Neoclassical Quotes & Sayings

On a personal level, all of us have to come to terms with the fact that, sooner or later, we will die. And yet today no aspect of human existence, not even the ending of it, is immune to the hegemonic pretensions of neoclassical economic thought. Not only the intellectual poverty, but also the emotional poverty, of what it has to say about death give us little reason to believe that it will be able to face up to the fact of its own mortality. 4. — Jean-Pierre Dupuy

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

Neoclassical economics ... has uncovered important truths about the nature of money and markets because its fundamental model of rational self-interested human behavior is correct about 80% of the time. — Francis Fukuyama

Neoclassical economics insists that advertising cannot force consumers to buy anything they don't already want to buy. — Christopher Lasch

Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories. — Edmund Phelps

Economists Mason Gaffney and Fred Harrison claim in their work The Corruption of Economics that industrialists toward the end of the 19th century may have intentionally created and promoted a new brand of economics (neoclassical) to divert public attention from the monopolization of nature. Neoclassical economics treats nature as capital - a resource to be exploited. — Martin Adams

Economists got away from really questioning how the world works, how decisions actually got made. If something doesn't conform to neoclassical models ... people are not somehow behaving themselves properly. — W. Brian Arthur

Enquirer, cease, Petitions yet remain,
Which Heav'n may hear, nor deem Religion vain.
Still raise for Good the supplicating Voice,
But leave to Heav'n the Measure and the Choice. — Samuel Johnson

Yes," Tanner nodded. "I have great appreciation for neoclassical architecture. The ten pillars in the portico give the building a remarkable feeling of dignity and charm."

Bethany lowered her eyes and stifled a giggle. When Tanner put on an act, he put it on well. — Carol Kinsey

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

There is danger in speaking so generally about "liberalism," a danger that has often plagued feminist debates. "Liberalism" is not a single position but a family of positions; Kantian liberalism is profoundly different from classical Utilitarian liberalism, and both of these from the Utilitarianism currently dominant in neoclassical economics. — Martha C. Nussbaum

Lawyers love paper. They eat, sleep and dream paper. They turn paper into gold, and their files are colorful and their language neoclassical and calli-graphically bewigged. — Karl Shapiro

One of the Age of Enlightenment's most hypnotic images is Ledoux's rendering of his neoclassical theater of 1775 - 1784 in Besancon, surreally reflected in the colossal eye of an unidentified cosmic being. — Martin Filler

An essential pedagogic step here is to relegate the teaching of mathematical methods in economics to mathematics departments. Any mathematical training in economics, if it occurs at all, should come after students have at the very least completed course work in basic calculus, algebra and differential equations (the last being one about which most economists are woefully ignorant). This simultaneously explains why neoclassical economists obsess too much about proofs and why non-neoclassical economists, like those in the Circuit School, experience such difficulties in translating excellent verbal ideas about credit creation into coherent dynamic models of a monetary production economy. — Steve Keen

The fear of forgetting anything precious can trigger in us the wish to raise a structure, like a paperweight to hold down our memories. We might even follow the example of the Countess of Mount Edgcumbe, who in the late eighteenth century had a thirty-foot-high Neoclassical obelisk erected on a hill on the outskirts of Plymouth, in memory of an unusually sensitive pig called Cupid, whom she did not hesitate to call a true friend. — Alain De Botton

Neoclassical economics has effectively insulated itself from the great advances made in science and engineering over the last 40 years. This self-imposed isolation must come to an end. For while the concepts of neoclassical economics appear difficult, they are actually quaint in comparison to the sophistication evident in today's mathematics, engineering, computing, evolutionary biology and physics. In order to advance, economics must humbly submit to learning from disciplines that it has studiously ignored for so long. Some researchers in outside fields have called for the wholesale replacement of standard economics curricula, using at least the building blocks of modern thought inherent in other disciplines. — Steve Keen

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

In this century, we are about to enter interplanetary civilization.
In order to survive, we need to go beyond neoclassical economics definition.
We define it as interplanomics. — Toba Beta

Proving that profit is economically and morally justifiable, rather then the result of exploitation, has been a central preoccupation of neoclassical economists. — Jim Stanford

Neoclassical economics is precisely the theory one would expect a vastly complex system of international corporations, world markets, and interconnected currencies to create to sustain, justify, explain, and predict "itself." And classical economics, correspondingly, was a predictable expression of an earlier European capitalism. — Roger M. Keesing

Pirates are the very essence of profit maximising entrepreneurs described in neoclassical economics. Yet, whilst films such as 'The Pirates of the Caribbean' and 'Butch Cassidy and the Sundance Kid' have gone a long way to popularise both pirates and outlaw behaviour, the truth of the matter is that piracy is illegal, and it kills. — Peter Middlebrook

Neoclassical theology corrects misconceptions about God that are neither experientially true nor biblically grounded. If God were "omnipotent" in the sense of absolute determinism, then creation, and especially humans, would have no freedom. Freedom and absolute determinism negate one another. From the perspective of process metaphysics, if God were fully deterministic, then one could not speak of freedom of the will, the ability to choose to participate in God's creativity or not. God is in control, but God is not a control freak! God is not a "tyrant," puppeter, or robotic engineer! — Karen Baker-Fletcher

Tommy showed me around, starting with the photos on the walls, many of which were of himself, including a few grand, framed neoclassical portraits he'd had done. — Greg Sestero

This is known as the Pareto criterion and forms the basis for all judgements on social improvements in Neoclassical economics today. — Ha-Joon Chang

As Thorstein Veblen correctly surmised over a century ago, the failure of economics to become an evolutionary science is the product of the optimizing framework of the underlying paradigm, which is inherently antithetical to the process of evolutionary change. This is the primary reason why the neoclassical mantra that the economy must be perceived as the outcome of the decisions of utility-maximizing individuals must be squarely rejected. — Steve Keen

I knew I was different from the rest of you plebes. Look how silly and gothic you all look with your skinny, knobbed arms. I'm unique. Neoclassical. — N.D. Wilson

Economic theorists, like French chefs in regard to food, have developed stylized models whose ingredients are limited by some unwritten rules. Just as traditional French cooking does not use seaweed or raw fish, so neoclassical models do not make assumptions derived from psychology, anthropology, or sociology. I disagree with any rules that limit the nature of the ingredients in economic models. — George Akerlof