Economics Quotes
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This is no time to lend money, especially upon bare friendship without security.
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If we are going to carry on growing, and we will, because no country is going to forfeit its right to economic growth, we have to find a way of doing it sustainably.
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The first rule of economics is that there is an infinite number of desires chasing a finite number of goods, services and resources. The first rule of politics is to ignore the first rule of economics.
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Politics is the most concentrated expression of economics.
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Lunches don't get free just because you don't see the prices on the menu. And economists don't get popular by reminding people of that.
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Economics has been called the dismal science. Once you get to understand it, you may not find it so dismal, but you don't find it much of a science either.
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I practice what has come to be called behavioral economics.
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With the variety of fields within economics, broadly conceived and the increasing specialization of scholarly world, the award of a Nobel Memorial Prize honors not only the individual scholar but, implicitly, also a special field or a distinctive method.
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Among minor alterations, I may mention the substitution for the name political economy of the single convenient term economics. I cannot help thinking that it would be well to discard, as quickly as possible, the old troublesome double-worded name of our science.
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It is clear that Economics, if it is to be a science at all, must be a mathematical science ... simply because it deals with quantities... As the complete theory of almost every other science involves the use of calculus, so we cannot have a true theory of Economics without its aid.
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In the world of traditional economics, it shouldn't matter whether you use an opt-in or opt-out system. So long as the costs of registering as a donor or a nondonor are low, the results should be similar. But many findings of behavioral economics show that tiny disparities in such rules can make a big difference.
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However, the economics of our business continued to deteriorate. We barely escaped bankruptcy a year ago, and in the aftermath of that escape we had to make some even tougher decisions.
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The things that get rewarded, get done
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Capitalism is not an 'ism.' It is closer to being the opposite of an 'ism,' because it is simply the freedom of ordinary people to make whatever economic transactions they can mutually agree to.
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Economics was the only profession where a person could be considered an expert without having once been right.
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capital is the result of saving, and not of spending. The spendthrift who wastes his substance in riotous living decreases the capital of the country, and therefore the excuse often made for extravagance, that it is good for trade, is based upon false notions respecting capital.
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Traditional economics is based on imaginary creatures sometimes referred to as 'Homo economicus.' I call them Econs for short. Econs are amazingly smart and are free of emotion, distraction or self-control problems. Think Mr. Spock from 'Star Trek.'
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Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'.
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The study of economics does not seem to require any specialised gifts of an unusually high order.
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Textbooks describe economics as the study of the allocation of scarce resources. That definition may be the 'what,' but it certainly is not the 'why.'
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People who have never run even a modest little business assert with great certainty and indignation that heads of multinational corporations are paid much more than they are worth. People who know nothing about medicine and nothing about economics unhesi.
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Intermittency in availability for wind and solar changes the economics, particularly this requirement that the power company at all times be able to require power. That's large.
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I have yet to meet the famous Rational Economic Man theorists describe. Real people have always done inexplicable things from time to time, and they show no sign of stopping.
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You know what the economics are like in Red Lake County. There's no way a family can pay $15,000, $20,000 a year for health insurance and make it work. You just can't do it. It's got to change.
