Quotes About Economic theory

Liberalism is wrong because it doesn't work. If a company is too big to fail, it is too big to exist.

The truth of the matter of is that stimulus money not only doesn't stimulate; it actually reduces output.

labor power itself is the sole commodity—the "unique commodity," as Marx calls it—that is produced outside of the circuit of commodity production

gives a fuller picture of production and reproduction than Marx's political economic theory does, that extends questions of democracy not only to the economy but to personal relations."9

Personally, I don't see old economics and behavioural economics as opposed. It is useful to assume people are rational as a good approximation to their long term behaviour, but it would be unwise not to think how in practice their behaviour may deviate from that simplifying assumption.

Economic theory dictates that the value of a company is basically the present value of its future profits. To estimate Facebook's value through its future profits, we need to have a view on its user growth and how this will evolve in the next 10 to 50 years.

Economists agree about economics - and that's a science - and they disagree about economic policy because that's a value judgment... I've had profound disagreements on policy with the famous Milton Friedman. But, on economics, we agree.

Classic economic theory, based as it is on an inadequate theory of human motivation, could be revolutionized by accepting the reality of higher human needs, including the impulse to self actualization and the love for the highest values.

Capitalism is a great idea in theory, but in practice it just doesn't work.

You know economists; they're the sort of people who see something works in practice and wonder if it would work in theory.

Capitalism sounds good in theory but it just doesn't work.

And Milton Friedman was wrong: in the face of a really big shock, which pushes the economy into a liquidity trap, the central bank can't prevent a depression.

The conservative argument is that the economy is like the weather, that it just operates automatically.

Despite its scientific pretensions, economics still remains more of an art than a science

The economic theorists' overvaluation of rigor is a symptom of their undervaluation of explanatory power.

Malthus has been buried many times, and Malthusian scarcity with him. But as Garrett Hardin remarked, anyone who has to be reburied so often cannot be entirely dead.

My interest in economics has always been in the whole corpus of economic theory, the interrelationships between the various fields of theory and their relevance for the formulation of economic policy.

I don't think Obama understands basic economics. Not economics that work. He may understand some theory that someone in Princeton sat and dreamed up, but it's not working.

Samuelson spotted a mistake in Bacheliers work. Bachelier's model had failed to consider that stock prices cannot fall below zero.

Anyone who believes that exponential growth can go on forever in a finite world is either a madman or an economist.

The true law of economics is chance, and we learned people arbitrarily seize on a few moments and establish them as laws.

Keynesian economics has always been needed.

Das Kapital

Ricardo's second principle is that labour is destined never to become more expensive. From the Labour Theory of Value it follows that all increases in productivity and profit principally happen because labour got cheaper.