Future Economics Quotes & Sayings
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Top Future Economics Quotes

Economics becomes redundant if it can rationalise an exchange that sells the future of humankind. — Andrew Simms

The energy and daring is to resist the noes, until the final yes has been achieved. — Jeffrey D. Sachs

It is true that the speculator may happen to go astray in his estimate of future prices. What is usually overlooked in considering this possibility is that under the given conditions it is far beyond the capacities of most people to foresee the future any more correctly. If this were not so, the opposing group of buyers or sellers would have got the upper hand in the market. The fact that the opinion accepted by the market has later proved to be false is lamented by nobody with more genuine sorrow than by the speculators who held it. They do not err of malice prepense; after all, their object is to make profits, not losses. — Ludwig Von Mises

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

I fear for the future of the West if it loses its faith. You cannot defend Western freedom on the basis of moral relativism, the only morality left when we lose our mooring in a sacred ontology or a divine-human covenant. No secular morality withstood Nazi Germany or Stalinist Russia. No secular morality today has the force to withstand the sustained onslaught of ruthless religious extremism. Neither market economics nor liberal democracy has the power, in and of itself, to inspire people to make sacrifices for the common good. — Jonathan Sacks

Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much. — Ben Bernanke

The future is female, so women are invited, as they do, to take responsability in the world of politics, in the economics, in art — Gaetano Pesce

So why study history? Unlike physics or economics, history is not a means for making accurate predictions. We study history not to know the future but to widen our horizons, to understand that our present situation is neither natural nor inevitable, and that we consequently have many more possibilities before us than we imagine. For example, studying how Europeans came to dominate Africans enables us to realise that there is nothing natural or inevitable about the racial hierarchy, and that the world might well be arranged differently. 2. — Yuval Noah Harari

I can never look at these apparent contradictions between the great laws of nature without a feeling of physical uneasiness which amounts to suffering. Were mankind reduced to the necessity of choosing between two parties, one of whom injures his interest, and the other his conscience, we should have nothing to hope from the future. Happily, this is not the case; and to see Aristus regain his economical superiority, as well as his moral superiority, it is sufficient to understand this consoling maxim, which is no less true from having a paradoxical appearance, "To save is to spend. — Frederic Bastiat

Suppose that we believe that in 200 years, people would be prepared to pay a million dollars (that's in today's dollars, not inflated ones) to be able to have an unspoilt valley. Now imagine that today we can profit by cutting down the forest in the valley, which will never regrow. If we apply an annual discount rate of 5 percent, compounded exponentially, how big would that profit have to be to justify the loss of a million dollars in 2210? The answer, surprisingly, is just sixty dollars! That's all that a million dollars in 200 years is worth, at that rate of discount. Obviously, then, if we use a 5 percent discount rate, values gained one thousand years in the future scarcely count at all. This is not because of any uncertainty about whether there will be human beings or other sentient creatures inhabiting this planet at that time, but merely because of the compounding effect of the rate of return on money invested now. — Peter Singer

Following imprinting, valuations become locally coherent, as the consumer attempts to reconcile future decisions of a "similar kind" with the initial one. This creates an illusion of order, because consumers' coherent responses to subsequent changes in conditions disguise the arbitrary nature of the initial, foundation choice. — Dan Ariely

My hunch is that as the importance of a decision grows, the tendency to rely on quantitative analyses done by others tends to shrink. When the championship or the future of the company is on the line, managers tend to rely on their gut instincts. — Richard H. Thaler

To me, the conclusion that the public has the ultimate responsibility for the behavior of even the biggest businesses is empowering and hopeful, rather than disappointing. My conclusion is not a moralistic one about who is right or wrong, admirable or selfish, a good guy or a bad guy. My conclusion is instead a prediction, based on what I have seen happening in the past. Businesses have changed when the public came to expect and require different behavior, to reward businesses for behavior that the public wanted, and to make things difficult for businesses practicing behaviors that the public didn't want. I predict that in the future, just as in the past, changes in public attitudes will be essential for changes in businesses' environmental practices. — Jared Diamond

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

Savers have to be punished so debtors can be saved.
Why? Because if debtors are rescued, that makes it possible for more debts to be issued in the future.
And why is that important? Because the banking system needs ever more loans in order to survive. — Chris Martenson

We all know the Lincoln of the Second Inaugural and the Gettysburg Address. We need to know the Lincoln of the Address before the Wisconsin State Agricultural Society and of the Lecture on Discoveries and Inventions, both talks in which he vents his favorite enthusiasms. We need to understand his thirst for economic and industrial development. We need to realize that he was a lawyer for corporations, a vigorous advocate of property rights, and a defender of an "elitist" economics against the unreflective populist bromides of his age. We need to focus on his love for the Founders as guides to the American future. We need to grapple with his ferocious ambition, personal and political. — Rich Lowry

From this failure to expunge the microeconomic foundations of neoclassical economics from post-Great Depression theory arose the "microfoundations of macroeconomics" debate, which ultimately led to a model in which the economy is viewed as a single utility-maximizing individual blessed with perfect knowledge of the future.
Fortunately, behavioral economics provides the beginnings of an alternative vision of how individuals operate in a market environment, while multi-agent modelling and network theory give us foundations for understanding group dynamics in a complex society. These approaches explicitly emphasize what neoclassical economics has evaded: that aggregation of heterogeneous individuals results in emergent properties of the group, which cannot be reduced to the behavior of any "representative individual." These approaches should replace neoclassical microeconomics completely. — Steve Keen

A fool believes that the society of the future will transcend the laws of economics. A person of reason hopes that it will finally learn to respect them. — Jakub Bozydar Wisniewski

The seven principles of Kwanzaa - unity, self-determinat ion, collective work and responsibility, cooperative economics, purpose, creativity and faith
teach us that when we come together to strengthen our families and communities and honor the lesson of the past, we can face the future with joy and optimism. — William J. Clinton

Our trust in the future has lost its innocence. We know now that anything can happen from one minute to the next. Politics, religion, economics, and the institutions of family and community all have become abruptly unsure. — John O'Donohue

No science and no analysis of the future consequences of various actions taken today can in itself tell us what to do. We need, in addition, to factor in what kind of future we value, and to what extent we care at all about the future compared to more immediate concerns here and now. The later aspect is usually modeled and economics by the so-called discount rate, which has played a prominent role in discussions of climate change on a decadal and centennial time scale, but hardly at all in the context of longer perspectives or the various radical technologies[.] We are less used to thinking about ethical issues on long time scales, so our intuitions trying to fail us and lead to paradoxes. These issues need to be resolved, because dodging the bullet would in my opinion be unacceptably irresponsible. — Olle Haggstrom

The economy of the future might be called the "spaceman economy," in which the earth has become a single spaceship, without unlimited reservoirs of anything. — Kenneth E. Boulding

Unlike economics, whose sole preoccupation in our finance-obsessed era is the near-term profit motive, history offers a way to place our tiny lifespans in a narrative that spans dozens of generations - perhaps even reaching into a future where capitalism is no longer our dominant form of economic organization. — Annalee Newitz

When individuals are exchanging present goods against future goods they do not take account in their valuations of Variations in the objective exchange-value of money. Lenders and borrowers are not in the habit of allowing for possible future fluctuations in the objective exchange-value of money. — Ludwig Von Mises

Our attitude to these criticisms must be determined by our whole moral and emotional reaction to the future of international relations and the Peace of the World. — John Maynard Keynes

Fred Harrison explains in The Power in the Land how land values over time become so expensive that too little wealth is left to pay for goods and services. Real estate speculation allows property owners to demand tomorrow's wealth output today, because they have the power to withhold land from use in expectation of future gains. Artificial constrictions in the supply of land make the price increase at a rate the economy can't sustain. Land eventually becomes unaffordable and recession follows leading to a bust before the next boom commences. — Martin Adams

Modern economics and the welfare state borrowed heavily on the future. — Gregory Benford

Common sense is not something rigid and stationary, but is in continuous transformation, becoming enriched with scientific notions and philosophical opinions that have entered into common circulation. 'Common sense' is the folklore of philosophy and always stands midway between folklore proper (folklore as it is normally understood) and the philosophy, science, and economics of the scientists. Common sense creates the folklore of the future, a relatively rigidified phase of popular knowledge in a given time and place. — Antonio Gramsci

Used to the conditions of a capitalistic environment, the average American takes it for granted that every year business makes something new and better accessible to him. Looking backward upon the years of his own life, he realizes that many implements that were totally unknown in the days of his youth and many others which at that time could be enjoyed only by a small minority are now standard equipment of almost every household. He is fully confident that this trend will prevail also in the future. He simply calls it the American way of life and does not give serious thought to the question of what made this continuous improvement in the supply of material goods possible. — Ludwig Von Mises

There are few genuine conservatives within the U.S. political system, and it is a sign of the intellectual corruption of the age that the honorable term 'conservatism' can be appropriated to disguise the advocacy of a powerful, lawless, aggressive and violent state, a welfare state for the rich dedicated to a lunatic form of Keynesian economic intervention that enhances state and private power while mortgaging the country's future. — Noam Chomsky

As the company grew, Charles remained in Wichita, working ten-hour days, six days a week. When he proposed to his future wife, Liz, he did so reportedly over the phone, and she could hear him flipping through his busy date book in search of an open day for the wedding. In preparation, he required her to study free-market economics. — Jane Mayer

It is an economic fact that predicting the future is most valuable when everybody things you are wrong. — Derek Thompson

What is a price? It is a proposed point of agreement between a buyer and seller. The proposal is the key. It is not a marching order. Past prices represent deals done in history. Current prices represent possible deals in the future. Prices embed vast information about perceived realities: resource availability, consumer demand, cultural biases and habits, speculations about the future. The price is also an amazing tool. It provides an objective basis for accounting and the assessment of profit and loss. Without prices, real prices rooted in real market experience, we'd been lost. — Jeffrey Tucker

If we disregard the exchange of present goods for future goods, and restrict our considerations for the time being to those cases in which the only exchanges are those between present goods and present money, we shall at once observe a fundamental difference between the effects of an isolated variation in a single commodity-price, emanating solely from the commodity side, and the effects of a variation in the exchange-ratio between money and other economic goods in general, emanating from the monetary side. — Ludwig Von Mises

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

Regular crises perpetuate the past by reinvigorating cycles which started long ago. In contrast, (capital-C) Crises are the past's death knell. They function like laboratories in which the future is incubated. They have given us agriculture and the industrial revolution, technology and the labour contract, killer germs and antibiotics. Once they strike, the past ceases to be a reliable predictor of the future and a brave new world is born. — Yanis Varoufakis

And more than the quality of its institutions, what distinguishes a developed country from a developing one is the degree of consensus in its politics, and thus its ability to take actions to secure a better future despite short-term pain. — Raghuram G. Rajan

While everyone else is thinking about economics and politics, executive salaries and the future of the euro, do the opposite, even if it's hard. Invest in the spirit. — Jonathan Sacks

I have a dream, there will be critical point in the future,
where economics and technology will negate each other. — Toba Beta

The Universe operates on a basic principle of economics: everything has its
cost. We pay to create our future, we pay for the mistakes of the past. We
pay for every change we make ... and we pay just as dearly if we refuse to
change. — Brian Herbert

I also believe - and hope - that politics and economics will cease to be as important in the future as they have been in the past; the time will come when most of our present controversies on these matters will seem as trivial, or as meaningless, as the theological debates in which the keenest minds of the Middle Ages dissipated their energies. Politics and economics are concerned with power and wealth, neither of which should be the primary, still less the exclusive, concern of full-grown men. — Arthur C. Clarke

I see entrepreneurship, like many other activities, as a type of mission. A mission by which we can provide better life chances and quality for both our current and future generations. — Miguel Reynolds Brandao

This plea comes from the bottom of my heart. Every friend of freedom, and I know you are one, must be as revolted as I am by the prospect of turning the United States into an armed camp, by the vision of jails filled with casual drug users and of an army of enforcers empowered to invade the liberty of citizens on slight evidence. A country in which shooting down unidentified planes "on suspicion" can be seriously considered as a drug-war tactic is not the kind of United States that either you or I want to hand on to future generations. — Milton Friedman

In the euphoria of victory, Nazis tried to organize a boycott of Jewish shops. This was not very successful at first. But the practice of marking one firm as "Jewish" and another as "Aryan" with paint on the windows or walls did affect the way Germans thought about household economics. A shop marked "Jewish" had no future. It became an object of covetous plans. As property was marked as ethnic, envy transformed ethics. If shops could be "Jewish," what about other companies and properties? The wish that Jews might disappear, perhaps suppressed at first, rose as it was leavened by greed. Thus the Germans who marked shops as "Jewish" participated in the process by which Jews really did disappear - as did people who simply looked on. Accepting the markings as a natural part of the urban landscape was already a compromise with a murderous future. You — Timothy Snyder

No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future. — Ludwig Von Mises

A guidance counselor who has made a fetish of security, or who has unwittingly surrendered his thinking to economic determinism, may steer a youth away from his dream of becoming a poet, an artist, a musician or any other of thousands of things, because it offers no security, it does not pay well, there are no vacancies, it has no "future". — Henry M. Wriston

Seen from that future time, when every commodity the human mind could imagine would flow from the industrial horn of plenty in dizzy abundance, this would seem a scanty, shoddy, cramped moment indeed, choked with shadows, redeemed only by what it caused to be created.
Seen from plenty, now would be hard to imagine. It would seem not quite real, an absurd time when, for no apparent reason, human beings went without things easily within the power of humanity to supply and lives did not flower as it was obvious they could. — Francis Spufford

I focus most of my attention on Hillary Clinton and her disastrous policies. I mean, there's a real danger in this election. Electing Hillary Clinton in an era where we now are so pessimistic about the future, would double down on [Barack] Obama economics and a failed foreign policy - so most of my attention is about my record and about defeating Hillary Clinton. — Jeb Bush

What is called storing money is a way of using wealth. The uncertainty of the future makes it seem advisable to hold a larger or smaller part of one's possessions in a form that will facilitate a change from one way of using wealth to another, or transition from the ownership of one good to that of another, in order to preserve the opportunity of being able without difficulty to satisfy urgent demands that may possibly arise in the future for goods that will have to be obtained by way of exchange. — Ludwig Von Mises

Economists are about as useful as astrologers in predicting the future (and, like astrologers, they never let failure on one occasion diminish certitude on the next). — Arthur M. Schlesinger Jr.

The fundamental differences between Marxian and traditional orthodox economics are, first, that the orthodox economists accept the capitalist system as part of the eternal order of Nature, while Marx regards it as a passing phase in the transition from the feudal economy of the past to the socialist economy of the future. — Joan Robinson

In the global marketplace of the future the price of every product will tell the ecological truth. — Kalle Lasn

Scholars have long debated whether capital markets lead to appropriate levels of saving and investment for future generations. — David L. Weimer

The position I now favor is that economics is a pre-science, rather like astronomy before Copernicus, Brahe and Galileo. I still hold out hope of better behavior in the future, but given the travesties of logic and anti-empiricism that have been committed in its name, it would be an insult to the other sciences to give economics even a tentative membership of that field.1 — Steve Keen

It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling to parlay their existing advantage into dominance on the Internet. But it is way less sure [that this will occur] than the certainty 20 years ago that the basic business would grow steadily, so there's more downside risk. The perfectly fabulous economics of this business could become grievously impaired. — Charlie Munger

It is one of the saddest spectacles of our time to see a great democratic movement support a policy which must lead to the destruction of democracy and which meanwhile can benefit only a minority of the masses who support it. Yet it is this support from the Left of the tendencies toward monopoly which make them so irresistible and the prospects of the future so dark. — Friedrich Hayek

I do agree that the science is not settled on this. The idea that we would put American's economy at jeopardy based on scientific theory that's not settled yet, to me is just nonsense. Just because you have a group of scientists that stood up and said, this is the fact. Galileo got outvoted for a spell. But the fact is, to put America's economic future in jeopardy, asking us to cut back in areas that would have monstrous economic impact on this country, is not good economics, and I will suggest to you is not necessarily good science. — Rick Perry

The number of hypotheses and theories about climate change are numerous. Quite naturally they have caught the public attention, as any proof of past climactic change points to the possibility of future climate change, which inevitably will have significant implications for global economics. — Eduard Bruckner

The future of life on earth depends on our ability to take action. Many individuals are doing what they can, but real success can only come if there's a change in our societies and our economics and in our politics. I've been lucky in my lifetime to see some of the greatest spectacles that the natural world has to offer. Surely we have a responsibility to leave for future generations a planet that is healthy, inhabitable by all species — David Attenborough

The future of economics is feminist. — Margunn Bjornhold

Now there are heavy houses everywhere and more of them are being built. In fact, it is only when more houses are being constructed that some countries consider their economics healthy. Yet each house is a heavy footprint on the Earth. Just as all our possessions represent-if we cannot learn ways of sharing them-a weight and clutter that often means the faces of future generations will look up into darkness and the pressure on the Earth of "things." — Alice Walker

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

The genuine object of debate raised by the [2008 financial] crisis ought to be how to overcome the short-termism to which we have been led by a consumerism intrinsically destructive of all genuine investment in the future, a short-termism which has systematically, and not accidentally, been translated into decomposition of investment into speculation. — Bernard Stiegler

The idea of confidence, of the emotions of the population, is an incredibly important one in economics. John Maynard Keynes called it 'animal spirit.' And if people are feeling generally good about the future, they're more likely to spend money, to start new companies; companies are more likely to hire people, make investments. — Adam Davidson

Speculation does not determine prices; it has to accept the prices that are determined in the market. I ts efforts are directed to correctly estimating future price-situations, and to acting accordingly. The influence of speculation cannot alter the average level of prices over a given period; what it can do is to diminish the gap between the highest and the lowest prices. — Ludwig Von Mises

As the worldly philosophers of the past affirmed, the goal of economics is to improve the way society functions. In The New Financial Order, Robert Shiller joins this proud tradition by directing his brilliant economic skills toward the creation of financial institutions designed to reduce the risks an unknown future visits on most members of our society and others. Shiller's imaginative and compelling analysis will appeal to all readers who share his passion for initiating not only a richer, but a better, century. — Peter L. Bernstein

Preindustrial living standards are predictable based on knowledge of disease and environment. Differences in social energy across societies were muted by the Malthusian constraints. They had minimal impacts on living conditions. Since the Industrial Revolution, however, we have entered a strange new world in which economic theory is of little use in understanding differences in income across societies, or the future income in any specific society. Wealth and poverty are a matter of differences in local social interactions that are magnified, not dampened, by the economic system, to produce feast or famine. — Gregory Clark