Economist Quotes - Page 18

• When you think of policies that are going to address inequality of wealth, you have to be very thoughtful about what economists call "incidence of taxes." If most of the savings is being done by capitalists, and you tax the return on capital, then they will have less to invest. That would mean, over the long run, that the rate of interest would go up. That would therefore undo some of the intent to lower the income of capitalists.

  Joseph Stiglitz

  Running, Mean, Thinking

  Source: www.salon.com

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• The years of the Great Depression were a superb time for economists because people not knowing what could be done or what should be done would always assume that maybe an economist had the answer. If you were just a lawyer in Washington, you were nobody. But if you were an economist, you might have the answer.

  John Kenneth Galbraith

  Years, Knowing, People

  Source: www.progressive.org

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• You still don't like the idea of gay marriage? Then, as my friend, the economist Julianne Malveaux, says: Don't marry a gay person. Case closed, problem solved.

  Barbara Ehrenreich

  Gay, Ideas, Problem

  "How Banning Gay Marriage Will Destroy the Family" by Barbara Ehrenreich, ehrenreich.blogs.com. Jun 6, 2006.

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• I'm an economist, I do a lot of forecasting, and I'm probably one of the most successful forecasters in terms of very specific kinds of forecasts.

  Lyndon LaRouche

  Successful, Kind, Term

  Source: larouchepac.com

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• If the economists are arguing as to whether we need to cut or stimulate, because they're completely opposite policies, and they can't work it out then I would say let us work it out for you. Let's look at the lives people are able to lead, the effect of policies on the lives people are able to lead, and hence the likely effect on health and health inequalities.

  Michael Marmot

  Cutting, Opposites, People

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• How do you measure whether or not a strategy of economic growth that is articulated by a very smart, capable economist actually yields growth? You can't. But you can influence.

  George W. Bush

  Smart, Yield, Growth

  Source: www.texasmonthly.com

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• There is a history of mathematical models of oligopolistic competition dating from Cournot to the theory of games. There is also a literature generated by institutional economists, lawyers, and administrators interested in formulating and implementing public policy. It has been the tendency of these groups to work almost as though the other did not exist.

  Martin Shubik

  Games, Dating, Competition

  Martin Shubik, Richard Levitan (1980). “Market structure and behavior”, Harvard Univ Pr

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• I think one could argue that there's more political input into the regulatory side, and on the regulatory side there seem to be fewer people with financial and banking experience - there are more lawyers, academics, economists, maybe politicians now.

  Jamie Dimon

  Thinking, People, Political

  "Jamie Dimon on Finance: 'Who Owns the Future?'". Interview with John Micklethwait, www.bloomberg.com. March 1, 2016.

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• Ever since the Great Depression, economists have known that demand shortages tend to persist in the wake of severe financial crises like the ones that happened in 1929 and 2008.

  Bob Frank

  Demand, Financial, Great Depression

  Source: www.pbs.org

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• According to the management expert Peter F. Drucker, the term "entrepreneur" (from the French, meaning "one who takes into hand") was introduced two centuries ago by the French economist Jean-Baptiste Say to characterize a special economic actor-not someone who simply opens a business, but someone who "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield." The twentieth-century growth economist Joseph A. Schumpeter characterized the entrepreneur as the source of the "creative destruction" necessary for major economic advances.

  David Bornstein

  Hands, Two, Yield

  David Bornstein (2004). “How to Change the World: Social Entrepreneurs and the Power of New Ideas”, p.2, Oxford University Press, USA

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• One independent expert - actually, the economist who advised John McCain in 2008, so, you know, not somebody that has any predisposition toward our side - but this economist did a study. He said under [Donald] Trump's economic plans, we would lose in America 3 and a half million jobs.

  Hillary Clinton

  Jobs, Independent, America

  Source: www.npr.org

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• No reputable economist anywhere believes it's gambling an economic tool

  John Warren Kindt

  Believe, Gambling, Tools

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• All professionals, whether physicists, economists or musicians, live by and for peer judgment, even when they are being paid by people who cannot tell the difference.

  Eric Hobsbawm

  Differences, People, Musician

  Eric Hobsbawm (2014). “The Jazz Scene”, p.296, Faber & Faber

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• Whether the flavour of economic advice you like is conservative or liberal, you will find that flavour available from some 'reputable' economist, since there is no single standard to which all 'reputable' economists must repair.

  Barbara Bergmann

  Advice, Conservative, Economic

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• Can a controlled experiment explain why people like Kewpie dolls in one year, Beanie Babies in another, and American Girl dolls this year? Yet social scientists are asked to answer analogous questions. We economists and perhaps psychologists shouldn't overreact to the derision. That is, we shouldn't try to overlay a false sense of precision on our admittedly squooshy work.

  Robert J. Shiller

  Girl, Baby, Years

  Source: www.psychologytoday.com

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• Economics has never been a science - and it is even less now than a few years ago.

  Paul Samuelson

  Years, Economics, Years Ago

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• The consequences for human welfare involved in questions like these are simply staggering: once one starts to think about them, it is hard to think about anything else.

  Robert Lucas, Jr.

  Thinking, Economics, Hard

  "On the Mechanics of Economic Development". Journal of Monetary Economics, 22, 1988.

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• We've had a number of economists supporting our legislation. And here's where we are. The American people can judge. Six largest financial institutions in America today have assets of roughly $10 trillion; equivalent to 58 percent of the GDP of the United States of America.

  Bernie Sanders

  Gdp, Numbers, America

  Bernie Sanders during Democratic Presidential Candidates Debate at the University of New Hampshire in Durham, New Hampshire, www.nytimes.com. February 5, 2016.

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• I would say that folks who have looked at this issue for a long time, whether it's Elizabeth Warren or many other economists, will tell you that right now, yes, we do need a 21st century Glass-Steagall legislation.

  Hillary Clinton

  Issues, Glasses, Long

  Source: www.washingtonpost.com

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• A respected health economist said that these plans would cost a trillion dollars more a year.

  Hillary Clinton

  Years, Dollars, Cost

  Hillary Clinton's speech at the Clinton-Sanders Democratic presidential debate in Durham, New Hampshire, hosted by MSNBC, www.nytimes.com. February 4, 2016.

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• In my opinion, economists and sociologists are the people to whom we ought to turn more than we do for instruction in the grounds and foundations of all rational decisions.

  Oliver Wendell Holmes, Jr.

  People, Decision, Foundation

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• However, the fact that an economist offers a theoretical analysis does not and should not automatically command respect. What is needed is some assurance that the analysis is actually relevant.

  Paul Krugman

  Doe, Analysis, Facts

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• A colleague saw the same model-calibrating the elasticity of demand facing a Cournot oligopolist as a function of the number of firms in the industry--described at the University of Chicago and at M.I.T. A Chicago economist derived the formula and said, "Look at how few firms you need to get close to infinite elasticities and perfect competition." An M.I.T. economist derived the same formula and said, "Look at how large n has to be before you get anywhere close to an infinite elasticity and perfect competition."

  Matthew Rabin

  Numbers, Perfect, Competition

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• Modern economics is sick. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world. Economists have converted the subject into a sort of social mathematics in which analytical rigour is everything and practical relevance is nothing.

  Mark Blaug

  Games, Sick, Understanding

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• If economists were good at business, they would be rich men instead of advisers to rich men.

  Kirk Kerkorian

  Men, Would Be, Rich

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