Quotes About Economics

Market design is about understanding the details of markets in sufficient detail so that we can help fix them when they are broken.

Although many of us consider ourselves forward-thinkers, we still cling tenaciously to the old values of the monetary system. We accept, without sufficient consideration, a system that breeds inefficiencies and actually encourages the creation of shortages.

Anybody who wants to cut the gas tax is going to have to suggest to me how we get the money to repair our roads and bridges.

The part of capitalism that doesn't work for me is when capitalists make decisions in the way that Adam Smith suggested, which is that as long as you do everything in the interest of the investor, you're going to actually make the best decisions for all other stakeholders. I don't happen to agree with that.

In industries where a lot of competitors are selling the same product - mangoes, gasoline, DVD players - price is the easiest way to distinguish yourself. The hope is that if you cut prices enough you can increase your market share, and even your profits. But this works only if your competitors won't, or can't, follow suit.

No one is better placed or more philosophically suited than Obama to construct the new counter narrative as we go forward in our new New Deal. But many masters of the old universe, including quite possibly his chief economic adviser, can't recognize that the world has changed or should change.

The economic analysis of law has had many good ideas. It's had one great idea -like, world-transforming idea, I think. And the idea is, when you're stuck, minimize the sum of the costs of decisions and the costs of errors.

I believe we live in a positive sum world and wealth isn't just taken or moved around; it's mostly created.

I know people like myself where we've got resorts, or we're in the hospitality business, and we just can't make money because you're paying someone minimum $42 per hour or something on a Sunday.

Sunk costs? We pay too much attention to them.

We all understand the economics of the Super Bowl - 10 or 12 minutes of the ball in motion will be stretched into three and a half hours or more of money-making commercials.

Money often costs too much

Tuition in the 1920s was $17 a semester;

And all of our concerns have to do with economics and politics and not with the voice and sound of reason.

The world of finance is a mysterious world in which, incredible as the fact may appear, evaporation precedes liquidation. First the capital evaporates, and then the company goes into liquidation. These are very unnatural physics ...

Globalization is the field on which some of our major societal conflicts—including those over basic values—play out. Among the most important of those conflicts is that over the role of government and markets.

Most importantly, it became clear that the name "free trade agreement" was itself a matter of deceptive advertising: it was really a managed trade agreement, managed especially for special corporate interests, particularly in the United States.

The euro was born with great hopes. Reality has proven otherwise.

University of California professor Emmanuel Saez, Thomas Piketty of the Paris School of Economics, and Stefanie Stantcheva of the MIT Department of Economics, carefully taking into account the incentive effects of higher taxation and the societal benefits of reducing inequality, have estimated that the tax rate at the top should be around 70 percent—what it was before President Reagan started his campaign for the rich.68 But

La desigualdad es una opción, no algo inevitable.

Tercero, no hay que confundir la riqueza de una nación con la riqueza de determinados individuos en ese país.

Quinto, los programas de Gobierno para conseguir una prosperidad compartida deberían enfocarse a la vez en la distribución de los ingresos de mercado —lo que a veces se denomina predistribución— y la redistribución, los ingresos de que disfrutan los individuos tras los impuestos y pagos.

Quinto, los programas de Gobierno para conseguir una prosperidad compartida deberían enfocarse a la vez en la distribución de los ingresos de mercado

La economía es, sin duda, un medio para alcanzar un fin, no un fin en sí mismo.