Quotes by Economists - Page 18

My boys. I don't have them to hold. What do I do with my arms?
Sonali Deraniyagala
I was terrified that tomorrow the truth would start.
Sonali Deraniyagala
... if one is to rely on human judges, it is very important that they never admit to error.
David S. Landes
People and institutions that refuse to admit error eventually discredit themselves.
Jeffrey Tucker
We still don't have a good word to describe what is missing in Cameroon, indeed in poor countries across the world. But we are starting to understand what it is. Some people call it 'social capital, or maybe 'trust'. Others call it 'the rule of law', or 'institutions'. But these are just labels. The problem is that Cameroon, like other poor countries, is a topsy-turvy world in which it's in most people's interest to take action that directly or indirectly damages everyone else.
Tim Harford
Nothing fails like success because we don't learn from it. We learn only from failure.
Kenneth E. Boulding
Life should be great rather than long.
B.R. Ambedkar
A loser is one who has "given up on his dreams",so long as you are trying, you haven't lost yet!
Manmohan Singh
A man with a scant vocabulary will almost certainly be a weak thinker. The richer and more copious one's vocabulary and the greater one's awareness of fine distinctions and subtle nuances of meaning, the more fertile and precise is likely to be one's thinking. Knowledge of things and knowledge of the words for them grow together. If you do not know the words, you can hardly know the thing.
Henry Hazlitt
What do I miss, as a human being, if I have never heard of the Second Law of Thermodynamics? The answer is: Nothing. And what do I miss by not knowing Shakespeare? Unless I get my understanding from another source, I simply miss my life. Shall we tell our children that one thing is as good as another-- here a bit of knowledge of physics, and there a bit of knowledge of literature? If we do so, the sins of the fathers will be visited upon the children unto the third and fourth generation, because that normally is the time it takes from the birth of an idea to its full maturity when it fills the minds of a new generation and makes them think by it.Science cannot produce ideas by which we could live.
Ernst F. Schumacher
Literature, I have always thought, is in most places and companies a singularly dull and uninteresting thing to talk about, but one may, as a rule, hate literary conversation, and yet at the right moment, with all its powers of feeling, the mind in silence may feel what it owes to literature.
William Hurrell Mallock
And with distance in time it is the same as with distance in place. The imagination has its atmosphere and its sunlight as well as the earth has; only its mists are even more gorgeous and delicate, its aerial perspectives are even more wide and profound. It also transifgures and beautifies things in far more various ways. For the imagination is all senses in one; it is sight, it is smell, it is hearing; it is memory, regret, and passion. Everything goes to nourish it, from first love to literature - literature, which, for cultivated people, is the imagination's gastric juice.
William Hurrell Mallock
The emotional pattern seems to be something like, “[Karl] Polanyi, a person of the left like me, says many true things, beautifully. Therefore his tales about what happened in economic history must be true.” Marx before him got similar treatment. Lately the more eloquent of the environmentalists, such as Wendell Berry, get it too. People want to believe that beauty is truth. A supporting emotional frame on the left arises from the very idea of historical progress: “We must be able to do so much better than this wretched capitalism.” It is not true, but it motivates.
Deirdre N. McCloskey
Such is the facility with which mankind believe at one and the same time things inconsistent with one another, and so few are those who draw from what they receive as truths, any consequences but those recommended to them by their feelings, that multitudes have held the undoubting belief in an Omnipotent Author of Hell, and have nevertheless identified that being with the one best conception they were able to form of perfect goodness.
John Stuart Mill
One person with a belief is worth 99 people who have only interests.
John Stuart Mill
The real problems of our planet are not economic or technical, they are philosophical. The philosophy of unbridled materialism is being challenged by events.
Ernst F. Schumacher
As more and more work is done by machines, people can spend more time on other activities. Not just leisure and amusements, but also on the deeper satisfactions that come from invention and exploration, from creativity and building, and from love, friendship, and community. ... If the first machine age helped unlock the forces of energy trapped in chemical bonds to reshape the physical world, the real promise of the second machine age is to help unleash the power of human ingenuity.
Erik Brynjolfsson and Andrew McAfee
I’m encouraging young people to become social business entrepreneurs and contribute to the world, rather than just making money. Making money is no fun. Contributing to and changing the world is a lot more fun.
Muhammad Yunus
Self-analysis is vital in the road to success; being unaware of your own skills, capacity, and attributes may cost you the next great promotion.
John Taskinsoy
Speaking English well could open a window of personal and professional opportunities but having great knowledge of business English can give you the edge in becoming indispensable.
John Taskinsoy
Obtaining sought skills is critical in gaining an advantage over others (competitors), but being fluent in English could enable you to leap into the next level of success in international business.
John Taskinsoy
You should not measure your success by the amount of money you make or titles you have, instead measure it by how much value you create and the difference you make.
John Taskinsoy
Mood evidently affects the operation of System 1: when we are uncomfortable and unhappy, we lose touch with our intuition.tThese findings add to the growing evidence that good mood, intuition, creativity, gullibility, and increased reliance on System 1 form a cluster. At the other pole, sadness, vigilance, suspicion, an analytic approach, and increased effort also go together. A happy mood loosens the control of System 2 over performance: when in a good mood, people become more intuitive and more creative but also less vigilant and more prone to logical errors.
Daniel Kahneman
Creativity always comes as a surprise to us; therefore we can never count on it and we dare not believe in it until it has happened... Hence, the only way in which we can bring our creative resources fully into play is by misjudging the nature of the task, by presenting it to ourselves as more routine, simple, undemanding of genuine creativity than it will turn out to be... We are apparently on the trail here of some sort of invisible or hidden hand that beneficially hides difficulties from us.
Albert O. Hirschman
Creativity is thinking up new things. Innovation is doing new things.
Theodore Levitt
Rational conduct on the basis of the idea of calling, was born... from the spirit of Christian asceticism.
Max Weber
It is not because men’s desires are strong that they act ill; it is because their consciences are weak. There is no natural connection between strong impulses and a weak conscience. The natural connection is the other way. To say that one person’s desires and feelings are stronger and more various than those of another, is merely to say that he has more of the raw material of human nature, and is therefore capable, perhaps of more evil, but certainly of more good. Strong impulses are but another name for energy.
John Stuart Mill
There is a strange idea abroad, held by all monetary cranks, that credit is something a banker gives to a man. Credit, on the contrary, is something a man already has. He has it, perhaps, because he already has marketable assets of a greater cash value than the loan for which he is asking. Or he has it because his character and past record have earned it. He brings it into the bank with him. That is why the banker makes him the loan. The banker is not giving something for nothing.
Henry Hazlitt
People only accept change in necessity and see necessity only in crisis.
Jean Monnet
A wealth of research confirms the importance of face-to-face contact. One experiment performed by two researchers at the University of Michigan challenged groups of six students to play a game in which everyone could earn money by cooperating. One set of groups met for ten minutes face-to-face to discuss strategy before playing. Another set of groups had thirty minutes for electronic interaction. The groups that met in person cooperated well and earned more money. The groups that had only connected electronically fell apart, as members put their personal gains ahead of the group’s needs. This finding resonates well with many other experiments, which have shown that face-to-face contact leads to more trust, generosity, and cooperation than any other sort of interaction.The very first experiment in social psychology was conducted by a University of Indiana psychologist who was also an avid bicyclist. He noted that “racing men” believe that “the value of a pace,” or competitor, shaves twenty to thirty seconds off the time of a mile. To rigorously test the value of human proximity, he got forty children to compete at spinning fishing reels to pull a cable. In all cases, the kids were supposed to go as fast as they could, but most of them, especially the slower ones, were much quicker when they were paired with another child. Modern statistical evidence finds that young professionals today work longer hours if they live in a metropolitan area with plenty of competitors in their own occupational niche.Supermarket checkouts provide a particularly striking example of the power of proximity. As anyone who has been to a grocery store knows, checkout clerks differ wildly in their speed and competence. In one major chain, clerks with differing abilities are more or less randomly shuffled across shifts, which enabled two economists to look at the impact of productive peers. It turns out that the productivity of average clerks rises substantially when there is a star clerk working on their shift, and those same average clerks get worse when their shift is filled with below-average clerks.Statistical evidence also suggests that electronic interactions and face-to-face interactions support one another; in the language of economics, they’re complements rather than substitutes. Telephone calls are disproportionately made among people who are geographically close, presumably because face-to-face relationships increase the demand for talking over the phone. And when countries become more urban, they engage in more electronic communications.
Edward L. Glaeser
The idea that the future is unpredictable is undermined every day by the ease with which the past is explained.
Daniel Kahneman
We see but one aspect of our neighbor, as we see but one side of the moon; in either case there is also a dark half, which is unknown to us. We all come down to dinner, but each has a room to himself.
Walter Bagehot
The test of learning psychology is whether your understanding of situations you encounter has changed, not whether you have learned a new fact.
Daniel Kahneman
Jumping to conclusions is efficient if the conclusions are likely to be correct and the costs of an occasional mistake acceptable. Jumping to conclusions is risky when the situation is unfamiliar, the stakes are high and there is no time to collect more information.
Daniel Kahneman
A crisis is a terrible thing to waste.
Paul Romer
The law (of least effort) asserts that if there are several ways of achieving the same goal, people will eventually gravitate to the least demanding course of action. In the economy of action, effort is a cost, and the acquisition of skill is driven by the balance of benefits and costs. Laziness is built deep into our nature.
Daniel Kahneman
If you care about being thought credible and intelligent, do not use complex language where simpler language will do. My Princeton colleague Danny Oppenheimer refuted a myth prevalent among undergraduates about the vocabulary that professors find most impressive. In an article titled "Consequences of Erudite Vernacular Utilized Irrespective of Necessity: Problems with Using Long Words Needlessly," he showed that couching familiar ideas in pretentious language is taken as a sign of poor intelligence and low credibility.
Daniel Kahneman
Cognitive insight (knowing something) is not like emotional insight (feeling something). It has no psychodynamic effects. It does not affect the narcissist's behavior patterns, or his interpersonal interactions - the products of well entrenched and rigid defense mechanisms.
Sam Vaknin
Here lies the partner's salvation: if you, as his intimate, wish to sever your relationship with the narcissist, stop providing him with what he needs. Do not adore, admire, approve, applaud, or confirm anything he does or says. Disagree with his views belittle him, reduce him to size, compare him to others, tell him he is not unique, criticize him, give unsolicited advice, and offer him help. In short, deprive him of the grandiose and fantastic illusions, which holds his personality together.The narcissist is a delicately attuned piece of equipment. At the first sign of danger to his inflated False Self, he will quit and disappear on you.
Sam Vaknin
the parts of the brain corresponding to the limbic system (thought to respond only to more visceral, immediate rewards) were activated only when the decision involved comparing a reward today with one in the future. In contrast, the lateral prefrontal cortex (a more “calculating” part of the brain) responded with a similar intensity to all decisions, regardless of the timing of the options. Brains that work like this would produce a lot of failed good intentions. And indeed, we do see a lot of those, from New Year’s resolutions to gym memberships that lie unused.
Abhijit V. Banerjee
The most effective way of making people accept the validity of the values they are to serve is to persuade them that they are really the same as those which they, or at least the best among them, have always held, but which were not properly understood or recognised before.
Friedrich A. Hayek
It seems to be almost a law of human nature that it is easier for people to agree on a negative programme, on the hatred of an enemy, on the envy of those better off, than on any positive task. The contrast between the "we" and the "they", the common fight against those outside the group, seems to be an essential ingredient in any creed which will solidly knit together a group for common action. It is consequently always employed by those who seek, not merely support of a policy, but the unreserved allegiance of huge masses. From their point of view it has the great advantage of leaving them greater freedom of action than almost any positive programme.
Friedrich A. Hayek
The essential quality of a market system, contrary to popular thinking, is not that it promotes greed; but rather, that it renders greed harmless.
Israel M. Kirzner
Another potent ideological force is to deprecate the individual and exalt the collectivity of society. For since any given rule implies majority acceptance, any ideological danger to that rule can only start from one or a few independently-thinking individuals. The new idea, much less the new critical idea, must needs begin as a small minority opinion; therefore, the State must nip the view in the bud by ridiculing any view that defies the opinions of the mass. “Listen only to your brothers” or “adjust to society” thus become ideological weapons for crushing individual dissent. By such measures, the masses will never learn of the nonexistence of their Emperor’s clothes.
Murray N. Rothbard
You think with your body, not with your brain.
Daniel Kahneman
Characteristics of System 1: • generates impressions, feelings, and inclinations; when endorsed by System 2 these become beliefs, attitudes, and intentions • operates automatically and quickly, with little or no effort, and no sense of voluntary control • can be programmed by System 2 to mobilize attention when a particular pattern is detected (search) • executes skilled responses and generates skilled intuitions, after adequate training • creates a coherent pattern of activated ideas in associative memory • links a sense of cognitive ease to illusions of truth, pleasant feelings, and reduced vigilance • distinguishes the surprising from the normal • infers and invents causes and intentions • neglects ambiguity and suppresses doubt • is biased to believe and confirm • exaggerates emotional consistency (halo effect) • focuses on existing evidence and ignores absent evidence (WYSIATI)• generates a limited set of basic assessments • represents sets by norms and prototypes, does not integrate• matches intensities across scales (e.g., size to loudness) • computes more than intended (mental shotgun) • sometimes substitutes an easier question for a difficult one (heuristics) • is more sensitive to changes than to states (prospect theory)* • overweights low probabilities* • shows diminishing sensitivity to quantity (psychophysics)* • responds more strongly to losses than to gains (loss aversion)* • frames decision problems narrowly, in isolation from one another*
Daniel Kahneman
The premise of this book is that it is easier to recognize other people's mistakes than our own.
Daniel Kahneman
...the characters are useful because of some quirks of our minds, yours and mine. A sentence is understood more easily if it describes what an agent (system 2) does than if it describes what something is, what properties it has.
Daniel Kahneman
We should look closely on what is happening at the moment, guys with little moustaches can pop up everywhere now given this instable economic situation. A look into history shows us what that could mean.
Steve Keen
To me, the poor are like Bonsai trees. When you plant the best seed of the tallest tree in a six-inch deep flower pot, you get a perfect replica of the tallest tree, but it is only inches tall. There is nothing wrong with the seed you planted; only the soil-base you provided was inadequate.Poor people are bonsai people. There is nothing wrong with their seeds. Only society never gave them a base to grow on.
Muhammad Yunus
Society doesn't have values. People have values.
Milton Friedman
The expenses of government, having for their object the interests of all, should be borne by every one, and the more a man enjoys the advantages of society, the more he ought to hold himself honoured in contributing to these expenses.
Anne-Robert-Jacques Turgot
Along with individual responsibility goes some societal responsibility to enable young people and their parents to do what they need to do. Otherwise, what is a society?
Robert B. Reich
The system we have built refuses to recognize people. Only credit cards are recognized. Drivers' licenses are recognized. But not people. People haven't any use for faces anymore, it seems. They are busy looking at your credit card, your driver's licence, your social security number. If a driver's licence is more reliable than the face I wear, then why do I have a face?
Muhammad Yunus
A new type of superstition has got hold of people's minds, the worship of the state. People demand the exercise of the methods of coercion and compulsion, of violence and threat. Woe to anybody who does not bend his knee to the fashionable idols!
Ludwig von Mises
A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement, and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate — these are the folks who reap the largest rewards. The only way for even a putative meritocracy to hope to pass ethical muster, to be considered fair, is if those who are the luckiest in all of those respects also have the greatest responsibility to work hard, to contribute to the betterment of the world, and to share their luck with others.
Ben S. Bernanke
To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm.
Friedrich A. Hayek
When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns it's back on progress and can be restored only by the terrible lessons of catastrophe.
Frédéric Bastiat
Our democratic societies rest on a meritocratic worldview, or at any rate a meritocratic hope, by which I mean a belief in a society in which inequality is based more on merit and effort than on kinship and rents. This belief and this hope play a very crucial role in modern society, for a simple reason: in a democracy, the professed equality of rights of all citizens contrasts sharply with the very real inequality of living conditions, and in order to overcome this contradiction it is vital to make sure that social inequalities derive from rational and universal principles rather than arbitrary contingencies. Inequalities must therefore be just and useful to all, at least in the realm of discourse and as far as possible in reality as well.
Thomas Piketty
If there is any societyamong robbers and murderers, they must at least. . . .abstainfrom robbing and murdering one another. So beneficenceis less essential than justice is to the existence of society; alack of beneficence will make a society uncomfortable, butthe prevalence of injustice will utterly destroy it.
Adam Smith