Quotes About Economics

Grocery stores can't afford to pay $80 a square foot. At that rate, we are going out of business.

Real power in the modern world is determined by a nation's economic capabilities, not just the nuclear warheads it stores.

Intellectual-property rules are clearly necessary to spur innovation: if every invention could be stolen, or every new drug immediately copied, few people would invest in innovation. But too much protection can strangle competition and can limit what economists call 'incremental innovation' - innovations that build, in some way, on others.

There are two kinds of games in economics. One is the game where people use only legal moves. Then there is the true game, the one like real life, where the strategies and moves people make, some of them contain illegal gains.

I see the God complex around me all the time in my fellow economists. I see it in our business leaders. I see it in the politicians we vote for — people who, in the face of an incredibly complicated world, are nevertheless absolutely convinced that they understand the way that the world works.

Someone who knows the price of everything and the value of nothing. Oscar Wilde's definition of a cynic, now commonly applied to economists Imagine

if there's a profitable deal to be done between somebody who has something unique and someone who has something which can be replaced, then the profits will go to the owner of the unique resource.

More than twelve hundred wheat farmers in No Man's Land signed up for contracts and in turn got a total of $642,637—an average of $498 a farmer. Thus was born a subsidy system that grew into one of the untouchable pillars of the federal budget.

If you spend your time, worth $20-25 per hour, doing something that someone else will do for $10 per hour, it's simply a poor use of resources.

Relative income uses two variables: the dollar and time, usually hours.

Scarcity: Why Having Too Little Means So Much by Sendhil Mullainathan and Eldar Shafir. An explanation of scarcity for rich intellectuals, showing how poor people do stupid things for lack of money, while rich people do stupid things for lack of time.

Scarcity: Why Having Too Little Means So Much by Sendhil Mullainathan and Eldar Shafir.

emprendedor en el sentido más puro del término, tal como fue acuñado en 1800 por el economista francés J. B. Say: alguien que traslada recursos económicos desde un ámbito donde producen menos a otro donde rindan más.

Pricing low is shortsighted, because someone else is always willing to sacrifice more profit margin and drive you both bankrupt.

learned here. First, per-hour cost is not the ultimate determinant of cost. Look at per-task cost.

Economists typically attribute excessive bidding to risk aversion, or the joy of winning. What we found is that the actual cause of overbidding is a fear of losing, a completely new theory from past investigations.

Answer me this: would you work harder to earn $100 or avoid losing $100? The smiley optimist says the former, but if research from the Center for Experimental Social Science at New York University is any indication, fear of loss is the home-run winner. Experimental groups given $15 and then told the $15 would be rescinded if they lost a subsequent auction routinely overbid the most. Groups offered $15 if they won weren't nearly as "committed.

El capitalismo premia lo que es raro y a la vez valioso.

As legendary hedge fund manager Ray Dalio told Tony Robbins (page 210): "It's almost certain that whatever you're going to put your money in, there will come a day when you will lose 50% to 70%." It pays to remember that if you lose 50%, you need a subsequent 100% return to get back to where you started. That math is tough.

The ideal capitalism envisioned by advocates of the free market depends upon social virtues and wise policies that it does not itself generate.

Yet if states were destroyed, local institutions corrupted, and economic incentives directed towards murder, few of us would behave well.

points the way toward thinking about how "gender and class intertwine in capitalist production."7

This book is an attempt to begin that process by highlighting the critical contribution of SRT to an understanding of capitalist social relations.

The framework thus seeks to make visible labor and work that are analytically hidden by classical economists and politically denied by policy makers.