1,161 Quotes About Economics

Relative poverty is when you have more taste than money.

The economist may attempt to ignore psychology, but it is sheer impossibility for him to ignore human nature … If the economist borrows his conception of man from the psychologist his constructive work may have some chance of remaining purely economic in character. But if he does not, he will not thereby avoid psychology. Rather, he will force himself to make his own, and it will be bad psychology.

The problem was how to keep the wheels of industry turning without increasing the real wealth of the world. Goods must be produced, but they must not be distributed.

They did not understand that by liberalizing imports, the government was also promoting exports.

Give me a one-handed Economist. All my economists say 'on hand...', then 'but on the other...

He who makes $25,000 annually through passive income is more enviable than he who earns $100,000 annually through a salary.

Spend a few hours every week studying American history, human nature, and economic theory. Start with “Economics in One Lesson.” Then try Keynes. Then Hayek. Then Marx. Then Hegel. Develop a worldview that you can articulate as well as defend. Test your theory with people who disagree with you. Debate. Argue. Adjust your philosophy as necessary.

Poverty was nature surviving in society; that the limitedness of food and the unlimitedness of men had come to an issue just when the promise of boundless increase of wealth burst in upon us made the irony only the more bitter.

Social responsibility is a fundamentally subversive doctrine" in a free society, and have said that in such a society, "there is one and only one social responsibility of business–to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.