Economic Theory Quotes
The best sayings about Economic Theory that you can share on Instagram, Pinterest, Facebook and other social networks!
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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.
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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.
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Classic economic theories recognize public goods aspects of one kind or another - the need for economic intervention in, obviously, the supply of infrastructure and of education. We're not supplying that infrastructure at an appropriate rate today. I don't doubt it isn't just money; it's organization and goals and so forth.
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If I really believed in Friedman's economic theory, then I'd be quite satisfied to spend the rest of my life with a garden hose shoved down my throat, being filled with custard by representatives of the people of China.
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As far as social-economic theory is concerned, I am still a Marxist
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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.
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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.
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Free market capitalism is far more than economic theory. It is the engine of social mobility-the highway to the American Dream.
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The first issue to be settled is whether socialism has a right to exist. Are its allegations concerning the present system true? Is industry proceeding on a principle of fraud? I wish to test the power of recent economic theory to give an exact answer to this question.
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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.
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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.
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The modern history of economic theory is a tale of evasions of reality.
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I imagine you already know that I am much more socialistic in my economic theory than capitalistic.
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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.
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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.
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Conventional economic theory... counts the depletion of resources as the accumulation of wealth.
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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.
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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.
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The metal of economic theory is in Marx's pages immersed in such a wealth of steaming phrases as to acquire a temperature not naturally its own.
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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.”
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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.
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It was not until I got my first job, at the University of Washington in Seattle, and began playing chess with Don Gordon, a brilliant young theorist, that I learned economic theory.
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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.
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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.
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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.
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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.
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Library of the Works of Ludwig von Mises”. Here is an article he wrote in 1951, some two years after his magnum opus Human Action appeared, where is lays out his case in a more popular form. The money sentences are “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. It has happened again and again in the past, and it will happen in the future, too.
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For Marx, 'pure' economic theory, that is economic theory which abstracts from a specific social structure, is impossible.
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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
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The purpose of economic theory is to make those who are comfortable FEEL comfortable.
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