1,161 Quotes About Economics

Fearful of wasting a second, we hoard time as if it were money.

Greenspan advised the American people to buy - he repeated the old mantra: 'spending is patriotic'. He also managed to convince them that if they did not have the money, that shouldn't stop them. They would 'pay later'. To a certain extent he was correct, we are all having to 'pay later'... we may even never stop paying.

it was Greenspan who through some excessive deregulation prepared the monetary ground for the rise of the subprime mortgage companies: a lending market that specialises in high-risk mortgages and loans.'Innovation', said Greenspan in April 2005, 'has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants'.It is almost touching to find out that Greenspan cares so much about immigrants.

100 trillion is 100 followed by 12 zeroes

Science would not be what it is if there had not been a Galileo, a Newton or a Lavoisier, any more than music would be what it is if Bach, Beethoven and Wagner had never lived. The world as we know it is the product of its geniuses—and there may be evil as well as beneficent genius—and to deny that fact, is to stultify all history, whether it be that of the intellectual or the economic world.

Well, honey, it’s capitalism that brings out the meanness and greed,” says I. “Our founding fathers did a decent job of framing our democracy. They wrote the Constitution and added a Bill of Rights that intended for people of all classes to enjoy the freedoms the Constitution offers. But capitalism came along without a constitution or a bill of rights and the industrialists grabbed unrestricted power. The capitalists wrote their own ‘Declaration of Capitalism’.” — Mother Jones

A good accountant is someone who told you yesterday what the economists forcast for tomorrow

Do you understand economics? I mean big-time, prewar, global capitalism. Do you get how it worked? I don't, and anyone who says they do is full of shit.

Mathematics brought rigor to economics. Unfortunately it also brought mortis.