Quotations: Economics

I refer to the restaurant—and here I am guessing. But imagine the confidence, the civility required for people first to come to a strange table, possibly in a shady courtyard in Loyang, and to sit down with others whom they do not know, or only remotely know, without fear of being attacked or stabbed. An unknown chef then serves food, which they eat without fear that it may be poisoned. It’s a revolution! The restaurant opens a new era in social relationships. In those remarkable circumstances, one not only eats, one converses. And from conversation new ideas are born. In China and now in the west, cuisine is a fine art, while in other parts of the world millions starve. Is this unfair? Of course. And what is unfair is often beyond remedy, in continents as in families. We have trouble grasping this simple truth, and invent gods and economics and trade practices to try to disguise it.
Brian W. Aldiss

A careful study of economics usually reveals that the best time to buy anything is last year.

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.
Warren Buffett

...I mean just these sixteen accomplishments or whatever: I mean, we've got a major rapport - relationship of economics, major in the security, and all of that, we should not lose sight of.
George Bush

Religion and art spring from the same root and are close kin. Economics and art are strangers.
Willa Cather

Economics is, at root, the study of incentives: how people get what they want, or need, especially when other people want or need the same thing.
Steven Dubner

In economics, we borrowed from the Bourbons; in foreign policy, we drew on themes fashioned by the nomad warriors of the Eurasian steppes. In spiritual matters, we emulated the braying intolerance of our archenemies, the Shi'ite fundamentalists.
Barbara Ehrenreich

I'd call it a new version of voodoo economics, but I'm afraid that would give witch doctors a bad name.
Geraldine Ferraro

Stocks have reached what looks like a permanently high plateau.
Irving Fisher

Economics is extremely useful as a form of employment for economists.
John Kenneth Galbraith

In economics, the majority is always wrong.
John Kenneth Galbraith

It's not a ladder we're climbing, it's literature we're producing. . . . We cannot possibly leave it to history as a discipline nor to sociology nor science nor economics to tell the story of our people.
Nikki Giovanni

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

First rule of Economics 4.20833333333333 our desires are insatiable. Second rule: we can stomach only three Big Macs at a time.
Doug Horton

I learned more about economics from one South Dakota dust storm than I did in all my years in college.
Hubert Humphrey

To live your life to the fullest, you've got to be a master of economics...after all, time's demand is always far exceeding it's supply.
Andy Mcintosh

Economics is the science of greed.
F. V. Meyer

...economic history is a long record of government policies that failed because they were designed with a bold disregard for the laws of economics.
Ludwig Von Mises

Economics is not about things and tangible material objects; it is about men, their meanings and actions.
Ludwig Von Mises

It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power.
Ludwig Von Mises

Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for attainment of ends chosen, not, to be sure, a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.
Ludwig Von Mises

As the science of economics...exploded the fallacies of every brand of utopianism, it was outlawed and stigmatized as unscientific.
Ludwig Von Mises

Women's battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, . . . home economics than financial economics.
Paula Nelson

Milton Friedman did for Economics what Pythagoras did for maths. Margaret Thatcher did for Britain what Steven Spielberg did for modern cinema.
James Padgett

One of the soundest rules to remember when making forecasts in the field of economics is that whatever is to happen is happening already.
Sylvia Porter

It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.
Murray N. Rothbard

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...
Paul A. Samuelson

One of the first laws against air pollution came in 1300 when King Edward I decreed the death penalty for burning of coal. At least one execution for that offense is recorded. But economics triumphed over health considerations, and air pollution became an appalling problem in England.
Glenn T. Seaborg

The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it.The first lesson of politics is to disregard the first lesson of economics.
Thomas Sowell

I learned that economics was not an exact science and that the most erudite men would analyze the economic ills of the world and derive a totally different conclusion.
Edith Clara Summerskill

Whatever we are waiting for -- peace of mind, contentment, grace, the inner awareness of simple abundance -- it will surely come to us, but only when we are ready to receive it with an open and grateful heart. Gratitude arises in that in-between space where the inner and outer worlds meet and touch and encompass each other. Authentic spirituality, genuine politics, and good economics arise from a spirit of radical gratitude.
Ellen Vaughn

The science [of economics] hangs like a gathering fog in a valley, a fog which begins nowhere and goes nowhere, an incidental, unmeaning inconvenience to passers-by.
H. G. Wells

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