Economic Models Quotes

• All models are wrong, but some are useful.

  George E. P. Box

  Knowledge, Math, Science

  George E. P. Box, Norman R. Draper (2007). “Response Surfaces, Mixtures, and Ridge Analyses”, p.414, John Wiley & Sons

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• No one can solve an issue where there is no economic model yet.

  Barry Diller

  Issues, Solve, Economic

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• Nothing in these abstract economic models actually works in the real world. It doesn't matter how many footnotes they put in, or how many ways they tinker around the edges. The whole enterprise is totally rotten at the core: it has no relation to reality.

  Noam Chomsky

  Real, Rotten, World

  "Understanding Power". Book by Noam Chomsky, 2002.

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• Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with everyday observation.

  Joseph Stiglitz

  Logic, Periods, Attempting

  Biographical, www.nobelprize.org. 2001.

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• Turns out, people's brains are not nearly as powerful a motivator as our hearts. Facts, data, and economic models don't move people to courageous action the way that powerful stories can.

  Annie Leonard

  Powerful, Moving, Heart

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• Our economy is at war with many forms of life on earth, including human life. What the climate needs to avoid collapse is a contraction of humanity's use of resources; what our economic model demands to avoid collapse is unfettered expansion. Only one of these sets of rules can be changed, and it's not the laws of nature

  Naomi Klein

  War, Law, Humanity

  Naomi Klein (2014). “This Changes Everything: Capitalism Vs. The Climate”, p.21, Simon and Schuster

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• The corporatist-economic model of society appears to be governing us. Economists, often in the pay of transnationals, are deciding, for us, what democracy is, and will be.

  B. W. Powe

  Democracy, Pay, Economist

  "Towards a Canada of Light". Book by B. W. Powe, 2006.

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• I remember Secretary of State [George] Shultz one day saying that America is an economic model for the world. I replied to him that America represents 5 percent of the world's population and consumes 30 percent of the world's energy. What if everyone in the world lives like Americans? Where do we get the energy for this standard of living?

  Mikhail Gorbachev

  America, What If, One Day

  Interview with Amitabh Pal, www.sharedhost.progressive.org. November 12, 2003.

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• I have a lot of trouble understanding all the detail of finance and administration - but if you combine intellectual and professional capacity with a social conscience, you can change things: countries, structures, economic models, colonial states.

  Evo Morales

  Country, Understanding, Intellectual

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• The free enterprise concept inherent in the economic model of capitalism should mean common people, or lower and middle class wage-earners, have greater potential to rise up and gain financial independence. In reality, however, free enterprise all too often leads to an almost total lack of government regulation that in turn allows the global elite to run amuck in Gordon Gecko-style financial coups.

  James Morcan

  Running, Mean, Reality

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• We are involved in a historic restructuring of the world economy. Virtually every country that matters has been striving to pursue the same economic model, and has bought into a set of market-based principles that has brought new players on the stage and new markets. We have to take full advantage.

  Chris Alexander

  Country, Player, World

  Source: www.macleans.ca

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• Unless the fundamental categories of economics such as 'property' were to be redefined in a radically personal way the liberal rationalist curse which had established economics as a scientific discipline cut off from human interests would proliferate. Economic models ... have failed to incorporate any meaningful index of individual benefit other than the original utilitarian one, ... the index of increasing income or an increasing flow of commodities.

  John Carroll

  Meaningful, Cutting, Discipline

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• In restating this basic Christian doctrine, Benedict argues that it is not only for Christians alone. Others may not share the Christian faith in God, but the Christian proclamation that hope comes from within the person- in the realm of faith and conscience - is for them too. It offers an important protection against stifling and occasionally brutal social systems built on false hopes that come from outside the person, founded on political idealogies, economic models and social theories.

  Raymond J. de Souza

  Christian, Hope, Political

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• It doesn't have the ability to think rationally this economic model. It thinks like a drug addict: 'Where can I get my next fix?' It doesn't learn wisely. Any kind of measure of natural wisdom would be: you make a mistake, you correct it the next time around. But a drug addict feels terrible... and then says: 'I want more'. Unfortunately we have an economic model that thinks like a crack addict.

  Naomi Klein

  Mistake, Thinking, Drug

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• We can pay the ecological debt by changing economic models, and by giving up luxury consumption, setting aside selfishness and individualism, and thinking about the people and the planet Earth.

  Evo Morales

  Giving Up, Thinking, Luxury

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• Globalization and the neoliberal economic model have already been rejected in Latin America; it simply hasn't been a solution for our people. At the same time, Latin countries like Venezuela and Argentina are anti-imperialist and anti-globalization, and yet their economies are growing again.

  Evo Morales

  Country, Latin, America

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• The TUC's new slogan 'a future that works' sets a profound challenge. Austerity and rapid deficit reduction is failing in its own terms, but even at its best it is short-sighted, muddle-through politics with no vision of a new economic model.

  Frances O'Grady

  Profound, Challenges, Vision

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• The liberals think government exists to fix what's wrong with America. They find fault with our Constitution, our economic model and our core values. We disagree with the premise of their argument. We believe there's nothing wrong with America that an extra dose of freedom won't cure.

  Rick Perry

  Believe, Thinking, Government

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• Economic theorists, like French chefs in regard to food, have developed stylized models whose ingredients are limited by some unwritten rules. Just as traditional French cooking does not use seaweed or raw fish, so neoclassical models do not make assumptions derived from psychology, anthropology, or sociology. I disagree with any rules that limit the nature of the ingredients in economic models.

  George Akerlof

  Psychology, Cooking, Doe

  "An Economic Theorist's Book of Tales". Book by George Akerlof, October 26, 1984.

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• Copies have been dethroned; the economic model built on them is collapsing. In a regime of superabundant free copies, copies are no longer the basis of wealth. Now relationships, links, connections, and sharing are. Value has shifted away from a copy toward the many ways to recall, annotate, personalize, edit, authenticate, display, mark, transfer, and engage a work. Art is a conversation, not a patent office. The citation of sources belongs to the realms of journalism and scholarship, not art. Reality can’t be copyrighted.

  David Shields

  Art, Reality, Office

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• We are at this weird moment where there's an economic model that supports creativity. People are demanding something new and fresh.

  Judd Apatow

  Creativity, People, Support

  "Judd Apatow Talks ‘Popstar’, Letting The Lonely Island Do Their Thing, and More". Interview with Haleigh Foutch, collider.com. June 4, 2016.

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• People will continue to make movies. But I do think the economic model of the studio movie is closing in on a kind of systemic collapse.

  Matthew Specktor

  Thinking, People, Kind

  Source: therumpus.net

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• I grew up with free television. Now, it wasn't free, there was these commercials, and so the economic model was driven through commercials and through advertising.

  Nicholas Negroponte

  Television, Advertising, Driven

  Big Think Interview, bigthink.com.

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• Questions like, "Is my suit OK?", or "Is my job performance satisfactory?", are impossible to think about in the absence of a suitable frame of reference. For an interview suit to serve its purpose, it must make you look good relative to other candidates for the job you want. For your job performance to be satisfactory, it must compare favorably with the performance of others who want the same promotion you do. As Charles Darwin saw clearly, much of life is graded on the curve, and conventional economic models completely ignore that fact.

  Robert H. Frank

  Jobs, Thinking, Curves

  Source: bobmorris.biz

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• The most glaring deficiency in traditional economic models is that they completely ignore the role of context in evaluation.

  Robert H. Frank

  Roles, Evaluation, Deficiency

  Source: bobmorris.biz

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