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People tend to think that numbers are quite objective, but numbers in economics are not like this. Some economists say they're like sausages: you don't know what they really are until you cut into them.
First rule of Economics 101: our desires are insatiable. Second rule: we can stomach only three Big Macs at a time.
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.
It is true that from a behavioral economics perspective we are fallible, easily confused, not that smart, and often irrational. We are more like Homer Simpson than Superman. So from this perspective it is rather depressing. But at the same time there is also a silver lining. There are free lunches!
In economics, the majority is always wrong.
John Kenneth Galbraith
It seems to me that socialists today can preserve their position in academic economics merely by the pretense that the differences are entirely moral questions about which science cannot decide.
Friedrich August von Hayek
Our trust in the future has lost its innocence. We know now that anything can happen from one minute to the next. Politics, religion, economics, and the institutions of family and community all have become abruptly unsure.
I call crony capitalism, where you take money from successful small businesses, spend it in Washington on favored industries, on favored individuals, picking winners and losers in the economy, that's not pro-growth economics. That's not entrepreneurial economics. That's not helping small businesses. That's cronyism, that's corporate welfare.
History, sociology, economics, psychology et al. confirmed Joyce's view of Everyman as victim.
Robert Anton Wilson
The reason we should do a carbon tax is because it's the right thing to do. It's economics 101, elementary stuff.
January is always a good month for behavioral economics: Few things illustrate self-control as vividly as New Year's resolutions. February is even better, though, because it lets us study why so many of those resolutions are broken.
One of the profound effects of economics in our day is that the people with the money and the power have embraced the guilt-free, external-less, everything-will-turn-out-okay-in-the-end philosophy of economics in order to justify their own evil works. And the economists, for the most part, have sucked up to that money.
I studied international relations and economics at the University of Virginia. I paid my way by working as a bartender in the summer and at three part-time jobs during the year.
Many of my students assume that government protection is the only thing ensuring decent wages for most American workers. But basic economics shows that competition between employers for workers can be very effective at preventing businesses from misbehaving.
Pirates are the very essence of profit maximising entrepreneurs described in neoclassical economics. Yet, whilst films such as 'The Pirates of the Caribbean' and 'Butch Cassidy and the Sundance Kid' have gone a long way to popularise both pirates and outlaw behaviour, the truth of the matter is that piracy is illegal, and it kills.
In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability.
John Kenneth Galbraith
Most people have an aversion to risk, my college economics professor told me. Which means they have to be rewarded to take on that risk. The higher the risk, the higher the possible payout has to be for people to jump.
Since scarcity is the basic economic problem, if it does not exist then there is no reason for my economics course. Devoting time to the study of how people use limited resources to fulfill unlimited wants and needs should help us to discover how to best utilize the resources we have at our disposal.
In human life, economics precedes politics or culture.
My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.
Learn computer science. It's extraordinarily helpful. I like recommending learning economics as well so they think in terms of business, they have rational frameworks for looking at the world, but yeah, computer science is an amazing way to get into, even if you want to be CEO, having a tech background is helpful.
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.
While Argentina, Brazil, and Chile - what in textbooks used to be called the ABC countries - seem settled into democratic politics and free market economics, the Andean countries are in disarray.
Economics is a strange science. Our subject deals with some of the most important as well as mundane issues that impinge on the human condition.
Dale T. Mortensen
A study of economics usually reveals that the best time to buy anything is last year.
Martin Luther King, Jr.
John F. Kennedy
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