Quotes About Economics

A Random Walk Down Wall Street.

As former Fed governor Kevin Warsh has said, "Economics, and the conduct of monetary policy, after all, is not physics.

Obviously good economics is not always good politics.

Inflation of all kinds devalues everything it infects. It obscures information and so distorts behaviour.

Commodity money solves the hyperinflation problem. No government can produce huge new quantities of gold, silver, or mackerel.

By the time I've spent $1 million on tickets, I'm going to end up with something strikingly close to $560,000.

The law of large numbers explains why casinos always make money in the long run.

For as long as there have been creditors and debtors—which is a darn long time—creditors have tried to protect the value of the currency and debtors have sought to devalue it.

L. Mencken once noted that a wealthy man is a man who earns $100 a year more than his wife's sister's husband. Some economists have belatedly begun to believe that he was on to something.

As the Economist points out, "If you consider people, not countries, global inequality is falling rapidly.

Here is a statement of the obvious: banks with "state" in the name are chartered by the state; those with "national" in their name are chartered by the feds.)

One currency can be swapped for another at whatever rate two parties are willing to make a voluntary trade.

In general, economists tend to favor taxes that are broad, simple, and fair. A simple tax is easily understood and collected;

Something really wacky happens when rice bankers start loaning out other people's capital: money is created.

Bert confused a burst of new spending caused by growth in the money supply with an increase in demand for his products.

White racism in Africa, then, is a matter of politics as well as economics. The story of the black man told by the white man has generally been told to serve political and economic ends.

This is one of the negative implications of free. People often don't care as much about things they don't pay for, and as a result they don't think as much about how they consume them. free can encourage gluttony, hoarding, thoughtless consumption, waste, guilt, and greed. We take stuff because it's there, not necessarily because we want it. Charging a price, even a very low price, can encourage much more responsible behavior.

A best-seller and a neverseller are just two entries in a database; equal in the eyes of technology and the economics of storage.

When you can dramatically lower the costs of connecting supply and demand, it changes not just the numbers, but the entire nature of the market.

Ése era el mundo de la escasez. Ahora, con la distribución y la venta digital, estamos entrando en un mundo de abundancia. Las diferencias son profundas.

The way to compete with free is to move past the abundance to find the adjacent scarcity.

Today, nuclear energy costs about the same as coal, which is to say that it didn't change the economics of electricity one bit.*

Netflix changed the economics of offering niches and, in doing so, reshaped our understanding about what people actually want to watch.

4. You can make money from free.