Quotes About Economics

It was economics that Europe should invest in Africa and control the continent's raw materials and labour. It was racism which confirmed the decision that form of control should be direct colonial rule.

Prior to capitalism, the way people amassed great wealth was by looting, plundering and enslaving their fellow man. Capitalism made it possible to become wealthy by serving your fellow man.

When a management team with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

Price is what you pay and value is what you get.

In our view,… derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.

The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.

It's far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.

Price is what you pay. Value is what you get (Ben Graham).

If your son is heterosexual, then he discovers the harder it is to find a job, the harder it is to find a woman.

I was asked something about the economic problem of Communism. I answered, citing Dostoyevsky: "The problem of Communism is not an economic problem. The problem of Communism is the problem of atheism.

Economics is not the central problem of this century. It is a relative problem which can be solved in relative ways. Faith is the central problem of this age. The Western world does not know it, but it already possesses the answer to this problem-but only provided that its faith in God and the freedom He enjoins is as great as Communism's faith in Man.

They do say that socialism is the ideal philosophy-just as long as you have capitalists to pay for it.

One cannot equate "capitalism" and "democracy.

To regard the economic process of a society as the essence of the bio-social process of the human animal's society is the same as equating the piece of ground and the house with the rearing of children, or of equating hygiene and work with dancing and music. But it was precisely this purely economic view of life (a view that Lenin had strongly opposed even in his time) that forced the Soviet Union to regress to an authoritarian form.

There is nothing in socialism that a little age or a little money will not cure.

Bankers know that history is inflationary and that money is the last thing a wise man will hoard.

Burton Malkiel's wonderful book A Random Walk Down Wall Street.

As Nassim Taleb has argued, inadequate appreciation of the uncertainty of the environment inevitably leads economic agents to take risks they should avoid. However, optimism is highly valued, socially and in the market; people and firms reward the providers of dangerously misleading information more than they reward truth tellers.

The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics

In the standard rational model of economics, people take risks because the odds are favorable—they accept some probability of a costly failure because the probability of success is sufficient.

To a psychologist, it is self-evident that people are neither fully rational nor completely selfish, and that their tastes are anything but stable. Our two disciplines seemed to be studying different species, which the behavioral economist Richard Thaler later dubbed Econs and Humans.

costs are not losses.

Prospect Theory: An Analysis of Decision Under Risk

President Truman famously asked for a "one-armed economist" who would take a clear stand; he was sick and tired of economists who kept saying, "On the other hand Ã¢â'¬Â¦