Quotes About Economics

If you represent the plumbing and heating business, you are the mortal enemy of the textile industry, because warmer homes mean lighter clothes. If you represent the printers, how can you shake hands with the radio equipment man?…

The tendency to think that a city can build itself out of decline is an example of the edifice error, the tendency to think that abundant new building leads to urban success. Successful cities typically do build, because economic vitality makes people willing to pay for space and builders are happy to accommodate. But building is the result, not the cause, of success. Overbuilding a declining city that already has more structures than it needs is nothing but folly.

Cities don't make people poor; they attract poor people.

All of America's new jobs have been generated by independent work, which has risen by 7.8 per cent a year.65 The next time an economist boasts about America's low unemployment rate, remember that number means something very different from what it used to.

To the West's economic losers, cities like London and Chicago are not so much magnets as death stars.

By any numerical measure, humanity is becoming rapidly less poor. But between half and two-thirds of people in the West have been treading water – at best – for a generation. Tens of millions of Westerners will struggle to keep their heads above the surface over the coming decades. The spread of automation, including artificial intelligence and remote intelligence, which some call the fourth industrial revolution, is still in its early stages.

The West's median income, meanwhile, has barely shifted in the last half-century.

also learned from my losing silver investment that when the interests of the salesmen and promoters differ from those of the client, the client had better look out for himself. This is the well-known agency problem in economics, where the interest of the agents or managers don't coincide with those of the principals, or owners. Shareholders of companies that have been pillaged by self-serving CEOs and boards of directors are painfully familiar with this.

One of my great pleasures from the study of investing, finance, and economics is the discovery of insights about people and society. The physical sciences have rules such as the law of gravitation that generally hold true in the world as we know it. But human beings and the way they interact aren't covered by broad, unchanging theories and may never be. Instead I've come across more limited concepts that tie things together and serve as shortcuts to understanding.

I also learned from my losing silver investment that when the interests of the salesmen and promoters differ from those of the client, the client had better look out for himself. This is the well-known agency problem in economics, where the interest of the agents or managers don't coincide with those of the principals, or owners.

As Keynes said, the market can remain irrational longer than you can remain solvent.

Moshe Adler, in his article "Overthrowing the Overpaid," points out, economists David Ricardo and Adam Smith, writing more than two hundred years ago, "concluded that what a person earns is determined not by what that person has produced but by that person's bargaining power. Why? Because production is typically carried out by teams…and the contribution of each member cannot be separated from that of the rest.

Looking down, the student exclaimed, "Look, there is a $100 bill on the ground." Without a glance down or a break in stride, Fama replied, "No, there isn't. If there were, someone would have picked it up already.

Kelly Criterion are: (1) The investor or bettor generally avoids total loss; (2) the bigger the edge, the larger the bet; (3) the smaller the risk, the larger the bet. The Kelly Criterion, not having been invented by the old-line academic economists, has generated considerable controversy.

Destroying forest for economic gain is like burning a Renaissance painting to cook a meal.

It was politics and religion, in van Dyck's private view, that made men dangerous. Trade made them wise.

People who look for easy money invariably pay for the privilege of proving conclusively that it cannot be found on this sordid earth.

Art is the beautiful way of doing things. Science is the effective way of doing things. Business is the economic way of doing things.

Business, to be successful, must be based on science, for demand and supply are matters of mathematics, not guesswork.

We want people to represent us in politics—and in love and economics too. When people represent us fully, they are ourselves and are not ourselves. When an object is simultaneously the same as and different from the person concerned with it—or considering it—aesthetics is there.

Göring had hoped to expand his own power base by taking over much of what Hitler's appointee, Speer, was now unequivocally given. It was further complicated by the fact that Walter Funk was the Reichsminister of Economics so that there was a threefold overlap. Those in Hitler's immediate circle manoeuvred and intrigued to increase their own power and prestige

In effect, historians abolished poverty by the simple device of taking it off the agenda.

A person who has an empathetic compassion, endured a lot of unwarranted insult and humiliation, gone through an economic struggle to earn ration and is against pageantry fashion can be a great comedian.

A seeker of the material pleasure can never be a true motivational speaker, but only demotivator eventually for s/he can never uplift the morale of the spectators who are economically weaker.