Economics Quotes

Here, we’ve compiled a list of the best Economics Quotes from famous persons: Peter Schiff, Richard Quest, Oliver E. Williamson, Ian Rankin, Edmund Phelps. The wide variety of quotes available makes it possible to find a quote to suit your needs. You’ve likely heard some of the Economics Quotes before, but that’s because they truly are great.

My investment advice is rooted in my understanding of e

My investment advice is rooted in my understanding of economics.
Bearing in mind most companies rely on the middle classes in developed countries to sell goods and services throughout the value chain, dealing with inequality is a matter of brutal enlightened self-interest. It’s simple economics: Global stability equals global growth equals profits.
The field of ‘economics and organization‘ is still young and needs support. I have been a chaired professor much of my academic life and know that such chairs are important for recruiting and retaining faculty.
Oliver E. Williamson
Being working class, my parents thought, ‘Ian’s going to uni, the first in the family,’ and I’d do dentistry or accountancy. I was going to do accountancy; then I got a C in Economics and thought, ‘Why am I doing this?’ The only thing I was interested in was books and literature.
At the simplest level, economics can better show us the consequences of our actions. Less simple are cases in which we don’t have the knowledge to predict the full consequences. Global warming and climate change are examples.
When it comes to talking to your kids about economics, start early beause the progressive culture-makers are starting earlier than you think! Cartoon storylines regularly denegrate competition and other foundational principles of capitalism.
Rogue economics is a sort of umbrella under which we find the criminal economy, the illegal economy, but also those gray areas, gray areas where there is not a proper regulation, where there is not legislation for the economy.
Loretta Napoleoni
I believe in pan-Africanism. This means that in many things – the judiciary, sports, economics and trade – we want Africanism to be involved, which is basically more freedom for the people.
The Nobel Prize is not very important for the winners – they are usually pretty successful people already. But it is valuable as a way of drawing the public’s attention to important work in economics.
The human world lives in a framework called global economics. We live in a system based on GDP, which drives consumption. it causes people to compete with each other through trade in a way that they all grow.
Economics as currently presented in textbooks and taught in the classroom does not have much to do with business management, and still less with entrepreneurship.
Ronald Coase
At a very young age, I fell in love with the idea of being in a restaurant and being surrounded with people around me. I don’t think at the time I thought about becoming a chef. I have a bachelor‘s degree in economics. I never went to a cooking school.
Ed Miliband should be out and proud about his abstruse interests, his Master’s in Economics, his political obsession, his prioritising of the mental over the physical.
One of the things I’ve always liked about my husband is he’s very good at lots of stuff. He was an English teacher when I met him. He wrote poetry and played the guitar. As time went on, he decided to go into economics, so he’s very analytical and mathematical in addition to his artsy side.
Ally Condie
Economics should not drive you out of the community.
Think how modern economics presents work. Only labour that contributes to growth counts.
One reason that we eat processed foods is the decline of home economics. Restarting home economics classes is one of the key things we could do to get this issue moving.
Why do writers, say, give up a job in economics and decide to write poetry? Or, why do they give up a job in a bank and decide to paint, like Krishan Khanna? They want to convey something.
I gravitated to economics because I’m interested in how people coordinate and collaborate with each other. Economics studies all the ways people get along with each other.
Alvin E. Roth
Besides numerous science courses, I had the opportunity to study philosophy, the history of architecture, economics, and Russian history in courses taught by extraordinarily knowledgeable professors.
Stanley B. Prusiner
If you look at cricket per se, if you didn’t have T20 cricket, Test cricket will die. People don’t realise. You just play Test cricket, and don’t play one-day cricket and T20 cricket, and speak to me after 10 years. The economics will just not allow the game to survive.
I was an economics major in college, and every summer after school, I would drive my car from California, from Claremont men’s college at the time, to New York. And I worked on Wall Street.
My background educationally is physics and economics, and I grew up in sort of an engineering environment – my father is an electromechanical engineer. And so there were lots of engineery things around me.
I’m going to teach high school. History and economics. I may even coach wrestling. Hey, Indiana Jones taught school, too.
While I am interested both in economics and in philosophy, the union of my interests in the two fields far exceeds their intersection.
Amartya Sen
But what I really believe is education is a key to pretty much everything – prosperity, economics, peace, stability.
Greg Mortenson
I took English courses in college, but I don’t have an English degree. I have a degree in economics.
Patrick Carman
Having never taken a business class, the economics of restaurants scared me. I opened Chipotle with the idea that I could step away from it and use it to support my full-scale restaurant.
I go to Stanford, and I’m an economics major, not thinking I’m going to do anything with acting. A professor came to the dorm where I lived looking for people to audition for an August Wilson play, ‘Joe Turner‘s Come And Gone.’ I gave it a shot, got one of the lead roles in the play.
Years ago, I noticed one thing about economics, and that is that economists didn’t get anything right.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
To overturn orthodoxy is no easier in science than in philosophy, religion, economics, or any of the other disciplines through which we try to comprehend the world and the society in which we live.
Ruth Hubbard
Everybody has to remember that economics is very tied to politics.
It’s a question of economics. If you’re paid the same as a man, which now you are in this profession, you’re equal.
I had the good fortune to spend hours with my parents around the dinner table having debates on politics and economics.
The only language that the Japanese whaling industry understands is economics.
Survival, in the cool economics of biology, means simply the persistence of one’s own genes in the generations to follow.
The way I think of it, economics and ecology occupy two intellectual silos, isolated from each other. Even when they do take each other into consideration, it’s not uncommon for ecologists to spout absolute nonsense about economics, and vice versa.
Economics really pervert every possible good thing that comes, whether it’s food or a cure or a new technological advancement; anything like that is always stopped by who has access to it.
It was interesting to find how dominating American vision is all over the world. I think there’s something to be said about the world’s mindset and its economics and all of that, and I think it affects the way we see ourselves and it affects music.
I had never taken any economics. I literally didn’t know what it was. I thought it was just about the study of money.
The differences between Rand Paul and millennials are vast – not just on economics, but on social issues that matter to young people, too.
I don’t like stuff that can only go into one set; I want stuff that can be applied across sets. It’s a more real Lego building experience. And, of course, it’s the same from a manufacturing point of view. I want elements that are universal; that gives me the best economics and best utilisation of the mould.
Jorgen Vig Knudstorp
And religion causes most of the problems, war, and economics of course, and study your history or you’re going to repeat it; and if you’re burning a Harry Potter book you need some serious counseling, you don’t get it, you’re missing the whole point.
Michael Berryman
Game theory is a branch of, originally, applied mathematics, used mostly in economics and political science, a little bit in biology, that gives us a mathematical taxonomy of social life, and it predicts what people are likely to do and believe others will do in cases where everyone’s actions affect everyone else.
Colin Camerer
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
A conveyor belt of Think Tank pundits and allied operatives poured into the TV studios, and together they built a fortress around Mrs. Thatcher‘s memory that was rooted in theories about economics. They did this because economics is the only language that wonks understand.
Because economics is all about optimising, doing the best you can with what you have – it’s usually the first place you should look for answers if you want to maximise your happiness.
The young people I teach now know they are being sold down the river before we even start studying the trends and numbers. That’s the toughest part of being a high school economics teacher… being a witness when our children realize that the greatest deficit of all is a deficit of leadership.
Kurt Bills
It was never my intention to marry anybody. Economics are basically the only reason to get married, but I’m very glad I did it.
American influence in the world is certainly considerable, but the United States does not control, directly or indirectly, the politics and economics of other societies, as empires have always done, save for a few special cases that turn out to be the exceptions that prove the rule.
The economics of life is against the family.
Narrative drives most of economics. Everything seems to be part of a story, and how that story is told often leads to critical error.
Funnily enough, the Federal Reserve produced comics about monetary policy, and there is a good comic book guide to microeconomics and macroeconomics out there. But it is not really appropriate for younger readers; it is really aimed at economics students.
Let’s be honest. The powers that be all of a sudden realize that there’s a lot of money to be made from the Latino market. It all comes down to economics. That’s what’s happening. So what! We’re in style. I mean, that’s silly, but I’m taking full advantage of that.
Paula Garces
The economics of the space industry are changing. Within so called ‘NewSpace,’ not only are new entrants being created almost daily, the business models and capital sources have proven to be dramatically different from traditional models built upon large government contracts and defence-related spending.
My background is around economics and finance; yet, of course, in professional services, talent is key. And for many of our clients, whatever the industry, they all are coming to me saying their No. 1 challenge is getting the right talent.
I don’t think exactly like a professional economist. I think about economics and economic ideas, but somewhat like an outsider.
I studied economics and thought I wanted to play with the stock market – my dad was a financial adviser – and I was going to go down that path. I was an intern at Smith Barney.
Black people have been marginalized and kept away from the economics of this country. I think people are starting to understand that and are trying to figure out how we can change that and allow everybody to join in this game of capitalism.
I practice what has come to be called behavioral economics.
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.
What you get out of an M.B.A. programme, no matter how much experience, is functional tools and understanding in disciplines: you’ll understand economics, you’ll understand marketing, finance, accounting. That, M.B.A. programmes do very well.
Henry Mintzberg
The whole industry is so screwed up by economics. It’s disgusting to me.
Armand Assante
I got into economics because I wanted to make things better for the average person.
I’ve felt for some time that economics needs to be taught differently by economists who actually have had experience making a payroll or investing on Wall Street. When economics is taught by pure academics, watch out.
My family are quite academic, and I was set to study economics and politics at university.
Home economics – kids in school used to be taught how to shop, how to cook from scratch, how to be in control of their diets. Doesn’t happen anymore.
I would have a poet able bodied, fond of talking, a reader of the newspapers, capable of pity and laughter, informed in economics, appreciative of women, involved in personal relationships, actively interested in politics, susceptible to physical impressions.
First of all, just because the Tea Party people appear to be generally uneducated, ignorant about the political process, ignorant about economics, confused about their own platform from the beginning, and indelicate when it comes to the craft of diplomacy, doesn’t mean they’re wrong.
My interest in economics has always been in the whole corpus of economic theory, the interrelationships between the various fields of theory and their relevance for the formulation of economic policy.
James Meade
‘Perfect competition’ is considered both the ideal and the default state in Economics 101. So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand.
The special sphere of finance within economics is the study of allocation and deployment of economic resources, both spatially and across time, in an uncertain environment. To capture the influence and interaction of time and uncertainty effectively requires sophisticated mathematical and computational tools.
Robert C. Merton
Too many people think that economics is this subject that should wait until the university level. But it can’t wait that long.
As the Wall Street Journal called our economic plan, supply-side economics for the working man, is resonating in Minnesota and here in Missouri and across this country.
As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability – the difficulty that those who pay for information have in getting returns.
I’m not a communist, of course. But I do think that everything is down to economics. Capitalism doesn’t change.
I love Richard Thaler’s ‘Quasi Rational Economics.’ A collection of some of his most interesting and inventive essays, the real foundation of behavioral economics.
I think caring too much about the economics starts affecting the creative aspect of the film. That is a dangerous process for a filmmaker. He should make his film without having to worry about how much it has cost or how much it will be sold for.
There is such a polarized discussion of economics among people like analysts, columnists, bloggers; often, they end up just saying that views other than their own should not even be discussed. I find that frustrating. There is no intellectual progress without considering lots and lots of different views.
From 1931 to 1937, I was a Fellow and Lecturer in Economics at Hertford College, Oxford.
James Meade
I like Mitt Romney as a person. I think he’s a dignified person. But I have no common ground on economics. He doesn’t worry about the Federal Reserve. He doesn’t worry about foreign policy. He doesn’t talk about civil liberties, so I would have a hard time to expect him to ever invite me to campaign with him.
And each of these perspectives comes to the same conclusion, which is that our global economy is out of control and performing contrary to basic principles of market economics.
The great thing about behavioural psychology and economics is that they help us to see that there are actually pretty good reasons why human beings swing from greed to fear, and why we’re not really calculating machines or utility-maximisers.
Marriages are under strain today in terms of economics. There are social cross-currents. We see failed marriages. But it is not under attack by our gay and lesbian citizens.
Earl Blumenauer
To me, economics doesn’t need to be political.
I think the association of economics with forecasting is unfortunate and is down to the fact that one great way to get an investment bank’s name on business television is to hire a guy called a Chief Economist who will go and prognosticate.
I am very new to cooking. At school, our home economics lessons were very poor. We were told to pick a recipe and then cook it. So no actual teaching involved then.
Now, of course, cold fusion is the daddy of them all in a way, in terms of value, so I think that viewed in a social way, from the point of social considerations and economics, it will tell you that this thing will stay around.
Martin Fleischmann
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.
I went to the London School of Economics to study sociology and psychology on a serviceman’s grant.
This paper was one of my digressions into abstract economics.
William Vickrey
High mandated minimum wages will throw people out of work and onto the welfare rolls in cases where unemployment benefits exist. When it comes to welfare payments, they obey the laws of economics, too. Indeed, if something – like unemployment – is subsidized, more of it will be produced.
Since the inauguration of Mr. Lee Myung-bak, I was very much disappointed with his politics and policies. Not only in economics, but also in many social and political issues, he made many mistakes.
At the beginning of my sophomore year at Princeton University, I took my first economics course; our textbook was the first edition of Samuelson’s ‘Economics: An Introductory Analysis.’
Making films take a lot of intelligence and is tough, though achieving Economics honours is tough, too.
Bin Laden studied economics and public administration before he turned to a life of jihad.
Whether you’re from Egypt or Argentina or Singapore or Canada, you have a need to feel important, a need to feel secure, and a need to feel loved. The culture and economics just determine how those needs are expressed.
Praxeology – economics – provides no ultimate ethical judgments: it simply furnishes the indispensable data necessary to make such judgments.
Assess Bitcoins? All you can do is examine the trading patterns, which do not provide a real analysis of any underlying economic value. The economics of investments are not solely based on supply and demand, and that is all that goes into Bitcoin prices.
When I left university I got a job with Shell on their graduate scheme. One of my roles was as a commercial manager for liquid natural gas shipping, project economics and contract negotiation.
My fellow economists and academics fail to understand the economics of trade in the real world. Traditional models of academia respect free trade without considering whether it is fair trade.
The nuclear approach I’m involved in is called a traveling-wave reactor, which uses waste uranium for fuel. There’s a lot of things that have to go right for that dream to come true – many decades of building demo plants, proving the economics are right. But if it does, you could have cheaper energy with no CO2 emissions.
It’s time to take Economics 101 to Washington. We believe in liberty, we believe in limited government, we believe in free enterprise, we believe in family values and the sanctity of human life, and we all believe Washington needs a good dose of Economics 101.
Kurt Bills
I was a business major in college, so I knew economics.
President Reagan, Jack Kemp and other advocates of supply-side economics understood that pro-growth tax, spending and economic policies were essential to America’s long-term economic and fiscal health.
Economics has revealed a great truth about the natural law of human interaction: that not only is production essential to man’s prosperity and survival, but so also is exchange.
I think most politicians have almost no understanding of economics; otherwise, they wouldn’t have become politicians.
When the wordmorality‘ comes up in connection with economics, income distribution and financial stability are usually the issues. Is it moral for rich countries to use such a high proportion of the world’s resources or for investment bankers to earn large bonuses?
Consciousness permits us to develop the instruments of culture – morality and justice, religion, art, economics and politics, science and technology. Those instruments allow us some measure of freedom in the confrontation with nature.
Neoclassical economics insists that advertising cannot force consumers to buy anything they don’t already want to buy.
My decision to leave applied mathematics for economics was in part tied to the widely-held popular belief in the 1960s that macroeconomics had made fundamental inroads into controlling business cycles and stopping dysfunctional unemployment and inflation.
Robert C. Merton
We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual.
I had a degree in economics but also thought of myself as a musician.
I can’t think of a president who has been overburdened by a knowledge of economics.
I had become interested in economics, an interest that was transformed into a lifetime dedication when I met with the mathematical theory of general economic equilibrium.
Gerard Debreu
In my junior year in college, I was getting kind of tired of French. So, I took an economics course, and I loved it. The rest of my two years in college I spent in economics.
The fundamentals of the token model are valuable and powerful. They allow communities to govern themselves, their economics, and rally a community in powerful ways that will allow open systems to flourish in a way that was previously impossible.
Cutting budget deficits can never be just an exercise in economics.
In the 1980s, we were advised, why don’t you follow Reaganomics or Thatcherite economics. We said, yes, there are good points, let’s see how we can fit them in the Indian economy. Every country has its own way of moving forward.
The moment is ripe for an experienced businessman to talk practical, prudent economics to the electorate – which is why Mitt Romney’s political fortunes are steadily being resurrected from the grave.
There’s no problem with fans and bands. There’s a problem with the economics of the outside disruption of the industry.
Actually, in my advanced, high-falutin’ frontier economics, I often work with what I define as ‘money metric utility,’ and I ask people, ‘Do you really want that? What are you willing to pay for that?’
Letting bygones be bygones is a basic principle in economics.
What I think is if the world is in some difficulty – about climate change, about economics – then we had better make sure that 100 per cent of every brain available on the planet is working at full pelt to try to sort these things out.
If you have a traditional view of economics, you’re probably thinking of Ben Bernanke making Fed policy, or the guys creating financial derivatives at Goldman Sachs.
In psychology and behavioral economics, people have shown that if you just describe options in a certain way, or make some features of a situation salient, you can get people to do and even see what you want. You don’t have to be a Jedi to manipulate people’s attention.
Let’s start with the euro. What on earth were we thinking? How could anyone with the faintest grasp of economics have believed it was anything other than sheer insanity to yoke together diverse national economies such as Greece, Ireland, Germany and Finland under a single exchange rate and a single interest rate?
Economics is about creating win-win situations. But in sports, someone loses.
Stan Kroenke
As consumers and as voters we can say ‘no’ to rogue economics and demand regulation.
Loretta Napoleoni
A large part of crime is economics – if people are working and and have a home and family to support, then I believe you can reduce the crime rate.
Vincent Frank
I know the rule. I know law. I know economics. I know parliament. That’s an explosive combination.
Rising inequality is not a law of nature – it’s not even a law of economics. It is a consequence of political and economic arrangements, and those arrangements can be changed.
I just knew that economics had never been my big motivation.
Google was founded to get information to everybody. A by-product of that strategy is that we invented an advertising business which has provided great economics that allows us to build the servers, hire the employees, create value.
I think that ‘Lost‘ is a bit of a dinosaur in terms of the type of show it is. The economics just don’t support making a show this big and complicated profitable enough for a network.
I love the gallery, the arena of representation. It’s a commercial world, and morality is based generally around economics, and that’s taking place in the art gallery.
The linear, single species idea of farming is an assault on ecological function. Something’s going to break down in that system – anything from soil structure, in economics… but where to start is with true ecological function.
I took business and economics courses. More than anything, I learned the proper steps and the things that need to be outlined. You have to keep your books: how much money you made, how much money you’re spending, what you profited, and what you’re gonna need for expenses.
Class I to XII wasn’t much help; I was always a mediocre student. But when I pursued higher education and studied economics with theatre or psychology with science fiction, I got a whole new world view.
I’ve always been interested in the economics of reproduction, who gets what they want when it comes to childbearing and how these days, money is a tremendous advantage.
In economics, one of the most important concepts is ‘opportunity cost’ – the idea that once you spend your money on something, you can’t spend it again on something else.
Art does, to some extent, follow economics.
The basic idea that if you increase government spending or you cut people’s taxes that stimulates the economy and lowers the unemployment rate, is a very widely accepted idea. It’s in every economics textbook, that’s what we teach our undergraduates, and I certainly try to teach them the truth.
Oil has allowed us to think about economics as though energy doesn’t matter.
Andrew Nikiforuk
After graduating in engineering I went to the University of Kansas to get an MA in economics as a vehicle for allowing me to decide if I wanted to continue in economics.
Vernon L. Smith
Recommending gastric bypass as a national solution for our diabetes epidemic is bad medicine and bad economics.
President Reagan preached ‘trickle down economics’ but naively did not reckon on the fact that the wealthy would only care about getting more for themselves instead of caring about helping those with less.
The ultimate purpose of economics, of course, is to understand and promote the enhancement of well-being.
And I know this happens because I took economics, and I’d explain it to ya, but I flunked that course. Not my fault. They taught it at 8 o’clock in the morning. And there is absolutely nothing you can learn out of one bloodshot eye.
No one is entertained by economics.
I don’t think most of Congress understands how economics works.
I grew up with very much an appreciation of the creative side of things, but always knowing how much Wall Street, finance and economics really powered everything else, whether it’s politics or the art world.
After my undergraduate, I’ve written a thesis that was in the government department, but largely, it turned out almost an economic type of thesis. And I was very interested in that, and I wanted to go get a Ph.D. in Economics.
You can be taking two steps forward as an actor, but if a movie doesn’t make money, you might as well be taking two steps backwards. It’s all about economics.
Economics is extremely useful as a form of employment for economists.
Economics is half psychology and half Grade Three arithmetic, and the U.S. does not now have either half right.
Entrepreneurship isn’t for everyone, and not everyone is going to be an entrepreneur, but women who turn to business, turn to economics, because there are people depending on them, I think that their creativity, their resilience, their spirit, embody what’s best about entrepreneurship.
I view the work I’ve done related to statistics and economics as, roughly speaking, how to do something without having to do everything.
Lars Peter Hansen
I founded Atari in my garage in Santa Clara while at Stanford. When I was in school, I took a lot of business classes. I was really fascinated by economics. You end up having to be a marketeer, finance maven and a little bit of a technologist in order to get a business going.
I have an economics degree with a minor in sociology. The reason I have that is because I want to do a ministry in urban areas and help with underprivileged kids.
You can’t build an engine that’s just good for one type of game anymore. The economics don’t work.
I have not been able in one lecture even to scratch the surface of the role of maximum principles in analytic economics.
The modern economics of the theater is such that we write plays with fewer and fewer characters.
At nineteen I was pretty sure I was going to be a professional soccer player. At that time I played for one of the Norwegian premier leagues. But I tore ligaments in both knees, so I started studying business administration and economics and became a financial analyst, and I worked at a brokerage firm as a stockbroker.
Our economics are not baseball‘s economics. Our game is not baseball’s game. Our owners are not baseball’s owners, with one or two exceptions. Our union is not baseball’s union. What we do has to be crafted and suited to address hockey, to address the NHL, to address our 30 teams and our 700-plus players.
You alleviate poverty by trickle-down economics.
Whoever claims that economic competition represents ‘survival of the fittest‘ in the sense of the law of the jungle, provides the clearest possible evidence of his lack of knowledge of economics.
George Reisman
Before ‘Life of Pi,’ I wanted to do economics. And now, I realize how bad a mistake that would have been. I just can’t see it as my cup of tea anymore.
Suraj Sharma
Many of us like to think of financial economics as a science, but complex events like the financial crisis suggest that this conceit may be more wishful thinking than reality.
Andrew Lo
We plutocrats need to get this trickle-down economics thing behind us: this idea that the better we do, the better everyone else will do. It’s not true. How could it be? I earn 1,000 times the median wage, but I do not buy 1,000 times as much stuff, do I?
My mother is an office manager, my father a professor of economics and financial planner.
Poppy Z. Brite
Plays are getting smaller and smaller, not because playwrights minds are shrinking but because of the economics.
The economics favour one-man comedy shows: all you need is one person, a microphone and a PA system. But I’m pleased so many people are making a living out of comedy – it’s a wonderful business to be in.
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.
I began my career as an economics professor but became frustrated because the economic theories I taught in the classroom didn’t have any meaning in the lives of poor people I saw all around me. I decided to turn away from the textbooks and discover the real-life economics of a poor person’s existence.
The reason we should do a carbon tax is because it’s the right thing to do. It’s economics 101, elementary stuff.
I took the obligatory economics classes in school, but I’ve long been a fan of the Milton Friedman philosophy and its libertarian bent: One must be free to do what one wants to do, as long as you don’t harm another. This is the seminal treatise on free-market economics.
Having such high-profile parents could be intimidating, but really, they’ve let me do my own thing and evolve as a person. When I changed my major from economics to film, they were cool about it.
In hip-hop, as in neoliberalism, economics bullied politics out of the picture.
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.
There’s a very good reason for why economics developed the way it did, and that is that in many situations, the assumption that people will exploit the opportunities available to them is very plausible, and it simplifies the analysis of how markets will behave.
But while I loved all of these courses, there was an irresistible attraction of economics.
Systematic social and environmental deregulation, and the economics of austerity while enriching the rich, will be the markers of Farage/Tory politics after Brexit. Singapore-on-Sea for the rich; degradation for the rest.
The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.
Henry Hazlitt
Economics is not an exact science. It’s a combination of an art and elements of science. And that’s almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we’re improving our data bases and our ways of reasoning about them.
I thought I might like to farm. But I didn’t know the economics of it. Teachers basically steered me away from it.
Glen Taylor
My own kids are absolutely allowed to help me cook it. They of course have the added bonus of knowing how to bake. That wasn’t really a concept when I was a kid – I learned it at school in home economics, then started properly when I was home with my children. They love helping me.
To join or not to join films was the biggest choice I had to make. I’d done two years of biogenetic engineering, was an economics graduate and a gold medalist. I had also been a Bharatanatyam dancer from age five, always won the best actress award in school. Finally, I decided to do things for my soul, chose to act.
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
I think economics – and this is what I’ve tried to impart – has a tremendous amount of human interest in it.
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.
Kurt Bills
I was about to get a degree in economics when I accepted that I’d be a lousy businessman, and if I didn’t give acting a try I’d regret it for the rest of my life.
Peter Gallagher
We’ve switched from a culture that was interested in manufacturing, economics, politics – trying to play a serious part in the world – to a culture that’s really entertainment-based.
Economics has many substantive areas of knowledge where there is agreement, but also contains areas of controversy. That’s inescapable.
Religion and art spring from the same root and are close kin. Economics and art are strangers.
I really am enjoying my economics class, but I think my favorite course has to be history.
Molly Quinn
I don’t think Obama understands basic economics. Not economics that work. He may understand some theory that someone in Princeton sat and dreamed up, but it’s not working.
You should not forget that without all the work in law and economics, a great part of which has been supported by the John M. Olin Foundation, it is doubtful whether the importance of my work would have been recognized.
Ronald Coase
I started off thinking that maybe the social sciences ought to have the kinds of mathematics that the natural sciences had. That works a little bit in economics because they talk about costs, prices and quantities of goods.
Start with the idea that you can’t repeal the laws of economics. Even if they are inconvenient.
The major driver of economics is the equilibrium approach, which has taken various forms over the years. General equilibrium is the statement that all the different parts of the economy influence each other, even if it’s remote, like mortgage-backed securities and their demands on automobiles.
Kenneth Arrow
Everywhere I go, I see incredible examples of communities that have a vision for transportation and how it will impact the quality of life, mobility, economics and opportunity.
Everybody feels better about himself, his community, and his country if employers are paying workers well. Economics, though, teaches that if every employer is pressured to raise wages, some labor will be priced out of the market.
The Sherman Act is similar in the economics sphere to the Bill of Rights in the personal sphere.
It became clear I wanted to be a development economist. I mean, I said I wanted to work on the economics of poor countries. And I’d actually say that I don’t think that was so much about narrowing the gap as about increasing their incomes, which means economic growth, which is really my prime interest.
James Mirrlees
When I was doing my bachelors from Delhi University, India experienced its first major external financing and currency crisis in 1990-91. This inspired me to pursue graduate work in economics and was the foundation for my interest in international finance.
Letting the greens dictate your energy choices, whether it’s halting the XL Pipeline or fracking in New York, isn’t just bad economics. It can also leave your rivals and enemies controlling your energy destiny.
China understands economics more than most countries and is usually moved to increase freedoms when the yuan is directly involved.
Zero-sum thinking is an obsession of mine, but mostly in economics.
There is no single theory that is used in economics that considers the finite nature of resources. It’s shocking.
I’d call it a new version of voodoo economics, but I’m afraid that would give witch doctors a bad name.
Shakespeare was writing about his time, and it was a time when women were beginning to demand a voice, demand a say in their lives for one reason or another, mainly to do with the economics of the time.
The reversion of American society to a nation of the superrich and the rest… is straining the country in ways that go way beyond economics.
We aim in the domain of politics at republicanism; in the domain of economics at socialism; in the domain of what is today called religion, at atheism.
August Bebel
Economists tend to think they are much, much smarter than historians, than everybody. And this is a bit too much because at the end of the day, we don’t know very much in economics.
Geography has made us neighbors. History has made us friends. Economics has made us partners, and necessity has made us allies. Those whom God has so joined together, let no man put asunder.
Romney economics would spell disaster for America’s middle class. In this economy there are shipbuilders and ship wreckers.
We’ve all heard the phrase ‘equal pay for equal work.’ Many of those who habitually repeat this mantra may not realize that it is simply a variation of the discredited labor theory of value (LTV), which is generally associated with Marxian economics.
When I was a graduate student, I actually took a course in development economics and I thought it was the most boring thing in the world.
Like war, economics is more an art than a science.
The exclusion of girls from education is an issue of justice. But it’s also an issue of economics because it’s holding families, communities, and nations back. The chiefs are often a bridge between the traditional and the modern world and are very powerful implements to change.
When I was in college at Amherst, my father asked me a favor: to take one course in economics. I loved it – for the challenge of its mysteries.
I was initially very interested in public policy, but then after my masters at Harvard, I felt that it was important to get a better handle on the economics of it as well. I did my Ph.D. in macroeconomics, and my thesis – ‘Why Is It That Some Countries Save And Others Not?’ – was on savings.
Arbitrage proof has since been widely used throughout finance and economics.
Merton Miller
The people who run the country have enormous influence over the culture, politics, and the economics of the country. And increasingly, they haven‘t a clue about how most of America lives. They have never experienced it.
Some say economics has all kinds of good tools and techniques, but it has an absence of interesting problems. I look around the world, and I see all kinds of interesting, important problems we ought to solve with the tools we have.
Alvin E. Roth
To be brutally honest, it’s simple economics. If they want to come into cycling, sponsors need to know the team they are funding is clean, otherwise the risk is just too great.
David Millar
I went to school for economics, and especially in Asian culture it’s not really a viable job for my family to be an artist.
Washington is a place where politics and economics often aren’t on speaking terms.
One of the pleasing things about science is that we do all climb towards the heavens on the shoulders of our predecessors. Economics, like physics, has its heroes, and the letter ‘H’ that I used in my mathematical equations was not there to honor Sir William Hamilton, but rather Harold Hotelling.
Journalism students need to understand it and need a solid background in the liberal arts, in sociology, economics, literature and language, because they won’t get it later on.
Harrison Salisbury
I went to college as an economics major because that was the easiest major that could still please your Asian parents, and then, much to their dismay, I became a stand-up comedian.
I don’t go to the beach. There is no value in going to the beach. If I did go I would probably read economics books.
Esther Duflo
So much has happened to obscure the dialogue about race and about gender and discrimination in general, especially where those things touch on economics.
Now that virtually every career is an option for ambitious girls, it can no longer be considered regressive or reactionary to reintroduce discussion of marriage and motherhood to primary education. We certainly do not want to return to the simplistic duality of home economics classes for girls and wood shop for boys.
It’s well proved economics that if a country which is rich and a country that is poor come together in global trade, sooner or later the standard of living of the poor country will go up towards that of the rich country.
Economics has never been a science – and it is even less now than a few years ago.
I have kids in high school that don’t know how to balance a checkbook. We need to have that fundamental understanding of economics as we move forward to develop the next generation of young people.
Monetary policy is one of the most difficult topics in economics. But also, I believe, a topic of absolutely crucial importance for our prosperity.
The economics of being a playwright are abysmal. I like to think of the work I do out in Hollywood as a way to actually make a life in the theater easier.
You don’t see black people winning Nobel prizes for physics or economics or any of the industries or institutions that shape the way the world operates.
I may be a dreamer, but I think monetary economics should be a hot topic.
Every nation on the Earth that embraces market economics and the free enterprise system is pulling millions of its people out of poverty. The free enterprise system creates prosperity, not denies it.
The most insidious thing about trickle-down economics is not the claim that if the rich get richer, everyone is better off. It is the claim made by those who oppose any increase in the minimum wage that if the poor get richer, that will be bad for the economy. This is nonsense.
To those of you who study history, economics, sociology, literature and language I present the challenge of the utilization of the enormous resources in our grasp to the problem of creating a genuinely good life for yourselves and your children.
Polykarp Kusch
Establishment idiots say the Trump tax cuts only helped the rich. Don’t they understand anything about economics?
All the political angst and moral melodrama about getting ‘the rich’ to pay ‘their fair share‘ is part of a big charade. This is not about economics, it is about politics.
I think economics is about passion. Economic progress, whether it is a two-person coffee shop or whether it is Netscape, is about people with brave ideas. Because it is brave to mortgage the house, when you’ve got two kids, to start a coffee shop.
I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.
Then in college, besides economics, I also majored in studio art and got involved in photography and making short films and acting. But I didn’t know you could make a living that way.
Middle-out economics rejects the old misconception that an economy is a perfectly efficient, mechanistic system and embraces the much more accurate idea of an economy as a complex ecosystem made up of real people who are dependent on one another.
Despite the painful changes we have had to make, we continue to believe in the St. Louis market. And we are hoping to add flights, in a careful way, as the economics of our business improve and the demands of the traveling public in St. Louis become clear.
The professional study of economics has become ideological brainwashing. It is a defense of the excesses of the capitalist system.
Immigration is as much about the American experience and the values we share, and a lot more about economics than it is about politics.
The data are what matter in economics, and the more ruthlessness that an economist can summon to make sense of the data, the more useful his findings will be.
The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics.
When goods are digital, they can be replicated with perfect quality at nearly zero cost, and they can be delivered almost instantaneously. Welcome to the economics of abundance.
Erik Brynjolfsson
When we started looking at the bigger television ecosystem, you see that there’s not that many serialized TV shows being made for TV. The economics are lousy: They don’t sell into syndication well; they’re expensive to produce.
There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists.
After my 12th, my parents moved to Bangalore while I moved to Mumbai to study Economics at Sophia College. Much unlike other girls who managed to evade the curfew and organised the slips to get out of college, we would attend college and were interested in academics.
Trickle-down economics does not work, and tax reform should not be defined as partisan tax cuts for the wealthy and huge corporations.
For too long the U.S. immigration system has focused on accepting low-skilled immigrants. Basic economics tells us that the surge of low-skilled workers depresses wages and harms the prospects of American workers.
The most powerful forces in economics are not numbers or facts. They are prejudices and preferences. No amount of evidence will ever change the degree to which many of the rich and powerful prefer themselves to be richer and more powerful and others poorer and weaker.
Many individuals are doing what they can. But real success can only come if there is a change in our societies and in our economics and in our politics.
Bitcoin represents the first major breakthrough in economics and finance since double-entry bookkeeping was invented in 1494, and activists need to embrace its power.
My folks are economists and have taught economics and social science so I grew up with those kind of conversations around the dinner table.
The eighteenth century discovery that, in an institutional framework that facilitates voluntary exchanges among individuals, this process generates results that might be evaluated positively, produced ‘economics,’ as an independent academic discipline or science.
James M. Buchanan
In economics, ‘competitiveness‘ does not describe Barack Obama’s insistence on not only being president of the U.S. but also beating his staff at bowling.
We make choices every single day of our lives and those choices mean we must give up something in exchange for another. In economics it’s called an ‘opportunity cost.’
Textbooks describe economics as the study of the allocation of scarce resources. That definition may be the ‘what,’ but it certainly is not the ‘why.’
As new technologies upend the economics of climate change, the politics surrounding the environment are changing, too.
In economics, it is easier to agree on the data than to agree on causality.
I think the economics of this country is intricately linked to the politics of this country and the two cannot be separated.
The 1970s was the decade of developments in the new area of information economics. Search theory, which emphasized the need to gather information, was joined by models that featured asymmetric information, the case in which information differed across individual agents.
Dale T. Mortensen
Conflicts are never caused in any simple way by identity, culture or economics. Where resources are scarce, or there are strong historical memories of conflict, small events are more likely to inflame passions.
The lesson of my field, behavioral economics, is that we need to understand the ways in which we differ from the rational human assumed in standard economic theory.
Economics runs the world.
In the 1940s, economics started getting highly mathematical. It was basically because economists weren’t smart enough to write down models of real behavior that they started writing down models of highly rational behavior – and they kind of forgot about humans.
Economics is a subject profoundly conducive to cliche, resonant with boredom. On few topics is an American audience so practiced in turning off its ears and minds. And none can say that the response is ill advised.
Economics is clearly a vital area of prediction for people in politics.
In a paper called ‘The Economics of Matching: Stability and Incentives,’ I showed that there were not any mechanisms that would always both produce a stable matching and make it completely safe for all firms and workers to reveal their true preferences.
Alvin E. Roth
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.
James Meade
The adverse economic events following the First World War turned me toward economics.
Theodore Schultz
Middle-class economics is the simple idea that the economy performs best when the benefits of economic growth are broadly shared, not isolated to a fortunate few.
Perhaps one day earthquakes, hurricanes and financial crashes will all be predictable. But we don’t have to wait until then for seismology, meteorology and economics to become sciences; they already are.
I lived in London, went to the London School of Economics, do a lot of business in London, and have a lot of fun in London.
In economics, the majority is always wrong.
I did an A/S in economics once I had left school and was in my second year as a scholar at Nottingham Forest. I did that to keep me stimulated.
I joined Red Chillies entertainment right after I returned from the London School of Economics in 2007.
I wonder if economics has less basic core material than is necessary for fields such as mathematics, physics, or chemistry, say.
Clive Granger
In this age of specialization, I sometimes think of myself as the last ‘generalist’ in economics, with interests that range from mathematical economics down to current financial journalism. My real interests are research and teaching.
Ever since the end of Medieval feudalism, and the writings of John Locke, we have understood the importance of being able to buy and sell one’s own property, including books and watches, both for reasons of economics and liberty.
It’s not about revenues: The fundamental economics in digital business is scale and margins. The top line has become the bottom line.
Tastes and behavior are important in economics. Nobody denies that. But the question is: How much of behavior is irrational, and how much of the irrational behavior really affects prices? It turns out that’s very difficult to answer.
When I finished high school, it was clear to me that I would study mathematics, even if I also considered economics and psychology.
Reinhard Selten
When I am skating, economics is far away. I always return refreshed and ready to carry on.
Robert F. Engle
My novels are about a generation of Americans who lived between 1940 and 2000, who resisted the postwar political and cultural forces by choosing a wandering life of impoverishment and wonder. Inevitably, race and economics are a big part of their stories. Childhood, childishness, and children are never far.
Fanny Howe
For thirty-five years, David Halberstam, an unsilent member of the Silent Generation, has contemplated America and its place in the world, casting his eye on big subjects – Vietnam, global economics, race, mass media, and the 1950s.
I wasn’t actually very naturally good at economics. My brain doesn’t work very well, in terms of mathematics.
In my book, ‘The Big Three in Economics,’ I found that the press has frequently and prematurely written the obituary of Adam Smith and his free-market philosophy, only to see a new and more vibrant global marketplace reemerge after being savagely attacked by Keynesians, Marxists, and assorted socialists.
The secret to the movie business, or any business, is to get a good education in a subject besides film – whether it’s history, psychology, economics, or architecture – so you have something to make a movie about. All the skill in the world isn’t going to help you unless you have something to say.
I always think of my films within the context of where aesthetics meet economics. That’s the nature of making art – not being naive about what is possible and getting what you need to tell the story you want to tell.
My motivation was an idea of being able to improve the conditions of life, to try to find a remedy to many of the problems facing the world. That’s what led me into economics. I saw it as a way of helping people.
Maurice Allais
Contract things are kind of tough to come up with, especially with both sides and kind of how the economics and all those things work.
The last thing that should come between two willing parties, one that wants to adopt and one that wants to find a home, is economics.
Rocky Wirtz
You can’t just read the Koran to understand Muslim life. You have to look at history, at personalities, at economics, and so on.
Daniel Pipes
Demand is best measured in terms of spending. You know, I think in traditional economics, it’s a mistake to measure it in terms of the quantity of goods.
Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.
I started in college as a business major and finally transferred to home economics and studied making clothes.
Phillip Lim
Look at the declining television coverage. Look at the declining voting rate. Economics and economic news is what moves the country now, not politics.
I saw that publishing all over the world was deeply constrained by self-censorship, economics and political censorship, while the military-industrial complex was growing at a tremendous rate, and the amount of information that it was collecting about all of us vastly exceeded the public imagination.
History shows that where ethics and economics come in conflict, victory is always with economics. Vested interests have never been known to have willingly divested themselves unless there was sufficient force to compel them.
In the world of traditional economics, it shouldn’t matter whether you use an opt-in or opt-out system. So long as the costs of registering as a donor or a nondonor are low, the results should be similar. But many findings of behavioral economics show that tiny disparities in such rules can make a big difference.
I decided to go to the London School of Economics to write my thesis for MIT, under James Meade, Nobelist with Bertil Ohlin in 1977.
Robert Mundell
First, I think the science of monetary economics has clearly gotten better.
That is why I believe that art is so much more significant than either economics or philosophy. It is the direct measure of man’s spiritual vision.
I am not a Ph.D. in economics or a doctorate in literature that I can afford to take my singing lightly. Even if I sing a jingle, I take it as seriously as oxygen.
There’s nothing in Keynesian economics that would allow you to solve stagflation. But there’s nothing in neoclassical economics that would allow you to solve stagflation, either.
The ’90s were extremely diverse, almost like a laboratory of the new century. There was much experimenting around, in politics, economics, gender and family structures, and also in fashion. There was a cloud of possibilities which kept us all dizzy.
Jil Sander
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!
Dan Ariely
I went into the sciences very early on, but to me, economics pervades so much more of our lives and our existence.
You know and I know and economists know that trickle-down economics doesn’t work.
By a combination of formal training and self study, the latter continuing systematically well into the 1940s, I was able to gain a broad base of knowledge in economics and political science, together with reasonable skills in advanced mathematics, symbolic logic, and mathematical statistics.
If you want to invest in early-stage technologies, putting a timeframe on it does behold you to Silicon Valley economics. You’ve got a certain time period where you have to make the money. And you have to invest that money whether you find good companies or not.
I think that, especially among conservatives, there’s a clear understanding that there are three legs to the conservative stool. There are the free-market economics conservatives, the social conservatives, and the national-security conservatives.
Economics is not a science; it is a quasi-religion: part superstition, part mystique, part sentimentality. Bankers dream like other men, the only difference being that when their dreams turn to nightmares, we all lose sleep. There can be no trusting the muttering of any prelate when it comes to money.
I’m the result of upbringing, class, race, gender, social prejudices, and economics. So I’m a victim again. A result.
The economics of theater are painful. I still think that the theater community should be looking much more rigorously at how to let the playwright keep the money they make.
The concept of ‘green jobs‘ or a ‘green economy’ is often attacked as the work of the Grimm Brothers by those wedded to the grim science of free-market economics.
The scientific study of labor economics provided the opportunity for me to unite theory with evidence my lifetime intellectual passion.
My interest in economics just basically comes because I think I’m a curious person, and I’m interested in how the world works.
As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports.
Merton Miller
At the time, my personal research objectives were to provide Keynesian economics with more rigorous foundations and to tighten and elaborate the logic of macroeconomic and monetary theory.
James Tobin
My background is economics and maths. I think one of the reasons I studied humanities at all, or even went into journalism, is because, like, science and maths wasn’t cool in England when I was growing up. No one ever talked to the engineering students at Oxford.
One of the most important things liberals don’t understand about conservatism, obscured by too much lazy talk about conservatism’s various ‘wings,’ is that its tenets form a relatively organic base for its adherents, where ‘traditional morality’ serves the interests of laissez-faire economics and vice-versa.
For a variety of reasons, I have always felt myself an outsider. I don’t know how to classify myself in economics. I am a loner. I do not like groupthink, which, if anything, has become more important in economics. In addition, a lot of the values I hold are not the mainstream values in the profession.
Our engagement through international economics, trade, these trade agreements, is vital and is linked to our national security. This is a lesson we learned from the ’30s, it is a lesson we learned post-World War II, and it plays to our strengths.
Because of economics, you have to feed the demographics that are buying your product. So, as Asia becomes a much more economic influence on the products that are being made from America, I think people have to be sensitive.
Sung Kang
I think it is true to say that I am not the first Nobel Prize winner in economics to have little formal training in economics.
Clive Granger
I’m double majoring in social studies – which is sociology, anthropology, economics, and philosophy – and African-American studies.
To join or not to join films was the biggest choice I had to make. I’d done two years of biogenetic engineering, was an economics graduate and a gold medalist. I had also been a Bharatanatyam dancer from age five, always won the best actress award in school. Finally, I decided to do things for my soul, chose to act.
My A-levels were physics, chemistry and maths. Science is fascinating but I wouldn’t say I have used it since then. I decided to do economics.
While I tend to side with economist Milton Freidman when it comes to free-market economics, there is a place for ‘Made in the U.S.A.’ where national security is concerned.
I got politics and economics moving and then others took over.
I don’t believe in trickle-down economics. I don’t think that people who have the most are inclined to share it, generally.
I think we’re miserable partly because we have only one god, and that’s economics.
However, I have a low opinion of people with narrow political horizons. Someone who talks about the environment and knows nothing about economics can make as many mistakes as someone who does the opposite.
I am a filmmaker. My job is to make films. When something excites you – a story or characterisation – you immediately forget about everything else. You only think how to make a movie out of it. The economics come only later. You shouldn’t let money dictate the kind of films you should make.
Rather than dividing the world between good and evil, the Left divided the world in terms of economics. Economic classes, not moral values, explained human behavior. Therefore, to cite a common example, poverty, not one’s moral value system, or lack of it, caused crime.
Religion is a way to make order from chaos, and I think economics is not dissimilar. In religion and in economics, you’re trying to figure out the way we perceive the world and move through it, and that’s what I like to learn.
I think it is just stupid economics for a government to approach economic management from a strand of thinking regarding unions as enemies.
It’s pointless to talk to Fed members about economics because they are academics who believe in money-printing. Some of them believe they didn’t print enough, and so with these kinds of people, it is like running to the pope. What do you want to tell them?
Both economics and politics are false sciences.
The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.
At university level, I had an economics lecturer who used to joke that I was the only student who handed in essays on British Airways notepaper.
When I moved to Beijing in 2005 to write, I was accustomed to hearing the story of China’s transformation told in vast, sweeping strokesinvolving one fifth of humanity and great pivots of politics and economics.
Architecture is a technology. And it’s involved in all of the different networks of systems that produce architecture – including politics, economics, social and cultural conditions. So architecture is already in technology.
Most of the people in the world are poor, so if we knew the economics of being poor, we would know much of the economics that really matters. Most of the world’s poor people earn their living from agriculture, so if we knew the economics of agriculture, we would know much of the economics of being poor.
Theodore Schultz
If we can go some way to creating a vibrant anaerobic digestion industry here in the U.K., we will be reaching our goals both in terms of economics and the environment.
Jacob Rothschild
Unlike economics, whose sole preoccupation in our finance-obsessed era is the near-term profit motive, history offers a way to place our tiny lifespans in a narrative that spans dozens of generations – perhaps even reaching into a future where capitalism is no longer our dominant form of economic organization.
There’s a snobbery at work in architecture. The subject is too often treated as a fine art, delicately wrapped in mumbo-jumbo. In reality, it’s an all-embracing discipline taking in science, art, maths, engineering, climate, nature, politics, economics.
The economic sense of possibility was so great when I was growing up that my parents had no question that I could do anything I wanted to do, even as a girl. I’ve always believed that the economics of a story intersects with the women’s story – that stuff often happens at the time it happens because of the economy.
I joined the Lib Dem party at the Freshers’ Fair at the London School of Economics.
Economics taught in most of the elite universities are practically useless in my context. My country is dominated by drug economy and a mafia. Textbook economics does not work in my context, and I have very few recommendations from anybody as to how to put together a legal economy.
Trickle-down economics doesn’t work, but we need the power and innovation that comes from the free enterprise system. There’s no way we’re going to decarbonize the American economy without innovation and the profit motive. It’s just not gonna happen.
I will check the internet for at least an hour every morning scanning worldwide news to do with child abuse. So if you’re constantly putting yourself in an environment where you’re checking up on social economics or homelessness problems, if you keep yourself aware of it, you don’t really have a day off.
Tax rates aren’t everything with regard to incentives to work. I would probably work at a 100% tax rate next to a nude modeling studio. I’m joking, but you know what I’m saying. There’s a lot more to it than just tax rates. It’s economics that I do; I don’t do nude modeling studio economics. People do respond to taxes.
I think I have met nearly all the Laureates in Economics. Among the few I haven’t met, I suppose I’d most like to meet Ronald Coase because of his legendary power to persuade his colleagues of the validity of the Coase Theorem.
I can observe the game theory is applied very much in economics. Generally, it would be wise to get into the mathematics as much as seems reasonable because the economists who use more mathematics are somehow more respected than those who use less. That’s the trend.
Obama is a fine, very impressive person. He really is. Unfortunately, everything that he is doing in economics is exactly wrong. He is a crappy president.
The laws of normal economics dictate that lower taxes combined with increased spending will lead to bigger deficits.
I studied economics and made it my career for two reasons. The subject was and is intellectually fascinating and challenging, particularly to someone with taste and talent for theoretical reasoning and quantitative analysis.
James Tobin
I was going to get a degree in economics and be a teacher. But I couldn’t afford to pay for the education. So I just got the MBA and not the doctorate. I loved it at Bain, and I’ve been there ever since.
At a purely practical level, history is important because it provides the basic skills needed for students to go further in sociology, politics, international relations and economics. History is also an ideal discipline for almost all careers in the law, the civil service and the private sector.
Personally, I don’t see old economics and behavioural economics as opposed. It is useful to assume people are rational as a good approximation to their long term behaviour, but it would be unwise not to think how in practice their behaviour may deviate from that simplifying assumption.
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.
But beginners to the World Economics Forum have to understand there is no single Davos experience, and there is no single Davos community either. There are numerous tribes who interact only at a minimal level.
I have to find the story relatable or at least interesting to be a part of it. Then there are times when I take up films to balance my economics.
Mohan Joshi