Greg Mankiw - Economists Quotes

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If you were going to turn to only one economist to understand the problems facing the economy, there is little doubt that the economist would be John Maynard Keynes. Although Keynes died more than a half-century ago, his diagnosis of recessions and depressions remains the foundation of modern macroeconomics. His insights go a long way toward explaining the challenges we now confront.

Greg Mankiw
Making economic policy in a representative democracy is a messy affair—and there are often good reasons presidents (and other politicians) do not advance the policies that economists advocate. Economists offer crucial input into the policy process, but their advice is only one ingredient of a complex recipe.

Greg Mankiw
To find a substitute for laboratory experiments, economists pay close attention to the natural experiments offered by history.

Greg Mankiw
After more than a quarter-century as a professional economist, I have a confession to make: There is a lot I don't know about the economy. Indeed, the area of economics where I have devoted most of my energy and attention — the ups and downs of the business cycle — is where I find myself most often confronting important questions without obvious answers.

Greg Mankiw
Economics is a young science, and there is still much to be learned. Economists sometimes disagree because they have different hunches about the validity of alternative theories or about the size of important parameters that measure how economic variables are related.

Greg Mankiw
Today, Keynesian theorizing does not inspire whispers and giggles from the audience. There are many economists under the age of forty who do not take offense when their work is called 'Keynesian', and I count myself as one of them. If Keynesian economics was dead in 1980, then today it has been reincarnated.

Greg Mankiw
Economists try to address their subject with a scientist's objectivity. They approach the study of the economy in much the same way a physicist approaches the study of matter and a biologist approaches the study of life: They devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories.

Greg Mankiw