45 Greatest Economics Quotes By Famous Economists

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Economics Quotes By Famous Economists

“The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.” – Thomas Sowell

“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.” – Murray N. Rothbard

“People tend to think that numbers are quite objective, but numbers in economics are not like this. Some economists say they’re like sausages: you don’t know what they really are until you cut into them.” – Ha-Joon Chang

“The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist.” – John Maynard Keynes

“Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.” – Tyler Cowen

“If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.” – John Maynard Keynes

“Too many people think that economics is this subject that should wait until the university level. But it can’t wait that long.” – Robert Duvall

“One of the Great Rules of Economics According to John Green If you are rich, you have to be an idiot not to stay rich. And if you are poor, you have to be really smart to get rich.” – John Green

“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” – Friedrich August von Hayek

“We have always known that heedless self interest was bad morals, we now know that it is bad economics.” – Franklin D. Roosevelt

“A large part of crime is economics – if people are working and and have a home and family to support, then I believe you can reduce the crime rate.” – Vincent Frank

“There is one and only one social responsibility of business–to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud” – Milton Friedman

“The ultimate purpose of economics, of course, is to understand and promote the enhancement of well-being.” – Ben Bernanke

“Anyone who believes that exponential growth can go on forever in a finite world is either a madman or an economist.” – Kenneth E. Boulding

“Religion and art spring from the same root and are close kin. Economics and art are strangers.” – Nathaniel Hawthorne

“An economic system which can only expand or expire must be false to all that is human.” – Edward Abbey

“In human life, economics precedes politics or culture.” – Park Geun-hye

“Economics was like psychology, a pseudoscience trying to hide that fact with intense theoretical hyperelaboration. And gross domestic product was one of those unfortunate measurement concepts, like inches or the British thermal unit, that ought to have been retired long before.” – Kim Stanley Robinson

“The only language that the Japanese whaling industry understands is economics.” – Paul Watson

“Rather than justice for all, we are evolving into a system of justice for those who can afford it. We have banks that are not only too big to fail, but too big to be held accountable.” – Joseph E. Stiglitz

“Economics is extremely useful as a form of employment for economists.” – John Kenneth Galbraith

“A society can be Pareto optimal and still perfectly disgusting.” – Amartya Sen

“I’ve always thought that good politics follows from good economics and good policies.” – George Osborne

“I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” – Winston S. Churchill

“Economics is a choice between alternatives all the time. Those are the trade-offs.” – Paul Samuelson

“The fields were fruitful, and starving men moved on the roads.” – John Steinbeck

“I don’t think exactly like a professional economist. I think about economics and economic ideas, but somewhat like an outsider.” – John Forbes Nash, Jr.

“A market economy is to economics what democracy is to government: a decent, if flawed, choice among many bad alternatives.” – Charles Wheelan

“In economics, one of the most important concepts is ‘opportunity cost’ – the idea that once you spend your money on something, you can’t spend it again on something else.” – Malcolm Turnbull

“Give me a one-handed Economist. All my economists say ‘on hand…’, then ‘but on the other…” – Harry Truman

“I had a degree in economics but also thought of myself as a musician.” – Jon Feltheimer

“In economics, the majority is always wrong.” – John Kenneth Galbraith

“I got into economics because I wanted to make things better for the average person.” – Ben Bernanke

“Economics, politics, and personalities are often inseparable.” – Charles Edison

“But while I loved all of these courses, there was an irresistible attraction of economics.” – Joseph Stiglitz

“Where there is politics or economics, there is no morality.” – Karl Wilhelm Friedrich Schlegel

“I was an economics major, which I enjoyed because I had a good business sense.” – Herb Ritts

“In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability.” – John Kenneth Galbraith

“The most powerful argument of all for saving open space is economics; in most states, tourism is the number two industry.” – Jim Fowler

“Years ago, I noticed one thing about economics, and that is that economists didn’t get anything right.” – Nassim Nicholas Taleb

“I think we’re miserable partly because we have only one god, and that’s economics.” – James Hillman

“Start with the idea that you can’t repeal the laws of economics. Even if they are inconvenient.” – Lawrence Summers

“We can’t do the same things the Yankees do. Given the economics, we’ll lose.” – Billy Beane

“Economics is a subject that does not greatly respect one’s wishes.” – Nikita Khrushchev

“I can’t think of a president who has been overburdened by a knowledge of economics.” – Paul Samuelson


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