Economics Quotes
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Economics has never been a science - and it is even less now than a few years ago.
Paul Samuelson
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In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically opposed to the idea that wages are a market price-determined by supply and demand, the same as the price of apples or coal. And it is for that reason, rather than the practical details, that the broader political movement of which the demand for a living wage is the leading edge is ultimately doomed to failure: For the amorality of the market economy is part of its essence, and cannot be legislated away.
Paul Krugman
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RE: GSEs like Freddie Mac & Fannie Mae: "creditors will continue to underprice the risk-taking of these financial institutions, overfund them, and fail to provide effective market discipline Facing prices that are too low, systemically important firms will take on too much risk."
Gary H. Stern
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You can only confiscate the wealth that exists at a given moment. You cannot confiscate future wealth - and that future wealth is less likely to be produced when people see that it is going to be confiscated.
Thomas Sowell
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A demand for commodities is not a demand for labor. The demand for labor is determined by the amount of capital directly devoted to the remuneration of labor: the demand for commodities simply determines in what direction labor shall be employed.
Millicent Fawcett
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Prices impose the most effective kind of rationing - self-rationing. Why is rationing necessary? Because what everybody wants always adds up to more than there is. . .Resources are limited but desires are not. That is the basic and defining problem of economics.
Thomas Sowell
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My principal work now lies in tracing out the exact nature and conditions of utility. It seems strange indeed that economists have not bestowed more minute attention on a subject which doubtless furnishes the true key to the problems of economics.
William Stanley Jevons
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Even though I didn't get a business degree, I enjoyed learning about economics.
Herb Ritts
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Waiting for supply-side economics to work is like leaving the landing lights on for Amelia Earhart.
Walter Heller
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Separatism is a very healthy movement within culture. It's a disastrous movement within politics and economics.
Northrop Frye
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Our goals are also the same, to have a just system of economics and politics, to let the people of the world share in growth, in peace, in personal freedom, and in the benefits to be derived from the proper utilization of natural resources. We believe in enhancing human rights. We believe that we should enhance, as independent nations, the freedom of our own people.
Jimmy Carter
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Put simply, behavioural economics argues that human beings' decision-taking is guided by the evolutionary baggage which we bring with us to the present day. Evolution has made us rational to a point, but not perfectly so. It has given us emotions, for example, which programme us to override our rational brain and act more instinctively.
Evan Davis
