Economist Quotes

The boot and shoe makers, either as shoemakers or cordwainers, have been the earliest and the most strenuous of American industrialists in their economic struggles. A highly skilled and intelligent class of tradesmen, widely scattered, easily menaced by commercial and industrial changes, they have resorted with determination at each new menace to the refuge of protective organizations.

John R. Commons

As I write in 2012 we certainly do not believe that it is over yet, and the worst may be yet to come. Efforts by governments to solve the underlying problems responsible for the crisis have still not gotten very far, and the 'stress tests' that governments have used to encourage optimism about our financial institutions were of questionable thoroughness.

Robert J. Shiller

After my stellar first grade academic achievements, I continued to perform well in the city primary schools - except for penmanship, which was not my forte.

Vernon L. Smith

You can see the computer age everywhere but in the productivity statistics.

There seems to be striking similarities between the role of economic statistics in our society and some of the functions which magic and divination play in primitive society.

If you are a marketing professional who wants to reach your buyers directly, many experts will say that the media is the only way to tell your story, and that press releases only to reach journalists - not your buyers directly. They'll say that bloggers are geeks in pajamas who don't matter. They are wrong.

David Meerman Scott

If all properly economic problems were solved once for all... the social struggle and strife would... [not necessarily] be reduced in amount or intensity... in the absence of some moral revolution which could by no means be assumed to follow in consequence of this change itself.

There [is]... a list of five tests which any body of doctrine which aspires to the name of economic theory must be able to meet:

Walton Hale Hamilton

"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

A dark and terrible side of this sense of community of interests is the fear of a horrible common destiny which in these days of atomic weapons darkens men's minds all around the globe.

Emily Greene Balch

It's the new management's job to look at the world as it changes, and how do we look at change and take advantage of change, rather than put our head in the ground.

Sanford I. Weill

If grade inflation continues, a college bachelor's degree will have just as much credibility as a high school diploma.

Walter E. Williams

The default assumption is that - financial crises aside - growth will continue indefinitely. Not just for the poorest countries, where a better quality of life is undeniably needed, but even for the richest nations where the cornucopia of material wealth adds little to happiness and is beginning to threaten the foundations of our wellbeing.

Tim Jackson (economist)

Being both entrepreneurial and social is no longer an oxymoron, but rather a tautology.

[Functionalism is a] dividing up of activities as to kinds.

In the future a typical factory will host three workers: a man, a computer and a dog. The computer will do all the work. The man will feed the dog. And the dog's job? To bite the man - if he touches the computer.

Todd G. Buchholz

The materials collected in this volume are intended to acquaint the student with economic principles as they are manifested in the tangible facts of economic life. A few extracts of primarily theoretical character have been included to represent important aspects of contemporary or historic thought; but for the most part the selections are not so much authoritative formulations of economic laws as concrete case-material embodying such laws, or affording a background of information which the systematic treatises on economics can hardly give and which the teacher certainly cannot often assume that his students will possess.

Leon C. Marshall

High tax rates are followed by attempts of ingenious men to beat them as surely as surely as snow is followed by little boys on sleds.

Arthur Melvin Okun

The point is that coordination can be achieved by either of two means: (1) with no one dictating anyone else's precise behavior, but everyone observing a set of rules, or (2) with someone (or perhaps more than one) directing the behavior of others. We refer to the first of the two means as coordination by rules and the second as coordination by command.

Real economic efficiency implies including all resources that affect sustainable human well-being in the allocation system, not just marketed goods and services. Our current market allocation system excludes most non-marketed natural and social capital assets and services that are critical contributors to human well-being. The current economic model ignores this and therefore does not achieve real economic efficiency. A new, sustainable ecological economic model would measure and include the contributions of natural and social capital and could better approximate real economic efficiency.

Robert Costanza

A government decision that slashes spending at the wrong time and sends a weak economy into a tailspin can be just as undisciplined as one that unleashes a wasteful spending spree in an overheated environment.

Peter Blair Henry

If you look carefully, almost all Old Money secrets can be traced to a single source: a longer-term outlook.

Bill Bonner (author)

My decision to leave applied mathematics for economics was in part tied to the widely-held popular belief in the 1960s that macroeconomics had made fundamental inroads into controlling business cycles and stopping dysfunctional unemployment and inflation.

Robert C. Merton

The contraction from 1929 to 1933 was by far the most severe business-cycle contraction during the near-century of U.S. history we cover and it may well have been the most severe in the whole of U.S. history.

It is most important that top management be quality-minded. In the absence of sincere manifestation of interest at the top, little will happen below.

Joseph M. Juran