Great Economists Quotes & Sayings

None of this excuses anyone from mastering the basic ideas and terminology of economics. The intelligent layman must expect also to encounter good economists who are difficult writers even though some of the best have been very good writers. He should know, moreover, that at least for a few great men ambiguity of expression has been a positive asset. But with these exceptions he may safely conclude that what is wholly mysterious in economics is not likely to be important. — John Kenneth Galbraith

The unpopularity of economics is the result of its analysis of the effects of privileges. It is impossible to invalidate the economists demonstration that all privileges hurt the interests of the rest of the nation or at least a great part of it. — Ludwig Von Mises

There are some people who, if they don't already know, you can't tell them.
As the great philosopher of uncertainty Yogi berra once said, Don't waste your time trying to fight forecasters, stock analysts, economists and social scientists, except to play pranks on them. — Nicholas Nassim Taleb

Any system that penalizes success and accomplishment is wrong. Any system that discourages work, discourages productivity, discourages economic progress, is wrong. If, on the other hand, you reduce tax rates and allow people to spend or save more of what they earn, they'll be more industrious; they'll have more incentive to work hard, and money they earn will add fuel to the great economic machine that energizes our national progress. The result: more prosperity for all - and more revenue for government. A few economists call this principle supply-side economics. I just call it common sense. — Ronald Reagan

I've heard people say that the trouble with the world is that we haven't enough great leaders. I think we haven't enough great followers. I have stood side by side with great thinkers - surgeons, engineers, economists; people who deserve a great following - and have heard the crowd cheer me instead. — Babe Ruth

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

In my long life, I have known some great economists, but I have never counted myself among their number nor walked in their company. — Ronald Coase

There is one great advantage to being an academic economist in France: here, economists are not highly respected in the academic and intellectual world or by political and financial elites. Hence they must set aside their contempt for other disciplines and their absurd claim to greater scientific legitimacy, despite the fact that they know almost nothing about anything. — Thomas Piketty

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

But if, if you take a look at what would have happened, I mean, do we need to see soup lines down the street to figure out what would have happened? We avoided - and all economists will tell you that millions of jobs were saved because of the Recovery Act, and we avoided a second Great Depression. That, that is a reality. — Alexi Giannoulias

Many economists are great believers in the idea that everything in nature is competitive and that we should set up a society which is competitive to reflect that. Anyone who cannot keep up, well, too bad. — Frans De Waal

My professional apprenticeship at Iowa State College from 1930 to 1943 could not have been better; the Great Depression made it so, and the talented younger economists at Ames during that period made it an exciting and profitable intellectual experience. — Theodore Schultz

Ever since the Great Depression, economists have known that demand shortages tend to persist in the wake of severe financial crises like the ones that happened in 1929 and 2008. — Bob Frank

Two mystic states can be dissociated: the ecstatic-beneficent-and-benevolent, contemplation of the divine love, the divine splendour with goodwill toward others.
And the bestial, namely the fanatical, the man on fire with God and anxious to stick his snotty nose into other men's business or reprove his neighbour for having a set of tropisms different from that of the fanatic's, or for having the courage to live more greatly and openly.
The second set of mystic states is manifest in scarcity economists, in repressors etc.
The first state is a dynamism. It has, time and again, driven men to great living, it has given them courage to go on for decades in the face of public stupidity. It is paradisical and a reward in itself seeking naught further ... perhaps because a feeling of certitude inheres in the state of feeling itself. The glory of life exists without further proof for this mystic. — Ezra Pound

All great economists are tall. There are two exceptions: John Kenneth Galbraith and Milton Friedman. — George Stigler

One speaks with great respect of economists, if only because they represent such a variety of opinions. — Robert Menzies

The weakness of our age is in want of great men and women. It is hard to resist the current. Someone must completely detach himself from the ordinary run of politicians if he is to save politics; economists must break with the ordinary run of the mill of capital and labor commonplaces, if economics is to be saved. In other words, we need saints. These are not easy to make. First of all - because we do not always want the best; the best demands sacrifice of the ordinary and the discipline of the lower self. God, in His turn, finds it hard to give, because He gives only the best - moral perfection - and few there are who want it. As Augustine said at one point in his life, "I want to be good, dear Lord...but not now - a little later on. — Fulton Sheen

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

Over the last decade, economists seemed to share a broad consensus about economic policy, with the old splits between monetarists and Keynesians apparently being settled by events. But the Great Recession of the last two years has changed everything. — Gavyn Davies

No one knows anything about economics. It's the great lie of the economists. By contrast in football people might have contrasting opinions, each of which has some validity. But the economists always speak in conditionals - what a mess. — Vicente Del Bosque

(P162) The great blessing of private property, then, is that people can benefit from their own industry and insulate themselves from the negative effects of others' actions. It is like a set of invisible mirrors that surround individuals, households or firms, reflecting back on them the consequences of their acts. The industrious will reap the benefits of their industry, the frugal the consequences of their frugality; the improvidant and the profligate likewise. They receive their due, which is to say they experience justice as a matter of routine. Private property institutionalises justice. This is its great virtue, perhaps dwarfing all others. We may say with the economists that private property "internalizes the externalities," or with the philosophers that it gives rise to "social justice. — Tom Bethell

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

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

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