Economists Quotes
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I am one of the most successful economists, according to what markets tell us, though most of my professional colleagues, who are much keener to accept market outcomes than I am, would dismiss me as a crank or - the worst of all abuses among economists - a 'sociologist.'
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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.
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Years ago, I noticed one thing about economics, and that is that economists didn't get anything right.
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Unfortunately, a lot of economists wanted to make their subject a science. So the more what you do resembles physics or chemistry, the more credible you become.
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If economists were to wait for careful studies before offering opinions about policy, we would never have anything timely to say.
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Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply.
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Leading economists have shown that by shrinking Texas, we can actually create more income for Texas in the long run.
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But the age of chivalry is gone. That of sophisters, economists, and calculators has succeeded; and the glory of Europe is extinguished forever.
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Unlike physics, economists don't settle things. There seems to be plenty of room for different conclusions that are still accepted in the academy.
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The track record of economists in predicting events is monstrously bad. It is beyond simplification; it is like medieval medicine.
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In the 1960s, and stretching back to the 1930s, it was felt by many economists that easy money is a reliable way to increase employment.
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Happiness quantification sounds a bit wishy-washy, sure, and through a series of carefully administered surveys across the globe, economists and psychologists have certainly confronted a fair number of sticky issues around how to measure, and even define, happiness.
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Over the last decade, economists seemed to share a broad consensus about economic policy, with the old splits between monetarists and Keynesians apparently being settled by events. But the Great Recession of the last two years has changed everything.
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They've been excellent appointments. These people are in the tradition of strong, well-qualified, non-ideological economists.
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Ask five economists and you'll get five different answers - six if one went to Harvard.
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The public is even more pessimistic about the economy than even the most bearish economists are.
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Economists often get the market wrong.
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If all the economists were laid end to end, they'd never reach a conclusion.
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The economists will have to revise their theories of value.
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Beware of economists who hide assumptions.
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Sometimes economists in official positions give bad advice; sometimes they give very, very bad advice; and sometimes they work at the OECD.
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The problem is that people really just don't care and they have been "educated" not to care about the monetary system: that it's boring, it's difficult to understand, we need to have high minded people like "Greenscum" and Bernanke to do things like this (and don't forget Volker, there's the whole cast of them). The thing is that people have been educated or miseducated or brainwashed into believing that this is wayyyy too complicated for regular people to understand and that we need to let PhD economists guide us along in terms of what's right... and that's all bull.
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Evolving technologies that allow economists to gather new types of data and to manipulate millions of data points are just one factor among several that are likely to transform the field in coming years.
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Why do economists fall in love with authoritarian governments?
