Quotes About Economic theory

Indeed, the very premise of extrinsic incentives is that we'll always respond rationally to them. But even most economists don't believe that anymore. Sometimes these motivators work. Often they don't. And many times, they inflict collateral damage. In short, the new way economists think about what we do is hard to reconcile with Motivation 2.0.

every type of socialism is unworkable because economic calculation is impossible in a socialist community.

Nevertheless statesmen are still greatly exercised by the problem of the international distribution of money. For hundreds of years, the Midas Theory, systematized by Mercantilism, has been the rule followed by governments in taking measures of commercial policy. In spite of Hume, Smith, and Ricardo, it still dominates men's minds more than would be expected. Phoenix-like, it rises again and again from its own ashes.

Inflationism is that monetary policy that seeks to increase the quantity of money.

the Quantity Theory resembles various general theories of value (many versions of the doctrine of supply and demand, for example), which have not attempted to explain price as such but have been content to establish a law of price-variations.1

the relations between the equilibrium rate of interest and the money rate of interest, which will be dealt with in the Third Part of this book.

the Keynesian miracle fails to materialize; the stones do not turn into bread.

Socialism is an alternative to capitalism as potassium cyanide is an alternative to water.

Economics is not an attempt to generalize human desires or human behavior; but to generalize the phenomena of price.

It has always amazed me how tax cuts don't work until they take effect. Mr. Obama's experience with deferred tax rate increases will be the reverse. The economy will collapse in 2011.

In short, both experience and economic theory imply that the US could now t to a more competitive dollar without experiencing either increased inflation or decreased economic growth.

The problem with socialism is that eventually you run out of other people's money.

The problem with socialism is that you eventually run out of other people's money

Marxism has not only failed to promote human freedom, it has failed to produce food.

R. F. Kahn asked, "If I went out tomorrow and bought a new overcoat, that would increase unemployment?" "Yes," said Hayek, "but … it would take a very long mathematical argument to explain why.

The RCP's belief that capitalism was on the point of collapse started to look somewhat unconvincing. And

In the modern world, as Polanyi pointed out, the concept of a 'free' market is a construct of economic theory, not an empirical observation.39 Indeed, he observed that the national capitalist market was effectively forced into existence through public policy—there was nothing 'natural' or universal about it.40

Mais uma vez, os ricardianos abriram caminho para o sistema marxista

business cycles and depressions stem from disturbances generated in the market by monetary intervention. The monetary theory holds that money and credit-expansion, launched by the banking system, causes booms and busts.

According to standard economic theory, free trade helps global welfare. The same is true for free trade in people, via open-border immigration policies.

My father had a theory that poor people are the best drivers because they can't afford to carry car insurance and have to drive like they live, defensively.

Supply-side economics… is like one of those African viruses that, however often it may be eradicated from the settled areas, is always out there in the bush, waiting for new victims.