Economic Quotes
-
-
-
Economics is the art of allocating scarce goods among competing demands. The conceit of Marxism was the thought that in Communism, economics would be "abolished"; this was why one did not have to think about the questions of relative privilege and social justice. But the point is that we still have to think about economics, and probably always will. The question, then, is whether we can arrive at a set of normative rules which seek to protect liberty, reward achievement and enhance the social...
Daniel Bell
ECONOMICS IS HAUNTED by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine—the special pleading of selfish interests.
Henry Hazlitt
Economic power is exercised by means of a positive, by offering men a reward, an incentive, a payment, a value; political power is exercised by means of a negative, by the threat of punishment, injury, imprisonment, destruction. The businessman's tool is values; the bureaucrat's tool is fear.
Ayn Rand
Economics is really about two stories. One is the story of the old economist and younger economist walking down the street, and the younger economist says, ‘Look, there’s a hundred-dollar bill,’ and the older one says, ‘Nonsense, if it was there somebody would have picked it up already.’ So sometimes you do find hundred-dollar bills lying on the street, but not often—generally people respond to opportunities. The other is the Yogi Berra line ‘Nobody goes to Coney Island anymore; it’s too...
Paul Krugman
Economics is a study of cause-and-effect relationships in an economy. It's purpose is to discern the consequences of various ways of allocating resources which have alternative uses. It has nothing to say about philosophy or values, anymore than it has to say about music or literature.
Thomas Sowell
