Quotes on Economist

The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.

What I did not know yet about hunger, but would find out over the next twenty-one years, was that brilliant theorists of economics do not find it worthwhile to spend time discussing issues of poverty and hunger. They believe that these will be resolved when general economic prosperity increases. These economists spend all their talents detailing the process of development and prosperity, but rarely reflect on the origin and development of poverty and hunger. A a result, poverty continues.

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.

Only the free-wheeling artist-explorer, non-academic, scientist-philosopher, mechanic, economist-poet who has never waited for patron-starting and accrediting of his co-ordinate capabilities holds the prime initiative today.

When an economist says the evidence is "mixed," he or she means that theory says one thing and data says the opposite.

Our popular economics writers, however, are not in the business of giving their readers a ringside seat on the research action; with no exception I can think of, they use their books to do an end run around the normal structure of scholarship, to preach ideas that few serious economists share. Often, these ideas are not just at odds with the professional consensus; they are demonstrably wrong, and sometimes terminally silly. But they sound good to the unwary reader.

Psychologists call this habituation, economists call it declining marginal utility, and the rest of us call it marriage.

Economists (and others) who are satisfied with nature-free equations develop a dangerous hubris about the potency of our species

This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.

Global warming pollution, indeed all pollution, is now described by economists as an “externality.” This absurd label means, in essence: we don’t to keep track of this stuff so let’s pretend it doesn’t exist.

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.

When we have an experience -- hearing a particular sonata, making love with a particular person, watching the sun set from a particular window of a particular room -- on successive occasions, we quickly begin to adapt to it, and the experience yields less pleasure each time. Psychologists call this habituation, economists call it declining marginal utility, and the rest of us call it marriage

Invitation is not only a step in bringing people together, it is also a fundamental way of being in a community. It manifests the willingness to live in a collaborative way. This means that a future can be created without having to force or sell it or barter for it. When we believe that barter or subtle coercion is necessary, we are operating out of a context of scarcity and self-interest, the core currencies of the economist.

I have learned more [from Balzac] than from all the professional historians, economists, and statisticians put together.

The accepted ideas of any period are singularly those that serve the dominant economic interest...What economists believe and teach, whether in the United States or in the Soviet Union, is rarely hostile to the institutions - the private business enterprise, the Communist Party - that reflect the dominant economic power. Not to notice this takes effort, although many succeed.

Economics has never been a science - and it is even less now than a few years ago.

I don't think exactly like a professional economist. I think about economics and economic ideas, but somewhat like an outsider.

The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.

I was teaching in one of the universities while the country was suffering from a severe famine. People were dying of hunger, and I felt very helpless. As an economist, I had no tool in my tool box to fix that kind of situation.

There are 10^11 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers.

In economics, the majority is always wrong.