Quote of the Day
How is it that, in the face of overwhelming scientific evidence, there are still some who would deny the dangers of climate change? Not surprisingly, the loudest voices are not scientific, and it is remarkable how many economists, lawyers, journalists and politicians set themselves up as experts on the science.
Economists, like royal children, are not punished for their errors.
You and I come by road or rail, but economists travel on infrastructure.
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.
I may be only a fish and chip shop lady, but some of these economists need to get their heads out of the textbooks and get a job in the real world. I would not even let one of them handle my grocery shopping.
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.
Free market economists frequently see minimum wage legislation as mere political intervention. However, there are decent economic theories which show that, under certain circumstances, minimum wages can be beneficial, as it makes workers more productive.
I am one of the most successful economists, according to what markets tell us, though most of my professional colleagues, who are much keener to accept market outcomes than I am, would dismiss me as a crank or - the worst of all abuses among economists - a 'sociologist.'
Indeed, willingness to challenge professional economists and other experts is a foundation stone of democracy. If all we have to do is to listen to the experts, what is the point of having democracy?
Unfortunately, a lot of economists wanted to make their subject a science. So the more what you do resembles physics or chemistry, the more credible you become.
Very often, the judgments by ordinary citizens may be better than those by professional economists, being more rooted in reality and less narrowly focused.
What free-market economists are not telling us is that the politics they want to get rid of are none other than those of democracy itself. When they say we need to insulate economic policies from politics, they are in effect advocating the castration of democracy.
Economics is extremely useful as a form of employment for economists.
John Kenneth Galbraith
If all the economists were laid end to end, they'd never reach a conclusion.
George Bernard Shaw
Ask five economists and you'll get five different answers - six if one went to Harvard.
Everything is possible, from angels to demons to economists and politicians.
Unlimited economic growth has the marvelous quality of stilling discontent while maintaining privilege, a fact that has not gone unnoticed among liberal economists.
If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.
John Maynard Keynes
Economists who have studied the relationship between education and economic growth confirm what common sense suggests: The number of college degrees is not nearly as important as how well students develop cognitive skills, such as critical thinking and problem-solving ability.
But the age of chivalry is gone. That of sophisters, economists, and calculators has succeeded; and the glory of Europe is extinguished forever.
Economists think about what people ought to do. Psychologists watch what they actually do.
The biggest tab the public picks up for fossil fuels has to do with what economists call 'external costs,' like the health effects of air and water pollution.
Years ago, I noticed one thing about economics, and that is that economists didn't get anything right.
Nassim Nicholas Taleb
Popular as Keynesian fiscal policy may be, many economists are skeptical that it works. They argue that fine-tuning the economy is a virtually impossible task, and that fiscal-stimulus programs are usually too small, and arrive too late, to make a difference.
Some struggle with medical issues - like insomnia - that make sleep hard. But for many of us, the quantity and quality of sleep come down to a matter of choice. Still, only a few enterprising economists have looked closely at this, and generally, those have assumed that we choose our hours of sleep optimally.
A. P. J. Abdul Kalam
Martin Luther King, Jr.
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