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 age of chivalry isgone.That of sophisters, economists, and calculators, has succeeded; and the glory of Europe is extinguished for ever.Edmund Burke
[There is] a delusion that macro-economics is both viableanduseful (a delusionencouraged by its extensive use of mathematics, which must always impress politicians lacking any mathematical education, and which is really the nearest thing to the practice of magic that occurs among professional economists).
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.robert gilpin
Liberal economists conceive of societies as black boxes connected by exchange rates; as long as exchange rates are correct, what goes on inside the black box is regarded as not very important.robert gilpin
Despite the high salaries involved, employing economists is a cost-effective way for banks, and stockbrokers to secure exposure in the media.paul ormerod
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.joan robinson
It is almost as hard to define mathematics as it is to define economics, and one is tempted to fall back on the famous old definition attributed to Jacob Viner, “Economics is what economists do,” and say that mathematics is what mathematicians do. A large part of mathematics deals with the formal relations of quantities or numbers.kenneth boulding
Physicists can only talk to other physicists and economists to economists... sociologists often cannot even understand each other.kenneth boulding
My plan reduces the national debt, and fast. So fast, in fact, that economists worry that we're going to run out of debt to retire.george w. bush
It is from the scope and wisdom of the economists of the past that we must reap the knowledge with which to face the future.robert heilbroner
If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.john maynard keynes
Sometimes economists in official positions give bad advice; sometimes they give very, very bad advice; and sometimes they work at the OECD.paul krugman
Only economists mistake physical opulence for riches.aldo leopold
With the market so much more in control of the global economy now than fifty years ago, then if economists are right, the world should be a manifestly better place: it should be growing faster, with more stability, and income should go to those who deserve it.
Even economists can't escape the fact that, as commodities go, labour is something out of the ordinary.
Why do economists persist in modelling the economy with static tools when dynamic ones exist; why do they treat as stationery an entity which is forever changing?
Largely due to the path breaking work of Murray Rothbard, 20th century individualist anarchism is no longer inherently suspicious of profit-making practices, such as charging interest. Indeed, it embraces the free market as the voluntary vehicle of economic exchange. But as individualist anarchism draws increasingly upon the work of Austrian economists such as Mises and Hayek, it draws increasingly farther away from left anarchism.
If economists wished to study the horse, they wouldn't go and look at horses. They'd sit in their studies and say to themselves, "what would I do if I were a horse?"
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
economists and technologists bring the "bits", but it requires the social scientists and humanists to bring the "wits."kenneth boulding
But this long run is a misleading guide to current affairs. In the long run we are all dead. economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.john maynard keynes
Create and save customized word lists. Sign up today and start improving your vocabulary!