Quotes & Sayings About Economists

Economists use the word consume to mean "utilize economic goods," but the Shorter Oxford Dictionary's definition is more appropriate to ecologists: "To make away with or destroy; to waste or to squander; to use up." The economies that cater to the global consumer society are responsible for the lion's share of the damage that humans have inflicted on common global resources. — Alan Thein Durning

Economists believe there are three reasons why the Russian economy is doing so poorly. One, economic sanctions are working. Number two, low-price oil. And number three, Lindsay Lohan has quit drinking vodka. — David Letterman

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

The job of economic theorists is to prove theorems. The job of policy economists is to figure out which theorems to apply. — N. Gregory Mankiw

In the late 1960s, the New Classical economists saw the same weaknesses in the microfoundations of macroeconomics that have motivated me. They hated its lack of rigor. And they sacked it. — George Akerlof

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

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

Most economists, including me, agree that longevity insurance would make sense for a lot of people. — Richard Thaler

Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending — Nassim Nicholas Taleb

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

The economists all think that if you show up at the cashier's cage with enough currency, God will put more oil in ground, — Kenneth S. Deffeyes

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

It also reflects a tendency in our society to focus on negatives. Doctors, for instance, study illness, not health. Business leaders analyse failure, not success. Economists study cost, not value. Philosophers mostly debate original sin, not original blessing. — Robert Holden

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

Economists suggest that we should assess the value of decisions in terms of two considerations: the costs of decisions and the costs of errors. — Cass R. Sunstein

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

In short, competition has to shoulder the responsibility of explaining all the meaningless ideas of the economists, whereas it should rather be the economists who explain competition. — Karl Marx

I would say that folks who have looked at this issue for a long time, whether it's Elizabeth Warren or many other economists, will tell you that right now, yes, we do need a 21st century Glass-Steagall legislation. — Hillary Clinton

The Poverty Tour provided the opportunity to meet many people who had been living paycheck to paycheck even before the economic downturn. To so quickly slide from the great middle into the underworld of the poor validated our suspicions that perhaps these citizens never really were bona fide, middle class Americans. Indeed, some economists assert that the middle class evaporated decades ago. — Cornel West

All that the State need do, and can do, in order to preserve the monetary system undisturbed, is to refrain from such intervention. That is the essence of the monetary theory of the classical economists and their immediate successors, the Currency School. It is possible to refine and amplify this doctrine with the aid of the modern subjective theory; but it is impossible to overthrow it, and impossible to put anything else in its place. Those who are able to forget it only show that they are unable to think as economists. — Ludwig Von Mises

Privatization came on slowly. When something very big happens, like privatization, historians and economists like to think you must have had very big causes. That is not how it happened. — Kenneth Baker

Many philosophers, economists and social scientists saw the middle classes, as the tool to end all class division, with an end of days revolution — Owen H. Lewis

The economists who have put the spotlight on teacher quality are the ones who most misunderstand it. — Andy Hargreaves

The airlines compete with each other, but Google stands alone. Economists use two simplified models to explain the difference: perfect competition and monopoly. — Peter Thiel

I once interviewed Robert Solow, winner of the 1987 Nobel Prize in Economics and a noted baseball enthusiast. I asked if it bothered him that he received less money for winning the Nobel Prize than Roger Clemens, who was pitching for the Red Sox at the time, earned in a single season. "No," Solow said. "There are a lot of good economists, but there is only one Roger Clemens." That is how economists think. — Charles Wheelan

One intriguing subplot of the economic crisis is the failure of most economists to predict it. Here we have the most spectacular economic and financial crisis in decades - possibly since the Great Depression - and the one group that spends most of its waking hours analyzing the economy basically missed it. — Robert J. Samuelson

The traditional story of economists has been to say education explains what the returns are to school. I say, 'Okay, that's fine, but what explains the education? How much is just a matter of my giving you a poor kid versus a rich kid?' — James Heckman

How is it that, in the face of overwhelming scientific evidence, there are still some who would deny the dangers of climate change? Not surprisingly, the loudest voices are not scientific, and it is remarkable how many economists, lawyers, journalists and politicians set themselves up as experts on the science. — Nicholas Stern

Even though the transformation of energy, in all of its various forms, is the very basis of all economic activity, only a tiny fraction of economists have even studied thermodynamics. And only a handful of individuals inside the profession have attempted to redefine economic theory and practice based on the energy laws. — Jeremy Rifkin

The prevailing ideology of the modern west - which is political economy - is in the doghouse. Having failed to notice atmospheric pollution, the economists then frightened themselves with the sort of financial crisis they said they had abolished. — James Buchan

The party of Lincoln and Liberty was transmogrified into the party of hairy-backed swamp developers and corporate shills, faith-based economists, fundamentalist bullies with Bibles, Christians of convenience, freelance racists, misanthropic frat boys, shrieking midgets of AM radio, tax cheats, nihilists in golf pants, brownshirts in pinstripes, sweatshop tycoons ... Republicans: The No. 1 reason the rest of the world thinks we're deaf, dumb, and dangerous. — Garrison Keillor

In an age in which economists take for granted that people equate well-being with consumption, increasing numbers of people seem willing to trade certain freedoms and material comforts for a sense of immutable order and the rapture of faith. — Eugene Linden

Unfortunately, a lot of economists wanted to make their subject a science. So the more what you do resembles physics or chemistry, the more credible you become. — Ha-Joon Chang

The generic concept of capital without which economists cannot do their work has no measurable counterpart among material objects; it reflects the entrepreneurial appraisal of such objects. Beer barrels and blast furnaces, harbour installations and hotel-room furniture are capital not by virtue of their physical properties but by virtue of their economic functions. Something is capital because the market, the consensus of entrepreneurial minds, regards it as capable of yielding an income. This does not mean that the phenomena of capital cannot be comprehended by clear and unambiguous concepts. The stock of capital used by society does not present a picture of chaos. Its arrangement is not arbitrary. There is some order in it. — Ludwig Lachmann

Raising the minimum wage, as President Obama proposed in his State of the Union address, tends to be more popular with the general public than with economists. — Christina Romer

The Communists were interested in getting into key positions as union officers, statisticians, economists, etc., in order to utilize the apparatus of the unions to promote the cause of revolution. — John T. Flynn

Now, it has been independently shown that people hate to lose something more than they enjoy gaining it. For example, they don't mind paying for something with a credit card even when told there is a discount for cash, but they hate paying the same amount if they are told there is a surcharge for using credit. As a result, people will often refuse to gamble for an expected profit (they turn down bets such as "Heads, you win $120; tails, you pay $100), but they will gamble to avoid an expected loss (such as "Heads, you no longer owe $120; tails, you now owe an additional $100"). (This kind of behavior drives economists crazy, but is avidly studied by investment firms hoping to turn it to their advantage.) The combination of people's loss aversion with the effects of framing explains the paradoxical result: the "gain" metaphor made the doctors risk-averse; the "loss" metaphor made them gamblers. — Steven Pinker

These days, however, the main problem comes from the right - from conservatives who, unlike most economists, really do think that the free market is always right-to such an extent that they refuse to believe even the most overwhelming scientific evidence if it seems to suggest a justification for government action. — Paul Krugman

I am one of the most successful economists, according to what markets tell us, though most of my professional colleagues, who are much keener to accept market outcomes than I am, would dismiss me as a crank or - the worst of all abuses among economists - a 'sociologist.' — Ha-Joon Chang

Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective economic value, anyway while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal Utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process. — L. Neil Smith

I think that having good data, good statistics-and the United States generally has better macroeconomic statistics than most countries-and having good economists to interpret those data and present the policy alternatives, has a substantially beneficial effect on policymaking in the United States. — Ben Bernanke

Economists don't usually make good speculators, because they think too much. — Paul Krugman

Supply-side economists argue that because lower tax rates allow everyone in the private sector to keep more of what they earn, tax relief provides citizens with strong incentives to work longer hours (thus increasing labor), to save and invest more of their income (thus increasing capital), and to devote more attention to innovation of all kinds (thus increasing efficiency, or TFP). — David A. Moss

Reciprocal marketing, promotions and links. In public good experiments, behavioral economists have demonstrated that the potential for reciprocal actions by players increases the rate of contribution to the public good, providing evidence for the importance of reciprocity in social situations. — Carl William Brown

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

To assert, as some have, that illegal immigrants do not depress wages because they do the jobs Americans refuse is the kind of nonsense economists speak when they strain to be counterintuitive. It is similar to saying that cheap imports do not hold down prices. — Mark Helprin

Economists and psychologists get confused when they are asked 'out of syllabus' questions by life! — Saurabh Sharma

Because economists go through a similar training and share a common method of analysis, they act very much like a guild. The models themselves may be the product of analysis, reflection, and observation, but practitioners' views about the real world develop much more heuristically, as a by-product of informal conversations and socialization among themselves. This kind of echo chamber easily produces overconfidence - in the received wisdom or the model of the day. Meanwhile, the guild mentality renders the profession insular and immune to outside criticism. The models may have problems, but only card-carrying members of the profession are allowed to say so. The objections of outsiders are discounted because they do not understand the models. The profession values smarts over judgment, being interesting over being right - so its fads and fashions do not always self-correct. — Dani Rodrik

We come astonishingly close to the mystical beliefs of Pythagoras and his followers who attempted to submit all of life to the sovereignty of numbers. Many of our psychologists, sociologists, economists and other latter-day cabalists will have numbers to tell them the truth or they will have nothing ... We must remember that Galileo merely said that the language of nature is written in mathematics. He did not say that everything is. And even the truth about nature need not be expressed in mathematics. For most of human history, the language of nature has been the language of myth and ritual. These forms, one might add, had the virtues of leaving nature unthreatened and of encouraging the belief that human beings are part of it. It hardly befits a people who stand ready to blow up the planet to praise themselves too vigorously for having found the true way to talk about nature. — Neil Postman

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

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

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

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.

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 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 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

He who disdains the fall in infant mortality and the gradual disappearance of famines and plagues may cast the first stone upon the materialism of the economists. — Ludwig Von Mises

Joel Waldfogel is one of the smartest and funniest economists on the planet. I think of him every time I start to unwrap a present. Buy Scroogenomics for your friends and family. It makes the perfect Christmas gift. — Ian Ayres

With more than 67 percent of the Nation's freight moving on highways, economists believe that our ability to compete internationally is tied to the quality of our infrastructure. — Dennis Hastert

GDCC M. Wolf has a dehumanized approach to demand. Demand is not an animal. Manipulating it veers on totalitarianism. The natural order is that people demand - or, more precisely, desire - the product of their work. This natural - and beautiful - order can momentously be tampered with by well-meaning or not so well-meaning people. Needs can be decreed by tyrants, cravings can be artificially aroused by advertising gurus and affordability can be engineered by economists through debt. But the end result is alienation. Serf8973521 — Cathal Haughian

Accountants and economists are natural enemies. One views trees, the other forests, and the visions are usually at odds, as they should be. — Robert Ludlum

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

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

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 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

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

I write with two things in mind. I want to be right with my fellow economists. After all, I've made my life as a professional economist, so I'm careful that my economics is as it should be. But I have long felt that there's no economic proposition that can't be stated in clear, accessible language. So I try to be right with my fellow economists, but I try to have an audience of any interested, intelligent person. — John Kenneth Galbraith

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 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

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

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

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

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

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

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

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