Terms Of Service
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Terms Of Service
Martin Luther King, Jr.
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Ask five economists and you'll get five different answers - six if one went to Harvard.
You and I come by road or rail, but economists travel on infrastructure.
Economics is extremely useful as a form of employment for economists.
John Kenneth Galbraith
Economists who have studied the relationship between education and economic growth confirm what common sense suggests: The number of college degrees is not nearly as important as how well students develop cognitive skills, such as critical thinking and problem-solving ability.
The reality is that we are all economists. We all deal with scarcity as we make choices and calculate how to ration various items and resources that we consume, produce and utilize.
If all the economists were laid end to end, they'd never reach a conclusion.
George Bernard Shaw
Economists create their own worlds. We're like little gods with our artificial economics, wanting to see what happens.
Edward C. Prescott
Since the global financial crisis and recession of 2007-2009, criticism of the economics profession has intensified. The failure of all but a few professional economists to forecast the episode - the aftereffects of which still linger - has led many to question whether the economics profession contributes anything significant to society.
Robert J. Shiller
But the age of chivalry is gone. That of sophisters, economists, and calculators has succeeded; and the glory of Europe is extinguished forever.
If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.
John Maynard Keynes
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.
John Forbes Nash, Jr.
Of all the thankless jobs that economists set for themselves when it comes to educating people about economics, the notion that society is better off if some industries are allowed to wither, their workers lose their jobs, and investors lose their capital - all in the name of the greater glory of globalization - surely ranks near the top.
Edward C. Prescott
There is the expression of selfishness and there is the expression of selflessness - but economists or theoreticians never touched that part. They said: 'Go and become a philanthropist.' I said, 'No, I can do that in the business world, create a different kind of business - a business based on selflessness.'
Economists report that a college education adds many thousands of dollars to a man's lifetime income - which he then spends sending his son to college.
But if, if you take a look at what would have happened, I mean, do we need to see soup lines down the street to figure out what would have happened? We avoided - and all economists will tell you that millions of jobs were saved because of the Recovery Act, and we avoided a second Great Depression. That, that is a reality.
The track record of economists in predicting events is monstrously bad. It is beyond simplification; it is like medieval medicine.
Nassim Nicholas Taleb
Throughout the industrial era, economists considered manufactured capital - money, factories, etc. - the principal factor in industrial production, and perceived natural capital as a marginal contributor. The exclusion of natural capital from balance sheets was an understandable omission. There was so much of it, it didn't seem worth counting.
We want an economic team, Paul Krugman and Robert Kuttner, Joseph Steiglitz's people and others, who say, you know what? We're sophisticated economists but we're concerned about poor and working people.
We're more familiar with what economists call an English auction - prices start low and rise as people bid. However, there is also the Dutch auction, where prices start high and go lower until somebody bites. Movies are sold to the audience via a very slow Dutch auction, where each phase between price drops can last weeks or months.
Everything is possible, from angels to demons to economists and politicians.
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.
Economists, like royal children, are not punished for their errors.
I may be only a fish and chip shop lady, but some of these economists need to get their heads out of the textbooks and get a job in the real world. I would not even let one of them handle my grocery shopping.
Intellectual-property rules are clearly necessary to spur innovation: if every invention could be stolen, or every new drug immediately copied, few people would invest in innovation. But too much protection can strangle competition and can limit what economists call 'incremental innovation' - innovations that build, in some way, on others.
Economists think about what people ought to do. Psychologists watch what they actually do.
Very often, the judgments by ordinary citizens may be better than those by professional economists, being more rooted in reality and less narrowly focused.
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