The fundamental differences between Marxian and traditional orthodox economics are, first, that the orthodox economists accept the capitalist system as part of the eternal order of Nature, while Marx regards it as a passing phase in the transition from the feudal economy of the past to the socialist economy of the future.
Proving that profit is economically and morally justifiable, rather then the result of exploitation, has been a central preoccupation of neoclassical economists.jim stanford
It was the unemployment that was the hardest to bear. The jobless millions were like an embolism in the nation's vital circulation; and while their indisputable existence argued more forcibly than any text that something was wrong with the system, the economists wrung their hands and racked their brains and called upon the spirit of Adam Smith, but could offer neither diagnosis or remedy.robert heilbroner
One of the most important skills of the economist, therefore, is that of simplification of the model. Two important methods of simplification have been developed by economists. One is the method of partial equilibrium analysis (or microeconomics), generally associated with the name of Alfred Marshall and the other is the method of aggregation (or macro-economics), associated with the name of John Maynard Keynes.kenneth boulding
economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective economic value, anyway while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal Utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process.l. neil smith
The classical economists were not wholly free from error, for they were only mortals, even if of a superior species.
My principal work now lies in tracing out the exact nature and conditions of utility. It seems strange indeed that economists have not bestowed more minute attention on a subject which doubtless furnishes the true key to the problems of economics.william stanley jevons
But the stock market is not 1:1-it is not a zero sum game. So those deaf,dumb and blind economists can't find the capital flows.andy kessler
...where Nietzsche’s response to the equation of socialism and morality was to question the value of morality, at least as it had been customarily understood, economists like Mises and Hayek pursued a different path, one Nietzsche would never have dared to take: they made the market the very expression of morality.ludwig von mises
There is something, however humble, which can properly be called skill among those who recognise themselves as economists.kenneth boulding
In view of the importance of philanthropy in our society, it is surprising that so little attention has been given to it by economic or social theorists. In economic theory, especially, the subject is almost completely ignored. This is not, I think, because economists regard mankind as basically selfish or even because economic man is supposed to act only in his self-interest; it is rather because economics has essentially grown up around the phenomenon of exchange and its theoretical structure rests heavily on this process.kenneth boulding
Thanks to economists, all of us, from the days of Adam Smith and before right down to the present, tariffs are perhaps one tenth of one percent lower than they otherwise would have been. … And because of our efforts, we have earned our salaries ten-thousand fold.Milton Friedman
THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.benjamin graham
Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.benjamin graham
They [free market policies] were never based on solid empirical and theoretical foundations, and even as many of these policies were being pushed, academic economists were explaining the limitations of markets for instance, whenever information is imperfect, which is to say always.joseph e. stiglitz
He [Tolstoy] could see little good in the clergy, while he utterly condemned the military, the rulers of the earth, the judges, the capitalists, the landlords, the merchants, the jailers, the functionaries. He assailed modern art and classed artists with scientists and ministers as the lackeys of a degenerate and parasitic class of wealthy men. Political economists he considered as retainers of the same class and their product as the throwing of dust in the eyes of those who seek for a way out of our unhappy social conditions.
In the abstract world of American economists, equations run both ways; they believe that by changing the sign of a variable from plus to minus or from minus to plus or the price and quantity of x or y, the direction of historical movement can be reversed.
The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to economists' musings.
Despite the high salaries involved, employing economists is a cost-effective way for banks, and stockbrokers to secure exposure in the media.
Proving that profit is economically and morally justifiable, rather then the result of exploitation, has been a central preoccupation of neoclassical economists.
economists are generally negligent of their heroes.john kenneth galbraith
economists can never be free of from difficulties unless they will distinguish between a theory and the application of a theory.william stanley jevons
economists are tellers of stories and makers of poems.