Economic Theory Quotes

Two factors explain our success. One, MIT's renaissance after World War II as a federally supported research resource. Two, the mathematical revolution in macro- and micro-economic theory and statistics. This was overdue and inevitable, MIT was the logical place for it to flourish.

For Marx, 'pure' economic theory, that is economic theory which abstracts from a specific social structure, is impossible.

I imagine you already know that I am much more socialistic in my economic theory than capitalistic. And yet I am not so opposed to capitalism that I have failed to see its relative merits. It started out with a noble and high motive, to block the trade monopolies of nobles, but like most human systems it falls victim to the very thing it was revolting against. So today capitalism has outlived its usefulness. It has brought about a system that takes necessities from the masses to give luxuries to the classes.

In view of the importance of philanthropy in our society, it is surprising that so little attention has been given to it by economic or social theorists. In economic theory, especially, the subject is almost completely ignored. This is not, I think, because economists regard mankind as basically selfish or even because economic man is supposed to act only in his self-interest; it is rather because economics has essentially grown up around the phenomenon of exchange and its theoretical structure rests heavily on this process.

I imagine you already know that I am much more socialistic in my economic theory than capitalistic.

What Smith and Marx have in common is that they were both philosophers of great vision and perceptiveness, deep humanity, and a sense of social reality that has been lost in the abstractly formalistic economic theories that have dominated the field since the last third of the nineteenth century.

The purpose of economic theory is to make those who are comfortable FEEL comfortable.

Nothing has done more to render modern economic theory a sterile and irrelevant exercise in autoeroticism than its practitioners’ obsession with mathematical, general-equilibrium models.

It is thus hardly surprising that so many of the great minds in recent history have concerned themselves with economic matters. Indeed, they have come to regard economic theory in precisely the same way the ancient philosophers viewed the heavens - as the key to understanding and controlling our fate.

In economic theory the conclusions are sometimes less interesting than the route by which they are reached.

[No society can survive the socialist] fallacy that there is an absolutely unlimited number of inspired officials and an absolutely unlimited amount of money to pay them.

The flowering of human society depends on two factors: the intellectual power of outstanding men to conceive sound social and economic theories, and the ability of these or other men to make these ideologies palatable to the majority.

The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is generally understood. Indeed, the world is ruled by little else.

The modern history of economic theory is a tale of evasions of reality.

I believe myself to be writing a book on economic theory which will largely revolutionize - not, I suppose, at once but in the course of the next ten years - the way the world thinks about economic problems.

In short, both experience and economic theory imply that the US could now t to a more competitive dollar without experiencing either increased inflation or decreased economic growth.

I have read a great deal of economic theory for over 50 years now, but have found only one economic "law" to which I can find NO exceptions: Where the State prevents a free market, by banning any form of goods or services, consumer demand will create a black market for those goods or services, at vastly higher prices. Can YOU think of a single exception to this law?

Washington's insatiable desire to spend our children's inheritance on failed stimulus plans and other misguided economic theories have given record debt and left us with far too many unemployed.

Almost all systems of economic thought are premised on the idea of continued economic growth, which would be fine and dandy if we lived on an infinite planet, but there's this small, niggling, inconvenient fact that the planet is, in fact, finite, and that, unlike economic theory, it is governed by physical and biological reality

Besides, we weren't made to battle villains, because there weren't any. No nation, creed, or race was any better or worse than another; all were flawed, all were equally doomed to suffering, mostly because they couldn't see that they were all alike. Mortals might have been contemptible, true, but not evil entirely. They did enjoy killing one another and frequently came up with ingenious excuses for doing so on a grand scale-religions, economic theories, ethnic pride-but we couldn't condemn them for it, as it was in their mortal natures and they were too stupid to know any better.

Economic theory has demonstrated in an irrefutable way that a prosperity created by an expansionist monetary and credit policy is illusory and must end in a slump, an economic crisis.

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.

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.

There are questions as to whether it should even exist. Who should corporations be responsive to, the management of a corporation? Theoretically they are responsive to the shareholders, but I why not to the so - called stakeholders, the work force and the community? Nothing in economic theory opposes that. Those are social and political decisions.

You were probably educated in the conventional economic theories of your period which were magnificent and most ingenious, but--if you will pardon my saying so--all wrong.

One of the big take-aways from a lot of economic theory is that people should engage in consumption smoothing.

As far as social-economic theory is concerned, I am still a Marxist

Economic theory has nothing to say as to what commodity will acquire the status of money. Historically, it happened to be gold. But if the physical makeup of our world would have been different or is to become different from what it is now, some other commodity would have become or might become money. The market will decide.

For the individual, as I can testify, a brief grounding in semantics, besides making philosophy unreadable, makes unreadable most political speeches, classical economic theory, after-dinner oratory, diplomatic notes, newspaper editorials, treatises on pedagogics and education, expert financial comment, dissertations on money and credit, accounts of debates, and Great Thoughts from Great Thinkers in general. You would be surprised at the amount of time this saves.

The IMF economists were doubtless shaken by the extreme failures of their prescriptions over many years, and by the collapse of the intellectual edifice of economic theory on which they were relying.

People tend to be clueless about prices. Contrary to economic theory, we don't really decide between A and B by consulting our invisible price tags and purchasing the one that yields the higher utility, he says. We make do with guesstimates and a vague recollection of what things are “supposed to cost.”

The United State has a net worth against which our debt is a joke ... we wrote in 2008 the United States is going to come out of this recession fast. The Europeans are going to fragment. The Chinese are going to be cremated. Why could we come out of it? Why has all economic theory been proven wrong? Because we're rich and we could afford it.

Even before I came to Chicago, I had gotten interested in the existence of dispersion of prices under conditions which economic theory said would yield a single price.

Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.

Unlike physics, for example, such parts of the bare bones of economic theory as are expressible in mathematical form are extremely easy compared with the economic interpretation of the complex and incompletely known facts of experience, and lead one a very little way towards establishing useful results.

The individualism of current economic theory is manifest in the purely self-interested behaviour it generally assumes. It has no real place for fairness, malevolence, and benevolence, nor for the preservation of human life or any other moral concern.

Everybody thinks of economics whether he is aware of it or not. In joining a political party or in casting his ballot, the citizen implicitly takes a stand upon essential economic theories.

Certainly all "progressive" thought, has assumed tacitly that human beings desire nothing beyond ease, security, and avoidance of pain... Hitler, because in his joyless mind he feels it with exceptional strength, knows that human beings don't only want comfort, safety, short working-hours, hygiene, birth-control and, in general, common sense; they also, at least intermittently, want struggle and self-sacrifice, not to mention drums, flags and loyalty-parades. However they may be as economic theories, Fascism and Nazism are psychologically far sounder than any hedonistic conception of life.

There’s an economic theory out there that if you take the incomes of your five closest friends and average them, the resulting number will be pretty close to your own income. I think the same thing is true of idea incomes. You’re only going to be as good as the stuff you surround yourself with.

Mainstream economic theories popular in the last several decades have tended to downplay the government's role in markets and to increase skepticism about even that more limited role. Austerity, particularly in Europe, has added to the problem. It has not worked, even on its own terms.

We are all far less rational in our decision-making than standard economic theory assumes. Our irrational behaviors are neither random nor senseless: they are systematic and predictable. We all make the same types of mistakes over and over, because of the basic wiring of our brains.

We don't see very far in the future, we are very focused on one idea at a time, one problem at a time, and all these are incompatible with rationality as economic theory assumes it.

There is much of economic theory which is pursued for no better reason than its intellectual attraction; it is a good game. We have no reason to be ashamed of that, since the same would hold for many branches of mathematics.

It is not a struggle merely of economic theories, or forms of government or of military power. At issue is the true nature of man. Either man is the creature whom the psalmist described as a little lower than the angels ... or man is a soulless, animated machine to be enslaved, used and consumed by the state for its own glorification. It is, therefore, a struggle which goes to the roots of the human spirit, and its shadow falls across the long sweep of man's destiny.

Free market capitalism is far more than economic theory. It is the engine of social mobility-the highway to the American Dream.

Positivism eliminates any kind of natural law principle - for example, that there are economic laws which can be transgressed only at your peril. With positivism, there is a tendency to leap into ad hoc economic theory.

The Western world, in spite of its advantages of mechanization and industrial efficiency is today in a worse mess than ever before in history. The adoption Western economic theory and practice will not help us in achieving our goal of creating a happy and contented people. We must work our destiny in our own way and present to the world an economic system based on true Islamic concept of equality of manhood and social justice.

Now, because he knows that his economic theories don't work, he's been spending these last few days calling me every name in the book. Lately he's called me a socialist for wanting to roll-back the Bush tax cuts for the wealthiest Americans so we can finally give tax relief to the middle class. I don't know what's next. By the end of the week he'll be accusing me of being a secret communist because I shared my toys in kindergarten. I shared my peanut butter and jelly sandwich.

Conventional economic theory... counts the depletion of resources as the accumulation of wealth.

The notion that a society could be regulated entirely by market forces is a utopian fantasy: an impossible dream generated by imagining what the world would be like if everyone's behavior was utterly consistent with some abstract moral ideal-in this case, economic theories that assume all human action is based on calculating, systematic, (but scrupulously law-abiding), greed.