Quote of the Day
If all the economists were laid end to end, they'd never reach a conclusion.
George Bernard Shaw
You and I come by road or rail, but economists travel on infrastructure.
Everything is possible, from angels to demons to economists and politicians.
But the age of chivalry is gone. That of sophisters, economists, and calculators has succeeded; and the glory of Europe is extinguished forever.
Economics is extremely useful as a form of employment for economists.
John Kenneth Galbraith
Ask five economists and you'll get five different answers - six if one went to Harvard.
Edgar R. Fiedler
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
Unlimited economic growth has the marvelous quality of stilling discontent while maintaining privilege, a fact that has not gone unnoticed among liberal economists.
I don't want to get into the 'who's a hostage-taker' discussion here, but what is the estate tax? It's a double tax on death. Economists will tell you that it's really not a tax that soaks the rich, but it's a tax on capital that deprives business investment and therefore job creation.
English majors understand human nature better than economists do.
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
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.
Well, you have the public not wanting any new spending, you have the Republicans not wanting any new taxes, you have the Democrats not wanting any new spending cuts, you have the markets not wanting any new borrowing, and you have the economists wanting all of the above. And that leads to paralysis.
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.
Economists, like royal children, are not punished for their errors.
Economists want their discipline to be a science, and they have nailed down a few precepts, but many of their debates are still clouded by ideology.
Economists think about what people ought to do. Psychologists watch what they actually do.
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.
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 report that a college education adds many thousands of dollars to a man's lifetime income - which he then spends sending his son to college.
The public is even more pessimistic about the economy than even the most bearish economists are.
I believe that economists put decimal points in their forecasts to show they have a sense of humor.
William Gilmore Simms
Many scientists and economists also say putting a price on carbon through carbon taxes and/or cap-and-trade is necessary.
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.'
We're more familiar with what economists call an English auction - prices start low and rise as people bid. However, there is also the Dutch auction, where prices start high and go lower until somebody bites. Movies are sold to the audience via a very slow Dutch auction, where each phase between price drops can last weeks or months.
It's clear that policymakers and economists are going to be interested in the measurement of well-being primarily as it correlates with health; they also want to know whether researchers can validate subjective responses with physiological indices.
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'm not an economist and we all know economists were created to make weather forecasters look good.
Economists often like startling theorems, results which seem to run counter to conventional wisdom.
Years ago, I noticed one thing about economics, and that is that economists didn't get anything right.
Nassim Nicholas Taleb
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John F. Kennedy
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