Quote of the Day
Everything is possible, from angels to demons to economists and politicians.
Economics is extremely useful as a form of employment for economists.
John Kenneth Galbraith
You and I come by road or rail, but economists travel on infrastructure.
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
Ask five economists and you'll get five different answers - six if one went to Harvard.
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.
If all the economists were laid end to end, they'd never reach a conclusion.
George Bernard Shaw
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.
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
We have lots of evidence that putting investments in early childhood education, even evidence from very hard-nosed economists, is one of the very best investments that the society can possibly make. And yet we still don't have public support for things like preschools.
But if, if you take a look at what would have happened, I mean, do we need to see soup lines down the street to figure out what would have happened? We avoided - and all economists will tell you that millions of jobs were saved because of the Recovery Act, and we avoided a second Great Depression. That, that is a reality.
But the age of chivalry is gone. That of sophisters, economists, and calculators has succeeded; and the glory of Europe is extinguished forever.
Unlimited economic growth has the marvelous quality of stilling discontent while maintaining privilege, a fact that has not gone unnoticed among liberal economists.
I have arrived at the conviction that the neglect by economists to discuss seriously what is really the crucial problem of our time is due to a certain timidity about soiling their hands by going from purely scientific questions into value questions.
Friedrich August von Hayek
English majors understand human nature better than economists do.
Economists treat economics as if it is a pure science divorced from the facts of life. The result of this false accountancy is a willful confusion under cover of which industry wreaks its havoc scot-free and ignores the environmental cost.
Intellectual-property rules are clearly necessary to spur innovation: if every invention could be stolen, or every new drug immediately copied, few people would invest in innovation. But too much protection can strangle competition and can limit what economists call 'incremental innovation' - innovations that build, in some way, on others.
Economists think about what people ought to do. Psychologists watch what they actually do.
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.
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.
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.
There is the expression of selfishness and there is the expression of selflessness - but economists or theoreticians never touched that part. They said: 'Go and become a philanthropist.' I said, 'No, I can do that in the business world, create a different kind of business - a business based on selflessness.'
Behavioral economists have shown that a sizable percentage of people are willing to pay real money to punish people who are taking from a common pot but not contributing to it. Just to insure that shirkers get what they deserve, we are prepared to make ourselves poorer.
I'm not an economist and we all know economists were created to make weather forecasters look good.
John F. Kennedy
A. P. J. Abdul Kalam
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