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American Economist Quotes
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Every improvement in our conceptions of justice, as well as in the machinery for the administration of justice, whereby a closer approximation to exact justice may be secured, will make for social peace, though the mere adjudication of conflicting interests will not remove the conflicts themselves nor their cause. That lies deeper than legislatures or courts can probe.
Thomas Nixon Carver
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Without popular fear, no government would endure more than twenty-four hours.
Robert Higgs
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Just as there can be little doubt that labor unions are a significant political force, neither can there be much question that this political force is a by-product of the purely industrial activities that unions regard as their major function.
Mancur Olson
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James Buchanan … produced several seminal contributions to the literature prior to the appearance of The Calculus, and a continual stream of books and articles afterward. I view Buchanan's Nobel Prize as a reward for this great body of work, and not just limited to The Calculus. Pursuing this line of reasoning, Gordon Tullock's prodigious research output following the publication of The Calculus also justifies a Nobel Prize. Indeed, Tullock's (1967c) seminal analysis of rent seeking, and his subsequent work on this topic might be regarded as sufficient achievements for the awarding of a prize.
Dennis Mueller
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The lack of monetary discipline has become a hallmark of unfettered globalization. Central banks have failed to provide a stable underpinning to world financial markets and to an increasingly asset-dependent global economy.
Stephen S. Roach
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The surplus of society overrides all our traditions and shapes all our philosophies.
Walter Weyl
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A major social problem we face today is how to control the political process that is eroding the free enterprise market system. Although I am pessimistic that we will in fact ever resolve this problem completely, we will surely never solve it unless we develop a viable positive theory of the political process. Such a political theory will not be complete until we also have developed a theory that explains why we get the results we do out of the mass media.
Michael C. Jensen
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Inclusive economic institutions require secure property rights and economic opportunities not just for the elite but for a broad cross-section of society.
Daron Acemoğlu
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Almost anything one says or has said about what society wants or should get is threatened with internal inconsistency.
Charles Plott
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Most of economics can be summarized in four words: 'People respond to incentives.' The rest is commentary.
Steven Landsburg
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The scholars who understand it hesitate to speak out boldly for fear people will not understand. The people, who understand it quite easily, also fear to speak out while they wait for the scholars to speak out first. The difference between our present situation and that of the story is that it is not the emperor but the people who are periodically made to go naked and hungry and insecure and discontented - a ready prey to less timid organizers of discontent for the destruction of the civilization.
Abba Lerner
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Social costs... are all direct and indirect losses sustained by third persons or the general public as a result of unrestrained economic activities.
Karl William Kapp
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The relationship of agency is one of the oldest and commonest codified codes of social interaction. We will say that an agency relationship has arisen between two (or more) parties when one, designated as the agent, acts for the other, designated the principal, in a particular domain of decision problems. Examples of agency are universal.
Stephen Ross (economist)
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There can never be in human knowledge any such thing as finality. Always at the end there is a mystery; it will always be there.
Carl Snyder
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We cannot afford to have any large section of the business world in doubt whether they have broken the laws or not, and we cannot let the laws become a dead letter through vagueness. In this view it is clear that an administrative commission can render invaluable service.
John Bates Clark
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Instruct regulators to look for the newest fad in the industry and examine it with great care. The next mistake will be a new way to make a loan that will not be repaid.
L. William Seidman
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"Any graduate of the ___ Business School should be able to beat an index fund over the course of a market cycle."
Statements such as these are made with alarming frequency by investment professionals. In some cases, subtle and sophisticated reasoning may be involved. More often (alas), the conclusions can only be justified by assuming that the laws of arithmetic have been suspended for the convenience of those who choose to pursue careers as active managers.
William F. Sharpe
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It has long been speculated that money predates writing because the earliest examples of writing appear to be records of monetary debts—meaning that the closely intertwined chronology of the development of writing and money will make it impossible to find a written history.
L. Randall Wray
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Early critics pointed out REH's fundamental epistemological flaws. … They argued that REH, even if viewed as a bold abstraction or approximation, is grossly inadequate for representing how even minimally reasonable profit seeking participants forecast the future in real-world markets. Nevertheless, … an overwhelming majority of economists has embraced REH as the way to represent how rational individuals think about the future.
Roman Frydman
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Central to both the theoretical and the empirical validity of factor models is the correct specification of the number of factors.
Jushan Bai
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The potential gains from improved stabilization policies are on the order of hundredths of a percent of consumption, perhaps two orders of magnitude smaller than the potential benefits of available supply-side fiscal reforms.
Robert Lucas, Jr.
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Politicians pay more attention to interest groups than to the public interest.
Alice Rivlin
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Under budgetary pressure (arbitrary or not) it is truly remarkable how many options one discovers one can do without.
James R. Schlesinger
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The job of the Federal Reserve is to take away the punch bowl just when the party is getting good.
William McChesney Martin
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General advertising is Cyrano. He comes under your window and sings; people get used to it and ignore it. But if Roxane responds, there's a relationship. We move the brand relationship up a notch. Advertising becomes a dialogue that becomes an invitation to a relationship.
Lester Wunderman
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The web of domination has become the web of Reason itself, and this society is fatally entangled in it.
Herbert Marcuse
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