QuoteProject
The economists will have to revise their theories of value.
Albert Einstein
ShareWTF𝕏

Interpretation

What this quote means

Einstein suggests that economic theories about value are flawed and need to be updated.

Albert Einstein's assertion points to the idea that the prevailing economic theories regarding value are possibly outdated or insufficient. In a rapidly changing world, where perspectives and societal values evolve, he implies that economists must adapt their theories to align with new realities and frameworks of understanding. This statement reflects his broader belief in the need for scientific rigor and adaptability across all fields of knowledge.

Themes

EconomicsTheoryValueChangeKnowledge

In practice

Example use cases

In a lecture on economic theory, one might say, 'As Einstein noted, the economists will have to revise their theories of value.'

More from Albert Einstein

I cannot then believe in this concept of an anthropomorphic God who has the powers of interfering with these natural laws. As I said before, the most beautiful and most profound religious emotion that we can experience is the sensation of the mystical. And this mysticality is the power of all true science.
Albert EinsteinRead
If I would follow your advice and Jesus could perceive it, he, as a Jewish teacher, surely would not approve of such behavior.
Albert EinsteinRead
I want to know all Gods thoughts; all the rest are just details.
Albert EinsteinRead
In the middle of adversity there is great opportunity.
Albert EinsteinRead
I do not believe that civilization will be wiped out in a war fought with the atomic bomb. Perhaps two-thirds of the people of the earth will be killed.
Albert EinsteinRead
To me the worst thing seems to be a school principally to work with methods of fear, force and artificial authority. Such treatment destroys the sound sentiments, the sincerity and the self-confidence of pupils and produces a subservient subject.
Albert EinsteinRead

Similar quotes

The typical imperative from biology is not "Thou shalt... ," but "If ... then ... else.
Steven PinkerRead
We have this very clean picture of science, you know, these well-established rules with which we make predictions. But when you're really doing science, when you're doing research, you're at the edge of what we know.
Lisa RandallRead
The sciences do not try to explain, they hardly even try to interpret, they mainly make models. By a model is meant a mathematical construct which, with the addition of certain verbal interpretations, describes observed phenomena. The justification of such a mathematical construct is solely and precisely that it is expected to work-that is, correctly to describe phenomena from a reasonably wide area.
John Von NeumannRead
Molecular evidense suggests that our common ancestor with the chimpanzees lived, in Africa, between 5 and 7 million years ago, say half a million generations ago. This is not long by evolutionary standards.
Richard DawkinsRead
If you aren't confused by quantum mechanics, you haven't really understood it.
Niels BohrRead
Our job is not to predict the future. Rather, it's to suggest all the possible futures - so that society can make informed decisions about where we want to go.
Robert J. SawyerRead

A little wisdom, now and then

Subscribe for the occasional hand-picked quote. No noise.