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.
Most academic economists know nothing of economy. In fact, they know little of anything.edward abbey
...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
The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to economists' musings.paul ormerod
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
The concept of need is often looked upon rather unfavorably by economists, in contrast with the concept of demand. Both, however, have their own strengths and weaknesses. The need concept is criticized as being too mechanical, as denying the autonomy and individuality of the human person, and as implying that the human being is a machine which "needs" fuel in the shape of food, engine dope in the shape of medicine, and spare parts provided by the surgeon.kenneth boulding
What might be called, perhaps somewhat grandiloquently, the Epistemological Question has received rather scant attention at the hands of economists. There are, of course, a number of epistemological questions, some of which lie more in the province of the philosopher than they do the economist or the social sceintist. The one with which I am particularly concerned here is that of the role of knowledge in social systems, both as a product of the past and as a determinant of the future.kenneth boulding
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
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
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.
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.
A great deal of study has been directed to denning 'best decisions,' particularly since the pioneering work of mathematical statisticians (such as Wald), of mathematicians (such as von Neumann), of economists (such as Arrow )... The main effect of this development on the practice of OR has been the growing realization that there are decision objectives other than maximizing expected return and minimizing maximum loss. That is, in many practical situations there are criteria of optimality that are more appropriate than these two mentioned.
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.
It is likely that many modern economists would have no difficulty accepting Hayek's statement of the problem (of macroeconomics) as roughly equivalent to their own. Whether or not this is so, I wish … to argue that it should be so, or that the most rapid progress toward a coherent and useful aggregate economic theory will result from the acceptance of the problem statement as advanced by Hayek .
During and after World War II, a large number of academic economists were exposed directly to business life, and had more or less extensive opportunities to observe how decisions were actually made in business organizations. Moreover, those who became active in the development of the new management science were faced with the necessity of developing decision-making procedures that could actually be applied in practical situations. Surely these trends would be conducive to moving the basic assumptions of economic rationality in the direction of greater realism.
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 may insist we are running a trade deficit, but in reality, we are running a margin surplus.andy kessler