feels love, and thereby learns from mother's loving example to choose righteousness. How vital are mother's influence and teaching in the home - and how apparent when neglected! — Ezra Taft Benson

Since the Enlightenment, in the great tension between rationalism (how we would like things to be so they make sense to us) and empiricism (how things are), we have been blaming the world for not fitting the beds of "rational" models, have tried to change humans to fit technology, fudged our ethics to fit our needs for employment, asked economic life to fit the theories of economists, and asked human life to squeeze into some narrative. — Nassim Nicholas Taleb

In restating this basic Christian doctrine, Benedict argues that it is not only for Christians alone. Others may not share the Christian faith in God, but the Christian proclamation that hope comes from within the person- in the realm of faith and conscience - is for them too. It offers an important protection against stifling and occasionally brutal social systems built on false hopes that come from outside the person, founded on political idealogies, economic models and social theories. — Raymond J. De Souza

Once a new social stage appears in a culture, it will spread its instructional codes and life-priority messages throughout that culture's surface-level expressions: religion, economic and political arrangements, psychological and anthro-pological theories, and views of human nature, our future destiny, globalization, and even architectural patterns and sports preferences. We all live in flow states; there is always new wine, always old wineskins. We, indeed, find ourselves pursuing a neverending quest. — Don Edward Beck

To put it bluntly, there isn't one economic theory that can single-handedly explain Singapore's success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex. — Ha-Joon Chang

I believe, therefore, that although it is not the case today, that there may some day come a time, I should hope, when it will fully appreciated that the power of governments should be limited; that governments ought not to be empowered to decide the validity of scientific theories, that this is a ridiculous thing for them to try to do; that they are not to decide the description of history or of economic theory or of philosophy. — Richard Feynman

The flowering of human society depends on two factors: the intellectual power of outstanding men to conceive sound social and economic theories, and the ability of these or other men to make these ideologies palatable to the majority. — Ludwig Von Mises

The economic and social theories used by those who take part in the social struggle ought to be judged not by their objective value but primarily for their effectiveness in arousing emotions. The scientific refutation of them which can be made is useless, however correct it may be objectively. — Vilfredo Pareto

Humankind does not submit passively to the power of nature. It takes control over this power. This process is not an internal or subjective one. It takes place objectively in practice, once women cease to be viewed as mere sexual beings, once we look beyond their biological functions and become conscious of their weight as an active social force. What's more, woman's consciousness of herself is not only a product of her sexuality. It reflects her position as determined by the economic structure of society, which in turn expresses the level reached by humankind in technological development and the relations between classes.

The importance of dialectical materialism lies in going beyond the inherent limits of biology, rejecting simplistic theories about our being slaves to the nature of our species, and, instead, placing facts in their social and economic context. — Thomas Sankara

Besides, we weren't made to battle villains, because there weren't any. No nation, creed, or race was any better or worse than another; all were flawed, all were equally doomed to suffering, mostly because they couldn't see that they were all alike. Mortals might have been contemptible, true, but not evil entirely. They did enjoy killing one another and frequently came up with ingenious excuses for doing so on a grand scale - religions, economic theories, ethnic pride - but we couldn't condemn them for it, as it was in their mortal natures and they were too stupid to know any better. — Kage Baker

It is not a struggle merely of economic theories, or forms of government or of military power. At issue is the true nature of man. Either man is the creature whom the psalmist described as a little lower than the angels ... or man is a soulless, animated machine to be enslaved, used and consumed by the state for its own glorification. It is, therefore, a struggle which goes to the roots of the human spirit, and its shadow falls across the long sweep of man's destiny. — Dwight D. Eisenhower