Quotes & Sayings About Economics

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

We live in a world in which it is impossible to anticipate most of the contingencies that will arise. Neither the political context, nor the inventions, nor the fashions, nor the weather, nor the climate are precisely specifiable in advance. There is, in the real world, no possibility of working with an abstract space of all the contingencies that may evolve. To do real economics, without mythological elements, we need a theoretical framework in which time is real and the future is not specifiable in advance, even in principle. It is only in such a theoretical context that the full scope of our power to construct our future can make sense. — Lee Smolin

modern humanist education believes in teaching students to think for themselves. It is good to know what Aristotle, Solomon and Aquinas thought about politics, art and economics; yet since the supreme source of meaning and authority lies within ourselves, it is far more important to know what you think about these matters. — Yuval Noah Harari

Everyone's lost a lot of money on their 401k plans. I've heard some people calling them 201k plans. So it's even more important to get people to be saving more for retirement. Behavioral economics has helped us learn a lot about how to do that. — Richard Thaler

Recommending gastric bypass as a national solution for our diabetes epidemic is bad medicine and bad economics. — Mark Hyman

The test of a progressive policy is not private but public, not just rising income and consumption for individuals, but widening the opportunities and what Amartya Sen calls the 'capabilities' of all through collective action. But that means, it must mean, public non-profit initiative, even if only in redistributing private accumulation. Public decisions aimed at collective social improvement from which all human lives should gain. That is the basis of progressive policy - not maximising economic growth and personal incomes. Nowhere will this be more important than in tackling the greatest problem facing us this century, the environmental crisis. Whatever ideological logo we choose for it, it will mean a major shift away from the free market and towards public action, a bigger shift than the British government has yet envisaged. And, given the acuteness of the economic crisis, probably a fairly rapid shift. Time is not on our side. — Eric Hobsbawm

It [eBook] is like introducing the machine gun to a revolutionary war. It changes everything. If you can reach your fans directly without having to go through a middle man, the entire economics of the publishing business changes. — Tucker Max

At nineteen I was pretty sure I was going to be a professional soccer player. At that time I played for one of the Norwegian premier leagues. But I tore ligaments in both knees, so I started studying business administration and economics and became a financial analyst, and I worked at a brokerage firm as a stockbroker. — Jo Nesbo

Need is not demand. Effective economic demand requires not merely need but corresponding purchasing power. — Henry Hazlitt

Restrictionistic ideas have never met with any measure of popular sympathy except after a time of monetary depreciation when it has been necessary to decide what should take the place of the abandoned inflationary policy. — Ludwig Von Mises

But while I loved all of these courses, there was an irresistible attraction of economics. — Joseph Stiglitz

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 rich control our politics to a huge extend. In return they get tax cuts and deregulation. It's been and is an amazing ride for the rich. — Jeffrey D. Sachs

It [economics] facilitates our understanding of the well-being of societies and the challenges they face; it explains many of the daily interactions between individuals, companies and governments, and it offers a guide to understanding political and social trends that are shaping our world. — Greg Ip

The '90s were extremely diverse, almost like a laboratory of the new century. There was much experimenting around, in politics, economics, gender and family structures, and also in fashion. There was a cloud of possibilities which kept us all dizzy. — Jil Sander

The social displacements that occur as consequences of variations in the value of money result solely from the circumstance that this assumption never holds good. In the chapter dealing with the determinants of the objective exchange-value of money it was shown that variations in the value of money always start from a given point and gradually spread out from this point through the whole community. — Ludwig Von Mises

Economics is a very difficult subject. I've compared it to trying to learn how to repair a car when the engine is running. — Ben Bernanke

Economics anxiety may be even more common than the often identified 'math anxiety,' for unlike math, which has its personal uses, economics is seen as a mysterious set of forces manipulated from above. — Gloria Steinem

But the economy's out of control. Money just doesn't need human beings anymore. Most of us only get in the way. — Bruce Sterling

from a career as an economics — Marc Cameron

If a measurement matters at all, it is because it must have some conceivable effect on decisions and behaviour. If we can't identify a decision that could be affected by a proposed measurement and how it could change those decisions, then the measurement simply has no value — Douglas W. Hubbard

In each case, the relative cost of postponing the purchase for buyer and seller determines the intensity of competition between the [past and future] selves of the seller. If the buyer has a lower cost of postponing the purchase (delay, making do with an interior model) than the seller (inventory, staff salaries) the buyer has the bargaining power. — Rakesh V. Vohra

It is in the light of our beliefs about the ultimate nature of reality that we formulate our conceptions of right and wrong that we frame our conduct, not only in the relations of private life, but also in the sphere of politics and economics. So far from being irrelevant, our metaphysical beliefs are the finally determining factor in all our actions. — Aldous Huxley

I believe in market economics. But to paraphrase Churchill - who said this about democracy and political regimes - a market economy might be the worst economic regime available, apart from the alternatives. I believe that people react to incentives, that incentives matter, and that prices reflect the way things should be allocated. But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential - not excessive - regulation of the financial system. — Nouriel Roubini

There is an old saying, or should be, that it is a wise economist who recognizes the scope of his own generalizations. — John Kenneth Galbraith

Poverty was nature surviving in society; that the limitedness of food and the unlimitedness of men had come to an issue just when the promise of boundless increase of wealth burst in upon us made the irony only the more bitter. — Karl Polanyi

Steps toward a rapprochement between Israel and the Arab states create a process that turns economics into the moving force that shapes the regional relations instead of nationalist interests that were dominant in the past. — Yitzhak Rabin

Trickle-down economics is a myth. Enriching corporations - as the TPP would - will not necessarily help those in the middle, let alone those at the bottom. — Joseph Stiglitz

In our current distorted reality, land is often held speculatively without being put to productive use. Because people are able to profit from land and use it inefficiently, sprawl is an issue and farmland is constantly at risk of rezoning, thus forcing up the cost of all farmland.

Land contributions would remove the profit from land speculation and inefficient use, releasing more farmland and also ensuring existing farmland wasn't constantly under the shadow of rezoning. Labour and capital taxes would reduce and thus also farming costs. Overall, farming costs would reduce and farmland would be sustainably available for agriculture. — Martin Adams

Litmus test: If you can't describe Ricardo 's Law of Comparative Advantage and explain why people find it counterintuitive, you don't know enough about economics to direct any criticism or praise at " capitalism " because you don't know what other people are referring to when they use that word . — Eliezer Yudkowsky

However little president Obama knows or cares about economics, he knows a lot about politics - and especially political rhetoric. 'High-speed rail' is simply another set of loft words to justify continued expansion of government spending. So are words like 'investment in education' or 'investment' in any number of other things, which serves the same political purpose. — Thomas Sowell

Religion to be true must satisfy what may be termed humanitarian economics, that is, where the income and the expenditure balance each other. — Mahatma Gandhi

Economics, as it has emerged, can be made more productive by paying greater and more explicit attention to the ethical considerations that shape human behaviour and judgment. — Amartya Sen

The reader who thinks that rationality does not require a definition should ponder the following: I'll give you a million dollars to do something irrational. — Lakshman Krishnamurthi

Hard science gives sensational results with a horribly boring process; philosophy gives boring results with a sensational process; literature gives sensational results with a sensational process; and economics gives boring results with a boring process. — Nassim Nicholas Taleb

I saw that publishing all over the world was deeply constrained by self-censorship, economics and political censorship, while the military-industrial complex was growing at a tremendous rate, and the amount of information that it was collecting about all of us vastly exceeded the public imagination. — Julian Assange

It seems then that instead of consumers' willingness to pay influencing market prices, the causality is somewhat reversed and it is market prices themselves that influence consumers' willingness to pay. — Dan Ariely

Capitalism is not a form of government. Capitalism is a symptom of freedom. It is the result of individual rights, which include property rights. — A.E. Samaan

Inflation consists of subsidizing expenditures that give no returns with money that does not exist. — Jacques Rueff

Intellectually and compassionately explaining the reason freedom works is required for credibility. — Ron Paul

Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine - the special pleading of selfish interests. — Henry Hazlitt

The reason why we're strippers, is invariably more boring, more grounded in nonexistential needs like money - and pragmatic concerns, like money. — Ruth Fowler

The budget should be balanced not by more taxes, but by reduction of follies. — Herbert Hoover

I proceeded to prove everybody right as to how bad an economics student I was by failing as an assistant manager in every theatre I went to that hired me, both as an assistant manager and as an actor. I lost money and tickets, and I couldn't keep track of anything. So eventually they fired me from assistant-manager jobs, but kept me on as an actor. — William Shatner

Economic analysis is the first principle of Marxism. Professors who were genuine leftists would have challenged the entire economics-driven machinery of American academe the wasteful multidepartmental structure, the divisive pedantry of overspecialization, the cronyism and sycophancy in recruitment and promotion, the boondoggling ostentation of pointless conferences, the exploitation of graduate students and part-time teachers, the subservience of faculty to overpaid administrators, the mediocrity and folly of the ruling cliques of the Modern Language Association. — Camille Paglia

In the 19th century China dominated the manufacture of porcelain. Then European factories discovered a cheaper method of making pottery of equal quality, demolishing the Chinese industry the exact reverse of what is happening now. World economics have turned full circle. — Martin Sorrell

We could manage to survive without money changers and stockbrokers. We should find it harder to do without miners, steel workers and those who cultivate the land — Aneurin Bevan

People who dismiss the unemployed and dependent as 'parasites' fail to understand economics and parasitism. A successful parasite is one that is not recognized by its host, one that can make its host work for it without appearing as a burden. Such is the ruling class in a capitalist society. — Jason Read

It's unwise to pay too much, but it's worse to pay too little. When
you pay too much, you lose a little money - that's all. When you pay
too little, you sometimes lose everything, because the thing you
bought was incapable of doing the thing it was bought to do. The
common law of business balance prohibits paying a little and getting a
lot - it can't be done. If you deal with the lowest bidder, it is well
to add something for the risk you run, and if you do that you will
have enough to pay for something better. — John Ruskin

Racism is not nearly as important as poverty. That's the same around the world. What look like ethnic problems are really economic issues. If you look closely at all these conflicts around the world, they come down to poverty and economics and resources. The more poverty, the worse the war. — Marjane Satrapi

Street culture is a culture of containment. Most young people do not realize that it all too often leads to a "dead end". "Street culture," as I am using the term, is a counterforce to movement culture. Street culture in contemporary urban reality is synonymous with survival at all costs. This world view is mostly negative, because it demands constant adjustment to circumstances that are often far beyond young people's control or understanding, such as economics, education, housing, employment, nutrition, law, and so forth. — Haki R. Madhubuti

It is not the responsibility of the Federal Bank - nor would it be appropriate - to protect lenders and investors from the consequences of their decisions — Ben Bernanke

Design is a way of life, a point of view. It involves the whole complex of visual communications: talent, creative ability, manual skill, and technical knowledge. Aesthetics and economics, technology and psychology are intrinsically related to the process. — Paul Rand

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

I think there are two areas where new ideas are terribly dangerous: economics and sex. By and large, it's all been tried, and if it's really new, it's probably illegal or dangerous or unhealthy. — Felix Rohatyn

The United States, with the greatest ability and the weakest desire to finance a welfare state, winds up in the middle of the pack in terms of the absolute value of the resources devoted to it. By 2003 ... America's per capita Public Expenditures were greater than those in Japan, Spain, Australia, Canada, and the United Kingdom, while lower than those in Italy, the Netherlands, Germany, Belgium, France, Denmark and Sweden. — William Voegeli

I think it's hard to understand in economics. It's easier to understand on psychology.It's a kind of panic or a sense that the world economy is just not in as good shape as we thought and so everybody is chasing everybody else. — David Wessel

Climate change: Don't undermine the science just because you don't like the economics — Brian Cox

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

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

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

The theory which follows is entirely based on a calculus of pleasure and pain; and the object of economics is to maximize happiness by purchasing pleasure, as it were, at the lowest cost of pain. — William Stanley Jevons

As secretary, Mellon was a pioneer of supply-side economics, cutting tax rates in order to spur investment and economic — Jeff Miller

What conservation education must build is an ethical underpinning for land economics and a universal curiosity to understand the land mechanism. Conservation may then follow. — Aldo Leopold

Politics, as any observer of the modern world knows, is the enemy of economics, everywhere and always. — John Derbyshire

Government in and of itself is the foremost agent for destroying order and imposing chaos."
"To accept the legitimacy of the state is to embrace the necessity for war."
"Political theory would be fine in a perfect world, but in an uncertain one, it is a dangerous gamble. — L.K. Samuels

Relative poverty is when you have more taste than money. — Neel Burton

Society needs to see science not as a luxury of funding but as a fundamental activity that drives enlightenment, economics, and security. — Neil DeGrasse Tyson

I've always been a big believer in the power of place. I believe that where we are affects who we are when it comes to happiness, spirituality, economics and creative genius. — Eric Weiner

It is unquestionably true that the need for art is not created by economic conditions. But neither is the need for food created by economics. On the contrary, the need for food and warmth creates economics. — Leon Trotsky

However, the economics of our business continued to deteriorate. We barely escaped bankruptcy a year ago, and in the aftermath of that escape we had to make some even tougher decisions. — Gerard Arpey

The whole intention of empirical economics is to force theory down to Earth. — George Akerlof

Or how does it happen that trade, which after all is nothing more than the exchange of products of various individuals and countries, rules the whole world through the relation of supply and demand - a relation which, as an English economist says, hovers over the earth like the fate of the ancients, and with invisible hand allots fortune and misfortune to men, sets up empires and overthrows empires, causes nations to rise and to disappear - while with the abolition of the basis of private property, with the communistic regulation of production (and implicit in this, the destruction of the alien relation between men and what they themselves produce), the power of the relation of supply and demand is dissolved into nothing, and men get exchange, production, the mode of their mutual relation, under their own control again? — Karl Marx

The shortcomings of economics are not original error but uncorrected obsolescence. The obsolescence has occurred because what is convenient has become sacrosanct. Anyone who attacks such ideas must seem to be a trifle self-confident and even aggressive. The man who makes his entry by leaning against an infirm door gets an unjustified reputation for violence. Something is to be attributed to the poor state of the door. — John Kenneth Galbraith

An idea is only an idea if it causes unease, debate and reflection. By that standard, Thomas Homer-Dixon's concept of an 'ingenuity gap' is truly a new idea. I can think of no other new concept that so fully condenses all of the challenges we face as a human civilization than the 'ingenuity gap'. Homer-Dixon has found a way to unite all of our concerns about economics, war, population growth, complexity, etc. under a single heading. He is one of an elite group of academics who can write for a mass audience. — Robert D. Kaplan

I would have a poet able bodied, fond of talking, a reader of the newspapers, capable of pity and laughter, informed in economics, appreciative of women, involved in personal relationships, actively interested in politics, susceptible to physical impressions. — Louis MacNeice

Monsanto actually emerged as a war chemicals industry. It is known for Agent Orange, and for toxics. It wasn't ever in seed and agriculture. This is a recent entry, because they realized controlling the seed means controlling the entire food chain and the profits they can make from that are so much more than they can make at any other level. So in a way they brought war to our farmlands. They brought war against our farmers. The economics of it are first and foremost the economics of a monopoly, created by a highly undemocratic, international trade treaty, which brought clauses on control over the seed. — John Robbins

It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power. — Ludwig Von Mises

Now, in the modern money economy everything in the nature of a social-economic occurrence consists in human actions and behaviour. — Oskar Morgenstern

With the defeat of the Reich and pending the emergence of the Asiatic, the African and, perhaps, the South American nationalisms, there will remain in the world only two Great Powers capable of confronting each other-the United States and Soviet Russia. The laws of both history and geography will compel these two Powers to a trial of strength, either military or in the fields of economics and ideology. (2nd April 1945) — Adolf Hitler

Capitalism is the only system that can make freedom, individuality, and the pursuit of values possible in practice. When I say 'capitalism,' I mean a pure, uncontrolled, unregulated laissez-faire capitalism - with a separation of economics, in the same way and for the same reasons as a separation of state and church. — Ayn Rand

Theory of public goods. Theory that if I take you euro (as an elected state government) and give fifty cents back... you will be happier and I will be satisfied. — Radovan Kavicky

Listen to the women. Women say exactly what they want. Who has concrete plans - not macroeconomics but kitchen table economics. Who will change the situation for their families, and help restore the middle class. Women are also sick to death of having their bodies and their lives treated as a political football. — Celinda Lake

The most frequent fallacy by far today, the fallacy that emerges again and again in nearly every conversation that touches on economic affairs, the error of a thousand political speeches, the central sophism of the "new" economics, is to concentrate on the short-run effects of policies on special groups and to ignore or belittle the long-run effects on the community as a whole. — Henry Hazlitt

Land ownership is an entry monopoly: Land is naturally scarce for each location since its supply can't be increased... When people buy a piece of land, their ownership gives them the right to exclude the rest of society from the benefits afforded to them by their land, even though those benefits only arise from nature and from the presence of goods and services that have been provided by that same society in the first place. Buyers pay for exclusive access rights to land and pay only to the previous landowner instead of to all the people who are now excluded from the location privileges that this one particular piece of land provides. — Martin Adams

What we are beginning to witness is a whole new set of rules for economics, based on rationing resources. — John Prescott

Circles of hell. He hated to admit it, but Eugene had been right in his choice of Inferno, except their interpretations differed. Where Eugene saw only the internal battle of the privileged soul, Sunil saw the entire architecture and structures of racism and apartheid: three concentric circles of life and economics. Color-coded circles for easy understanding, whites at the heart, coloreds at the next remove, and finally, the blacks at the outermost circle; the closest to hell - the strange inverse sense of apartheid. — Chris Abani

Wouldn't economics make a lot more sense if it were based on how people actually behave, instead of how they should behave? — Dan Ariely

The Situational Character: A Critical Realist Perspective on the Human Animal" by Jon D. Hanson and David G. Yosifon, along with its companion piece, "The Situation: An Introduction to the Situational Character, Critical Realism, Power Economics, and Deep Capture." Situationism — Charles Eisenstein

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

The industrial mind is a mind without compunction; it simply accepts that people, ultimately, will be treated as things and that things, ultimately, will be treated as garbage. (A Defense of the Family Farm, 1986) — Wendell Berry

When I discussed the nature of value, I observed that value is nothing inherent in goods and that it is not a property of goods. But neither is value an independent thing. There is no reason why a good may not have value to one economizing individual but no value to another individual under different circumstances. The measure of value is entirely subjective in nature, and for this reason a good can have great value to one economizing individual, little value to another, and no value at all to a third, depending upon the differences in their requirements and available amounts. What one person disdains or values lightly is appreciated by another, and what one person abandons is often picked up by another. — Carl Menger

A society can be Pareto optimal and still perfectly disgusting. — Amartya Sen

Markets cannot meet the needs of the very poor. The desperately poor are not consumers who will create an immediate profit. — Jeffrey D. Sachs

Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for attainment of ends chosen, not, to be sure, a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends. — Ludwig Von Mises

Ulrich Van Holtz continued to read the latest tome on world economics, pretending to be bored, but in truth absolutely fascinated! — Shelly Laurenston

Well the thinking is we have the highest tax rate in the world. In the entire world, we have the highest tax rate. There's gridlock in Washington because there's no leadership. So what I'm doing is a large tax cut especially for the middle class and they're gonna- we're going to have a dynamic country. We're going to have dynamic economics. And it's going to be something really special. And people are going back to work. — Donald Trump

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

I've singled out the humanities and the sciences because they are regarded as natural opposites, even natural enemies. But this is oversimplifying to make a point. Between English at one end of the spectrum and chemistry at the other are many subjects, like economics, that are a mystery to both camps. — William Zinsser

Consciousness permits us to develop the instruments of culture - morality and justice, religion, art, economics and politics, science and technology. Those instruments allow us some measure of freedom in the confrontation with nature. — Antonio Damasio