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Terms Of Service
Quotes by Economists
It takes considerable knowledge just to realize the extent of your own ignorance.
We have a system that increasingly taxes work and subsidizes nonwork.
Politics is the art of choosing between the disastrous and the unpalatable.
John Kenneth Galbraith
No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
John Maynard Keynes
Corruption, embezzlement, fraud, these are all characteristics which exist everywhere. It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum. No one has ever eliminated any of that stuff.
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
Friedrich August von Hayek
Power is the chance to impose your will within a social context, even when opposed and regardless of the integrity of that chance.
Finance is not merely about making money. It's about achieving our deep goals and protecting the fruits of our labor. It's about stewardship and, therefore, about achieving the good society.
Robert J. Shiller
One finds limits by pushing them.
Herbert A. Simon
Globalization and free trade do spur economic growth, and they lead to lower prices on many goods.
Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them.
Change can be frightening, and the temptation is often to resist it. But change almost always provides opportunities - to learn new things, to rethink tired processes, and to improve the way we work.
Market forces and capitalism by themselves aren't sufficient to ensure the common good and to limit the concentration of wealth at levels that are compatible with democratic ideals.
Self-control, openness, the ability to engage with others, to plan and to persist - these are the attributes that get people in the door and on the job, and lead to productive lives.
Any intelligent fool can make things bigger and more complex... It takes a touch of genius - and a lot of courage to move in the opposite direction.
E. F. Schumacher
The power of population is indefinitely greater than the power in the earth to produce subsistence for man.
Conspicuous consumption of valuable goods is a means of reputability to the gentleman of leisure.
Making money is a happiness. And that's a great incentive. Making other people happy is a super-happiness.
There are two things in ordinary conversation which ordinary people dislike - information and wit.
The politician and the government expert receive their revenues, not from service voluntarily purchased on the market, but from a compulsory levy on the populace. These officials, therefore, wholly lack the pecuniary incentive to care about serving the public properly and competently.
Globalization and trade liberalization were supposed to make us all better off through the mechanism of trickle-down economics. What we seemed to be seeing instead was trickle-up economics, accompanied by a destruction of democratic politics, as we moved ever closer to a system of 'one dollar, one vote' as opposed to 'one person, one vote.'
The problem started before World War I. The gold standard was working fairly well. But it broke down because of the war and what happened in the 1920s. And then the U.S. started to become so dominant in the world, with the dollar becoming the central currency after the 1930s, the whole world economy shifted.
The reality is that business and investment spending are the true leading indicators of the economy and the stock market. If you want to know where the stock market is headed, forget about consumer spending and retail sales figures. Look to business spending, price inflation, interest rates, and productivity gains.
I try to teach people to make fewer mistakes. But in designing economic policies, we need to take full account of the fact that people are busy, they're absent minded, they're lazy, and that we should try to make things as easy for them as possible.
I am suspicious of the idea of a new paradigm, to use that word, an entirely new structure of the economy.
Paul A. Volcker
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