1,161 Quotes About Economics

They (economists) 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.

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.

Intellectually and compassionately explaining the reason freedom works is required for credibility.

It seems then that instead of consumers' willingness to pay influencing market prices, the causality is somewhat reversed and it is market prices themselves that influence consumers' willingness to pay.

To try to cure unemployment by inflation rather than by adjustment of specific wage-rates is like trying to adjust the piano to the stool rather than the stool to the piano.

Government in and of itself is the foremost agent for destroying order and imposing chaos.""To accept the legitimacy of the state is to embrace the necessity for war.""Political theory would be fine in a perfect world, but in an uncertain one, it is a dangerous gamble.

Economic experts tell us that the women of America spend 80 per cent of the national income, and the largest part of this expenditure is made for the necessities and the small luxuries of life.

The rich feel much less need than their predecessors to account for their wealth, whether to society, to governments or to God. Their attitudes and values are not seriously challenged by anyone. The respect now shown for wealth and money-making has been the most fundamental change in Britain over four decades.

IMF is really designed to protect creditors not debtors.