What Is Economics Quotes & Sayings

Debates go on to this day about what caused the Great Depression. Economics is not very good at explaining swings in economic activity. — Eugene Fama

Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'. — Thomas Sowell

The use of force is easy to rationalize in terms of basic economics. 'We should make them PAY for what they've done!' It's just the law of demand: raise the price of crossing us, and fewer people will cross us. Make the price another Hiroshima, and perhaps the quantity demanded will fall to zero. — Bryan Caplan

The State exists simply to promote and to protect the ordinary happiness of human beings in this life. A husband and wife chatting over a fire, a couple of friends having a game of darts in a pub, a man reading a book in his own room or digging in his own garden-that is what the State is there for. And unless they are helping to increase and prolong and protect such moments, all the laws, parliaments, armies, courts, police, economics, etc., are simply a waste of time. — C.S. Lewis

I've always been interested in the economics of reproduction, who gets what they want when it comes to childbearing and how these days, money is a tremendous advantage. — Jennifer Weiner

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

Now, it's true that some of the protesters are oddly dressed or have silly-sounding slogans, which is inevitable given the open character of the events. But so what? I, at least, am a lot more offended by the sight of exquisitely tailored plutocrats, who owe their continued wealth to government guarantees, whining that President Obama has said mean things about them than I am by the sight of ragtag young people denouncing consumerism. — Paul Krugman

The problem is a lot of what is called economics is not economics. It is more ideology or religion. — Joseph Stiglitz

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

Reconciliation means that those who have been on the underside of history must see that there is a qualitative difference between repression and freedom. And for them, freedom translates into having a supply of clean water, having electricity on tap; being able to live in a decent home and have a good job; to be able to send your children to school and to have accessible health care. I mean, what's the point of having made this transition if the quality of life of these people is not enhanced and improved? If not, the vote is useless.'
-archbishop Desmond Tutu, chair of South Africa's Truth and Reconciliation Committee, 2001 — Naomi Klein

People think about life in terms of changes, not levels. They can be changes from the status quo or changes from what was expected, but whatever form they take, it is changes that make us happy or miserable. — Richard H. Thaler

The artificial primacy of defense among our national priorities is a constant unearned windfall for some, but it's privation for the rest of America; it steals from what we could be and can do. In Econ 101, they teach that the big-picture fight over national priorities is guns versus butter. Now it's butter versus margarine - guns get a pass.
Overall, we're weaker for it, and at enormous cost. — Rachel Maddow

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

Experimental economics is about conducting experiments: bringing economics into the laboratory or creating controlled conditions in the field that allow us to understand better what we are seeing in less controlled circumstances. — Alvin E. Roth

Really, the proper study of economics is fulfilment, not consumption ... It doesn't even matter if it's a green product or a green house ... It's still consumption. What matters in this world is the fulfilment of people's needs and the fulfilment of their aspirations. — Paul Hawken

New York remains what it has always been : a city of ebb and flow, a city of constant shifts of population and economics, a city of virtually no rest. It is harsh, dirty, and dangerous, it is whimsical and fanciful, it is beautiful and soaring - it is not one or another of these things but all of them, all at once, and to fail to accept this paradox is to deny the reality of city existence. — Paul Goldberger

Many individuals are doing what they can. But real success can only come if there is a change in our societies and in our economics and in our politics. — David Attenborough

Good intentions are ubiquitous in politics; what is scarce is accurate beliefs. — Bryan Caplan

Most conservatives know better than to promote the state funding of art. The result of such funding is the mess that modern art has become. Atonal music is to music what subsidized art is to art ... The fact that cacophony has reigned almost supreme since 1900 is a testimony to Mises' original observation. Atonal music is to music what socialism is to economics: planned chaos. — Gary North

The attempt to isolate economics from other disciplines-notably politics, history, philosophy, finance, constitutional theory and sociology-has fatally disabled its power to explain what is happening in the world. — Will Hutton

Economics is really about two stories. One is the story of the old economist and younger economist walking down the street, and the younger economist says, 'Look, there's a hundred-dollar bill,' and the older one says, 'Nonsense, if it was there somebody would have picked it up already.' So sometimes you do find hundred-dollar bills lying on the street, but not often - generally people respond to opportunities. The other is the Yogi Berra line 'Nobody goes to Coney Island anymore; it's too crowded.' That's the idea that things tend to settle into some kind of equilibrium where what people expect is in line with what they actually encounter. — Paul Krugman

I don't expect to get 100 percent of what I want, but what we can't do is go back to the kind of top-down economics that doesn't work. — Barack Obama

The problem is that while some incentives are obvious, many aren't. And simply asking people what they want or need doesn't necessarily work. Let's face it: human beings aren't the most candid animals on the planet. We'll often say one thing and do another - or, more precisely, we'll say what we think other people want to hear and then, in private, do what we want. In economics, these are known as declared preferences and revealed preferences, and there is often a hefty gap between the two. — Anonymous

It is true that some secluded intellectuals in their esoteric circles talk differently. They proclaim the priority of what they call eternal absolute values and feign in their declamations - not in their personal conduct - a disdain of things secular and transitory. But the public ignores such utterances. The main goal of present-day political action is to secure for the respective pressure group memberships the highest material well-being. The only way for a leader to succeed is to instill in people the conviction that his program best serves the attainment of this goal. — Ludwig Von Mises

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

The spiritual energy of our time, as I've come to understand it, is not a rejection of the rational disciplines by which we've ordered our common life for many decades - law, politics, economics, science. It is, rather, a realization that these disciplines have a limited scope. They can't ask ultimate questions ... they don't begin to tell us how to order our astonishments, what matters in life, what matters in a death, how to love, how we can be of service to each other. These are the kinds of questions religion arose to address and religions traditions are keepers of conversation across generations about them. — Krista Tippett

So what were your favorite subjects in school?"
"School?" He leaned back in his chair as though he needed the extra space to think about it. "Probably math. It always made sense. Unlike English, economics, and girls."
"And exactly how do you plan on taking over the free world if you don't understand economics?"
"I'll hire advisers. I'll hire you, in fact."
"Okay. Let me know when your army of junior high zombies is ready. — Janette Rallison

Here's something I still can't get over. Amazes and thrills me every time. I'm sitting here and want a certain book. So I search, click, and then I have the book. Every time, my heart does a little leap of joy. What a beautiful world the market is making. — Jeffrey Tucker

Movements have narratives. They tell stories, because they are not just about rearranging economics and politics. They also rearrange meaning. And they're not just about redistributing the goods. They're about figuring out what is good. — Marshall Ganz

Like casinos, large corporate entities have studied the numbers and the ways in which people respond to them. These are not con tricks - they're not even necessarily against our direct interests, although sometimes they can be - but they are hacks for the human mind, ways of manipulating us into particular decisions we otherwise might not make. They are also, in a way, deliberate underminings of the core principle of the free market, which derives its legitimacy from the idea that informed self-interest on aggregate sets appropriate prices for items. The key word is 'informed'; the point of behavioural economics - or rather, of its somewhat buccaneering corporate applications - is to skew our perception of the purchase to the advantage of the company. The overall consequence of that is to tilt the construction of our society away from what it should be if we were making the rational decisions classical economics imagines we would, and towards something else. — Nick Harkaway

Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That's your opportunity cost. That's what you learn in freshman economics. The game hasn't changed at all. That's why Modern Portfolio Theory is so asinine. — Charlie Munger

But what I really believe is education is a key to pretty much everything - prosperity, economics, peace, stability. — Greg Mortenson

In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically opposed to the idea that wages are a market price-determined by supply and demand, the same as the price of apples or coal. And it is for that reason, rather than the practical details, that the broader political movement of which the demand for a living wage is the leading edge is ultimately doomed to failure: For the amorality of the market economy is part of its essence, and cannot be legislated away. — Paul Krugman

The great weakness of the West is that it has nothing with which to inspire loyalty except wealth. But what is wealth? Another washing machine, a bigger car, a nicer house to live in? Not much to feed the spirit in all that. — John Burdett

Economics should be defined in terms of what it is about. It should be about how people produce things, how people exchange them, how people earn income, how they pay taxes, how the government provides infrastructure with tax revenue, and how it conducts monetary policy. The subject has to be defined in terms of the object of inquiry. — Ha-Joon Chang

Look at the declining television coverage. Look at the declining voting rate. Economics and economic news is what moves the country now, not politics. — Robert Teeter

I don't have too much interest in teaching other people how to get rich. And that isn't because I fear the competition or anything like that - Warrenhas always been very open about what he's learned, and I share that ethos. My personal behavior model is Lord Keynes: I wanted to get rich so I could be independent, and so I could do other things like give talks on the intersection of psychology and economics. I didn't want to turn it into a total obsession. — Charlie Munger

It may well be that individuals who are attracted into linguistics have a certain talent for metalinguistic reflection - a delight in constructing ungrammatical sentences, finding curious ambiguities and implicatures, hearing and imitating accents, and the like - and that professional training as a linguist only amplifies this proclivity. It would then be no surprise that linguists' sense of what is interesting in language is different from that of our friends in biology, economics, and dentistry. It is just that we linguists have made the mistake of assuming everyone else is like us. — Ray S. Jackendoff

There is no longer a Christian mind." -Blamires
What did Blamires mean? To say that there is no Christian mind means that believers may be highly educated in terms of technical proficiency, and yet have no biblical worldview for interpreting the subject matter of their field.
"We speak of the 'modern mind', and of the 'scientific mind', using that word 'mind' of a collectively accepted set of notions and attitudes," Blamires explains.
But we have lost the Christian mind. There is now no shared, biblically based set of assumptions on subjects like law, education, economics, politics, science, or the arts. As a moral being, the Christian follows the biblical ethic. As a spiritual being, he prays and attends worship services. But as a thinking Christian, he has succumbed to secularism. — Nancy Pearcey

A market economy is to economics what democracy is to government: a decent, if flawed, choice among many bad alternatives. — Charles Wheelan

What we learn from behavior economics is that the moment a metric is created it generates an incentive for people to pursue it. — David Amerland

Considering what is at stake politically, economically and technically for most organizations; usually justifying IT governance deployment based on one viewpoint narrows suitability and expected benefits. — Robert E. Davis

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

What you get out of an M.B.A. programme, no matter how much experience, is functional tools and understanding in disciplines: you'll understand economics, you'll understand marketing, finance, accounting. That, M.B.A. programmes do very well. — Henry Mintzberg

It is quite wrong to assume that poor people are generally unwilling to change; but the proposed change must stand in some organic relationship to what they are doing already, and they are rightly suspicious of, and resistant to, radical changes proposed by town-based and office-bound innovators who approach them in the spirit of: "You just get out of my way and I shall show you how useless you are and how splendidly the job can be done with a lot of foreign money and outlandish equipment. — Ernst F. Schumacher

So what's your alternative? people say, as if that's logic. We don't have to have an alternative, that's not how critique works. We may do, and if we do, you're welcome, but if we don't that no more invalidates our hate for this, for what is, than does that of a serf for her lord, her flail-backed insistence that this must end, whether or not she accompanies it with a blueprint for free wage labor. — China Mieville

Textbooks describe economics as the study of the allocation of scarce resources. That definition may be the 'what,' but it certainly is not the 'why.' — Ben Bernanke

Our inability to share the gifts of nature causes much suffering in the world today... We mistakenly believe that a free market should allow people and corporations to profit from nature, yet we've failed to consider the immense cost to life that occurs whenever people are allowed to reap what they haven't sown at the expense of others. While the privatization of capital can lead to production efficiencies that benefit the entire market, the same can't be said for privatization of nature. Whenever the income stream from nature is privatized, human beings take for themselves the gifts that would better be freely shared with everyone. — Martin Adams

That's a large part of what economics is - people arbitrarily, or as a matter of taste, assigning numerical values to non-numerical things. And then pretending that they haven't just made the numbers up, which they have. Economics is like astrology in that sense, except that economics serves to justify the current power structure, and so it has a lot of fervent believers among the powerful. — Kim Stanley Robinson

Unlike old-fashioned Britain, where Tony Blair recruited Lord Levy to encourage his 'Friends of Israel' to donate their money to a party that was just about to launch a criminal war, in America Alan Greenspan provided his president with an astonishing economic boom. It seems that the prosperous conditions at home divert the attention from the disastrous war in Iraq.
Greenspan is not an amateur economist, he knew what he was doing. He knew very well that as long as Americans were doing well, buying and selling homes, his President would be able to continue implementing the 'Wolfowitz doctrine' and PNAC philosophy, destroying the 'bad Arabs' in the name of 'democracy', 'liberalism', 'ethics', and even 'women's rights'. — Gilad Atzmon

Let us merely discuss the question, what consequences would necessarily follow if, ceteris paribus, with an increasing quantity of money, prices were restricted to the old level by official compulsion? An increase in the quantity of money leads to the appearance in the market of new desire to purchase, which had previously not existed; 'new purchasing power', it is usual to say, has been created. If the new would-be purchasers compete with those that are already in the market, then, so long as it is not permissible to raise prices, only part of the total purchasing power can be exercised. — Ludwig Von Mises

It is a privilege to be recognized by FDLA. I am a staunch believer that as a member of the Bar, we have the great privilege to represent clients in all facets of our practice, and that includes making the commitment to represent clients for whom access to representation and ultimately justice is limited by economics. As all of the 20 for 20 honorees have done, stepping up to meet that commitment is at the heart of what it means to be a lawyer. I hope the inspiring stories and contributions of my fellow honorees will shine a bright light on FDLA and this most important mission. — Terrence J

I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that widespread corrupt accounting will eventually create bad long term consequences as a sort of obverse effect from the virtue-based boost double-entry book-keeping gave to the heyday of Venice. I suggest that when the financial scene starts reminding you of Sodomand Gomorrah, you should fear practical consequences even if you like to participate in what is going on. — Charlie Munger

In our time mass or collective production has entered our economics, our politics, even our religion, so that some nations have substituted the idea collective for the idea God. This in my time is the danger. There is great tension in the world, tension toward a breaking point, and men are unhappy and confused. At such a time it seems natural and good to me to ask myself these questions. What do I believe in? What must I fight for and what must I fight against? — John Steinbeck

Because economics is all about optimising, doing the best you can with what you have - it's usually the first place you should look for answers if you want to maximise your happiness. — Emily Oster

We used to think God made us in His image, and that meant we were special, until science told us we just evolved that way because it suited a landscape of trees and savannas. That's what science does: it says, look again and you'll see you're not special. But economics? Economics is also a science. And what does it say? ... It says: there is energy, and there are raw materials, and that's the cosmos. But without us the energy is random and the raw material is inert. It's only labour that makes the cosmos come alive. It's only us that make economics happen at all. And that makes us special. — Adam Roberts

The mistake you make, don't you see,is in thinking one can live in a corrupt society without being corrupt oneself. After all, what do you achieve by refusing to make money? You're trying to behave as though one could stand right outside our economic system. But one can't. One's got to change the system, or one changes nothing. One can't put things right in a hole-and-corner way, if you take my meaning. — George Orwell

The only rule that ever made sense to me I learned from a history, not an economics, professor at Wharton. "Fear," he used to say, "fear is the most valuable commodity in the universe." That blew me away. "Turn on the TV," he'd say. "What are you seeing? People selling their products? No. People selling the fear of you having to live without their products." Fuckin' A, was he right. Fear of aging, fear of loneliness, fear of poverty, fear of failure. Fear is the most basic emotion we have. Fear is primal. Fear sells. — Max Brooks

We should look closely on what is happening at the moment, guys with little moustaches can pop up everywhere now given this instable economic situation. A look into history shows us what that could mean. — Steve Keen

It's pointless to talk to Fed members about economics because they are academics who believe in money-printing. Some of them believe they didn't print enough, and so with these kinds of people, it is like running to the pope. What do you want to tell them? — Marc Faber

It is a curious thought that the earliest description of the steam-engine in antiquity describes its use for the magic opening of the temple doors, when the priests lit the fires on the altars, to deceive the populace into ascribing to a deity what was the work of the engineer. In much the same way today, the almost boundless fecundity of the creative scientific discoveries and inventions of the age are being appropriated for the purpose of the mysterious opening of doors into the holy of holies of the temples of mammon by a hierarchy of imposters and humbugs, whom it is the first task of a sane civilization to expose and clear out. — Frederick Soddy

As UC Berkeley economics professor Brad DeLong put it to me:

You get famine if the price of food spikes far beyond that of some people's means. This can be because food is short, objectively. This can be because the rich have bid the resources normally used to produce food away to other uses. You also get famine when the price of food is moderate if the incomes of large groups collapse.... In all of this, the lesson is that a properly functioning market does not seek to advance human happiness but rather to advance human wealth. What speaks in the market is money: purchasing power. If you have no money, you have no voice in the market. The market acts as if it does not know you exist and does not care whether you live or die.

DeLong describes a marketplace that leaves people to die - not out of malice , but out of indifference. — Annalee Newitz

An item is only worth what someone is willing to pay for it — Bianca Baker

One of the greatest pieces of economic wisdom is to know what you do not know. — John Kenneth Galbraith

This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics. — Paul Krugman

So no, I'm not too big on religion ... and not very fond of politics or economics either ... And why should I be? They are the man-created trinity of terrors that ravages the earth and deceives those I care about. What mental turmoil and anxiety does any human face that is not related to one of those three? — Wm. Paul Young

I don't think that that's a desirable option for us. Besides, it wouldn't work, because there are too many other countries that are willing to work economically with China. But I don't think the basic relationship depends on economics. It depends on a political understanding of what is required for peace in Asia. — Henry A. Kissinger

Two-factor economics makes it clear that our economic problem is not what one-factor (labor-centric) thinkers assert: an inequitable distribution of income. It is an inequitable distribution of productive power, from which an unworkable distribution of income results. — Louis O. Kelso

What we shouldn't be doing is trying to take away your rights to bargain for better wages or working conditions ... These so-called right-to-work laws, they don't have to do with economics; they have everything to do with politics. What they're really talking about is giving you the right to work for less money. — Barack Obama

One important theme of this book is that globalization and media are not abstract, unknowable, inevitable, inexorable forces of economics and technology. They are not out of the control of human hands. They have been and will be created by people. They are the result of human actions, or what academics call "human agency. — Jack Lule

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

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

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

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

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

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

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

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

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

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

Rather than be fearful and sell out at the worst time or get greedy when the market is way up, investors should control their emotions and not only avoid panic, but embrace the market volatility for what it is: an opportunity and a gift. Suffocate the instincts that want to make you a bad investor and rather embrace the chaos that normally causes them to rise to the surface. — Peter Mallouk

When you conform to the monoculture's version of who you are and what the world is like, you lose your freedom along with your ability to be truly innovative in terms of your own life. Being able to draw on many different stories, not just the economic one, allows you to creatively and authentically meet the challenges that face you in your life. The monoculture, determinedly single-minded, insists that economic values and assumptions can be used to solve your problems, whether those problems are spiritual, political, intellectual, or relational. — F.S. Michaels

The curious task of economics is to demonstrate to men how little they really know about what they imagine the can design. — Friedrich Hayek

Recognizing that the boundaries of the market are ambiguous and cannot be determined in an objective way lets us realize that economics is not a science like physics or chemistry, but a political exercise... If the boundaries of what you are studying cannot be scientifically determined, what you are doing is not a science. — Ha-Joon Chang

Game theory is a branch of, originally, applied mathematics, used mostly in economics and political science, a little bit in biology, that gives us a mathematical taxonomy of social life, and it predicts what people are likely to do and believe others will do in cases where everyone's actions affect everyone else. — Colin Camerer

Contrary to what professional economists will typically tell you, economics is not a science. All economic theories have underlying political and ethical assumptions, which make it impossible to prove them right or wrong in the way we can with theories in physics or chemistry. — Ha-Joon Chang

It is because every individual knows little and, in particular, because we rarely know which of us knows best best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it. — Friedrich Hayek

This is perhaps as good a place as any to point out that what distinguishes many reformers from those who cannot accept their proposals is not their greater philanthropy, but their greater impatience. The question is not whether we wish to see everybody as well off as possible. Among men of good will such an aim can be taken for granted. The real question concerns the proper means of achieving it. And in trying to answer this we must never lose sight of a few elementary truisms. We cannot distribute more wealth than is created. We cannot in the long run pay labor as a whole more than it produces. — Henry Hazlitt

It is almost as hard to define mathematics as it is to define economics, and one is tempted to fall back on the famous old definition attributed to Jacob Viner, "Economics is what economists do," and say that mathematics is what mathematicians do. A large part of mathematics deals with the formal relations of quantities or numbers. — Kenneth E. Boulding

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

If you've ever taken an economics course you know that markets are supposed to be based on informed consumers making rational choices. I don't have to tell you, that's not what's done. If advertisers lived by market principles then some enterprise, say, General Motors, would put on a brief announcement of their products and their properties, along with comments by Consumer Reports magazine so you could make a judgment about it.

That's not what an ad for a car is - an ad for a car is a football hero, an actress, the car doing some crazy thing like going up a mountain or something. If you've ever turned on your television set, you know that hundreds of millions of dollars are spent to try to create uninformed consumers who will make irrational choices - that's what advertising is. — Noam Chomsky

The government desires to purchase; it desires to use the market, not to disorganize it. But the officially-fixed price does disorganize the market in which commodities and services are bought and sold for money. Commerce, so far as it is able, seeks relief in other ways. It re-develops a system of direct exchange, in which commodities and services are exchanged without the instrumentality of money. Those who are forced to dispose of commodities and services at the fixed prices do not dispose of them to everybody, but merely to those to whom they wish to do a favour. Would-be purchasers wait in long queues in order to snap up what they can get before it is too late; they race breathlessly from shop to shop, hoping to find one that is not yet sold out. — Ludwig Von Mises

The world economy is in a nosedive, and understanding what I call "depression economics" - the weird world you get into when even a zero interest rate isn't low enough, and a messed-up financial system is dragging down the real economy - is essential if we're going to avoid the worst. — Paul Krugman

Economics is mostly how humans rationalize who gets what and why. It's how we instantiate our preferences about status, privileges, and power. — Nick Hanauer

Entrepreneurship isn't for everyone, and not everyone is going to be an entrepreneur, but women who turn to business, turn to economics, because there are people depending on them, I think that their creativity, their resilience, their spirit, embody what's best about entrepreneurship. — Gayle Tzemach Lemmon

Let's summarize. What is awesomeness? Awesomeness happens when thick - real, meaningful - value is created by people who love what they do, added to insanely great stuff, and multiplied by communities who are delighted and inspired because they are authentically better off. That's a better kind of innovation, built for 21st century economics. — Umair Haque

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

Star Wars film is breaking all previous box office records. (Why might we want to revisit those characters, that narrative, those jokes and tropes again, in this way, right now? I wonder what it will turn out to reveal about the economics and politics of this moment.) — Laura Mullen

What's good about growth? Why is it intrinsically good? — Yahya Madra

I always think of my films within the context of where aesthetics meet economics. That's the nature of making art - not being naive about what is possible and getting what you need to tell the story you want to tell. — Ira Sachs